5 tips for new forex traders
Forex trading is full of opportunities but also riddled with pitfalls. The thrill brings in new traders constantly but most likely they are there for the easy money that was promised in an ad somewhere. Unfortunately, these riches are available only for a lucky few who get it right on the first trade. For all the rest of us being careful, having a solid trading plan, good trading conditions by the broker and low fees are a must to stay profitable. So here are 5 tips that could help you push your trading career to the right direction.
1. Start with a demo account. When you first go out to the world of forex you will have the risk free opportunity to trade on a demo account. This will give almost identical conditions for trading a real portfolio with all the ups and downs of the market. Just be sure that you treat the money on a demo as you would on a real account. This will give you a realistic feeling what could happen to your hard earned cash. Caution though when using the demo to judge the performance of trading systems which have a large number of trades, this is one place where the real results can later be lower as slippage comes to play.
2. Choose a broker that gives you low trading costs. A big part of any forex strategy staying profitable is the cost you pay on every trade. This is especially true to very active trading styles making 5 or more trades a day. These days the low end of commissions can be as little as $2 per $100,000 traded.
3. Look for ECN/STP brokers.Written by TradeWiseFX Team -
Source - 5 tips for new forex traders | TradeWiseFX
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