My name is Mark Wood. I live in Texas. My friends told me about Forex Trading. They told me about how beneficial it is. I liked it, and I’m looking to invest in it. Can you all suggest me to invest in the right market for Forex Trading. Also, can you suggest me a good agency that can help me and suggest me to invest in Forex Trading.
Thank You
You will need a broker through whom you will be able to trade. A good broker will be one who is long established and well regulated - a firm regulated by authorities in the US, UK or Australia would be ideal, after this group then the EU and Canada.
Brokers from small hot island states are available and offer some advantages but if they’re phoney or if anything goes wrong you cold lose everything.
When you have a broker open a demo account. Try out some well known simple objective strategies. Make sure you are consistently profitable in demo before you even deposit real money.
Your friends it seems have given you positive advice, life what you make it ,as you know,It would do no harm to start the courses on here first. Read forum posts,books,you tube ect,even crap knowledge is not really wasted
traders should choose the broker which is more appropriate to the concept of trading that will be used, this is a right thing
Hi again Mark.
Its been a few days since you joined and I suspect its only a matter of time before someone happens along here and tells you that 90% of all new traders wipe out their accounts within 6 months and you are betbter off putting your money on a number on the roulette wheel.
Ignore all this bitter negativity. But be aware that the underlying statistic is true (enough to be valued). If most new traders lose money, then surely a way to reduce the probability of joining that group would be to avoid doing what most new traders do.
Mostly, new traders -
trade off very short intra-day time-frames
look for a trend and take a position in the opposite direction
avoid using stop-losses so they don’t get stopped out
These behaviours are driven by fear which arises due to lack of understanding. While you build your knowledge, at least avoid making these mistakes.