Hey, I’ve been reading about this in the school section of the website. It seems as though one needs to fully understand each and every single term/lingo before jumping into forex.
I’m new in this arena. I was just thinking of playing forex to support me financially as I am still schooling and require the fund to pay it off. Anyway, I came across this website hymarket and would like to know if it is reputable and trustworthy should I sign up there.
Since I am very skeptical and hoping to minimise my risk at all costs, starting up with a USD50 should be enough right? I was hoping to hear words of encouragements if it is possible to make lets say $20-30 a day of trading. And I will only be focussing on one base/quote currency which is the EUR/USD.
Making 50% of your account size everyday will not happen. You can however practice making small amounts and when you get good at it, you can always add more funds.
Yea it is quite hard to make half of what you begin. So probably 5-10% each day and slowly make my way through if possible. It sounds so simple but it actually is not? I prefer to just see the numbers going up or down when it comes to selling and buying.
It gives me a headache to read a whole lot of stuff like the graphs etc.
Graphs…you can’t escape that, part of Forex trading is staring at charts before making a move. Terminologies you can’t escape either but stick to the basics, you don’t really need to know terminologies associated with overblown indicators
Basic stuff include Take profit(TP) , Stoploss(SL), Support and Resistance (S/R), Pivots, Stochastics, Fibs
With regard to percentage, I’d say if you can muster 1 or 2% each trading day that is already very much awesome though not exactly easy. Compounding it over a year grows your account about 10-fold.
You like simple? Look for a post by Purplepatchforex about a cat and mouse system, it’s the simplest method you can find ever though it requires a great deal of extended concentration, so not my kind of system.
Me? I look for divergences on the Slow stochastics on the 1-hour lately, it’s giving me a good run the past 2 weeks with about 90% success rate (though granted I did not let all the prices hit targets before I stop them manually) on 1:1 Risk:Reward trades.
5 to 10% each day is highly unlikely. Think more like 1% to 2% after you get good at it. And getting good takes a lot of time and effort.
It is simple but it’s not easy.
Start with $50? Practice on demo until you’ve saved up $1000. Once you have this amount, trade micro lots. It’s better be safe than be sorry. Seems like you’re not too comfortable with money right now. You don’t want to give the broker your $50 that easy do you?