Forex Dealing – Can I Really Make Money From It?
Simple answer: Yes
Long answer: There is a bit more to it than you might expect
Forex dealing is a great way to help improve your household’s income. You can start off with a small investment and if you are sensible soon turn a profit worth talking about. There are a few key things to bear in mind though:
If you are a gambler, go to a casino. Forex dealing without studying the markets or getting advice from someone you trust is just a game. Now, games are fun but not when you are talking about losing real money
Practice makes perfect. Before putting money into a real Forex dealing account try out a demo account with “fake” money. Don’t just try it for 10 minutes and think you are ready either. take your time with it, get to know how the markets work, the trends etc. This time investment will be worth it in the long run. Check out Oanda for a good trial system.
Look out for trends and go with them. Find the trend and use it to your advantage. Going against it wont necessarily break you but it will require much more of your time and effort. Going with the trend is usually the safest and easiest route to profit.
Look at the bigger picture. If you are trading in a 15 minute window, take time to look at the 1 hour charts and if you are trading in a 1 hour window look at the daily charts etc. This will give you a much clearer picture of the trends. Likewise, if you are having trouble finding a trend in a 15 minute window, change to a larger one, it should make things a little easier, particularly when starting out with Forex dealing.
Set a limit and stick with it. You should set your limit for anyone one deal at around 2-3%, 4% maximum. If you don’t and the deal doesn’t come off as expected you will be losing a sizeable chunk of your trading account. 10 bum deals and your account is suddenly empty. Trust me, I learnt this one the hard way!
NEVER chase a loss. If you make a loss do not under any circumstances attempt to chase it. Obviously you will not be happy about making a loss but if you continue to trade in an angry or frustrated frame of mind you will lose more, that much is guaranteed. If losing bothers you, walk away for a while, take some time out and relax. Failing to do so will leave you with clouded judgement which only ever leads to bad decisions.
Choose the right time to deal. Surprising how important and how often this is overlooked. Some people hate being stuck behind a screen for hours on end looking for a trend and would much prefer the chaos that a 15 minute window can potentially bring. Others prefer to take it nice and steady and keep things relaxed. This is something you should be considering when using your training account
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