The experience of 10 months of researching and trading Forex (FX) with many Pro may not have penetrated anywhere, but I hope the things noted below will help newbies get in touch with the market faster, and avoid initial risks The head that many people still suffer from.
For everyone, starting to research or learn about something new is not an easy thing. Many of you will say that self-study is the best way to promote thinking about what you want to know, but this is really best with FX. You learn Photoshop, design, programming, etc. what you lose is time without a guide, but FX is not that simple, you need to experiment, and FX is not like the knowledge I mentioned above, Experiment here, in addition to losing your time, you will also lose money.
=> To minimize the risk and shorten the time, find a course or someone for guidance, but note that the fee should not be too high.
As mentioned above, registering to study simply solves one problem, shortens the research time, and also helps you to have a foundation to enter the market. The writer himself has known FX since 2008 when learning about Making Money Online (MMO), was very interested in it and then found a lot of Pro to apply for, once offered 10 million for instruction, But this man refused to accept it. Think about it, if you successfully trade with FX, the others will not benefit (except that they are IB of a certain exchange), courses with high tuition fees will often talk very cumbersomely about learning content, making you feel overwhelmed and believe the money you spend is worth it.
=> What you need is a knowledge base to be ready to study, fight with FX, don't expect to spend money to learn and then earn a few dozen times that amount.
You have > 100$, you put it on a floor in the hope of a quick payback and then you will make a jump to help you earn tens of millions of dong per month!? This is entirely possible, but provided that you trade without losing an order and during that time the order exists not more than 50% of the capital invested. FX is a high-risk market with a Trader's luck, which means that you are playing Big Sic, lucky to eat, unlucky to lose.
=> Do not turn FX into a gamble, abundant capital will help you regain what you have lost, not lose what you already have.
I agree that virtual trading will help you train very well when you step in with real money, but the psychology between the two is very different. You psychological demo trading will not care, loss will recreate, this makes you subjective when entering any order, you will win, but the losing order will burn almost all the winning orders. Remember that with real money, as long as the order is negative 20 30% of the capital, you will also start to turn blue, the psychology will be unstable leading to the wrong decision right after. Please play a little demo, it is recommended not to exceed 1 week, demo trading is just for familiarity. When the skill is still weak, when entering real money, play extremely low slots so that the capital does not burn.
=> Trading always with a real account will help Trader not to panic, lose confidence when starting to die due to switching from a demo account to a real account.
There exist hundreds of factors to determine whether a broker is good or not, whether to invest in it or not, but nothing is impossible, typically the two most recent cases, FXCM and XM, both. are famous exchanges but still cannot avoid scandal, the important thing in this is whether the floor pays us or not. Again and again, if you think the floor cheats you, it's too funny, for those companies, the Vietnamese market share is a good environment to increase profits because of a lot of objective factors, but it doesn't take Vietnamese people seriously. Compared to many other countries, it is clear that the payment is slow or the support is slow.
=> Each Broker has different advantages and disadvantages, let's see which floor suits you best, which floor is the most suitable for you to donate money to it. Choose the big brokers, support many forms of payment.
The problem that many people complain about is that the floor pays slowly, sometimes lasting nearly half a month, but with such a high number of people requesting withdrawals, it is inevitable. In addition to the form of direct payment via Bank, many exchanges also support many other payment gateways such as Paypal, Srkill, Neteller, Webmoney, ... the time for the money to return to the account will be significantly shortened.
=> Fast money transfer will help investors' psychology to be more stable, don't be afraid to register for another electronic payment gateway to reduce stress caused by waiting for money to return.
Just go to Google and you can find dozens of trading methods compiled by Traders in the World, experiment with them and choose ONLY ONE METHOD THAT WORKS FOR YOU TO enter the market. school. The more complicated the trading system you build, the slower the decision will be when entering and exiting orders, the writer has experience with many systems (Buy Indicator, Heiken Ashi, ADX, using 4 MA lines. , 3 moving averages, Stoch, MACD, surfing,...) but all of them are very similar in terms of the ideal time of the price, which makes good use of Bollinger Bands is more than enough, like We drink beer like that, it's still basically beer, but whoever likes it, which type is more suitable, choose that type.
=> No matter how other people use the system, make your system as simple as possible and practice to become proficient with it, NO TOOLS TO FIND THE PRICE EXACTLY, IT IS ONLY GIVES YOU BETTER Psychiatry WHEN BELIEVING THIS PRICE WILL BE.
If you find yourself unable to do these things well, you should not enter FX. A lot of cases where Traders lose is not because they mis-analyze the market, but because they are not calm enough to wait for the market to be favorable or are too greedy, leading to the price reversing and not cutting. You already understand this market is inherently risky, so why increase that level of risk by entering a wrong order, and then losing the blame due to the floor playing tricks, adjusting the spread, etc., taking profit/loss will help keep your account safe, minimize unexpected risks, losing one order doesn't mean you've lost everything. When you see an order with an unsafe trend, cut it immediately even if it returns later, don't regret it, keep a long order if the conditions are met, it shows that the order will go in the right direction. A Pro Trader understands that he must follow the market to enter orders, not think like "Whatever I enter, the market will follow that order".
=> Psychology is the most important factor determining the success of a Trader, you can apply many trading methods, but remember that the decision is yours, winning or losing is yours.
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