Diving in the ocean is a good example of first entering the Foreign Exchange market.
OctaFX’s global Forex brokerage team has compiled some important tips for you to make sure your dive into these exciting waters is fun, organized and informative.
With 6.6 trillion USD trading daily, the Forex Exchange is the largest financial market out there. According to locals, the main goal in Forex is to trade one currency against another currency and then make some money.
With this important Forex explanation out of the way, one basic word before getting started. The nine tips we present are about one basic right: punishment. This is not the same as excitement, however, the hard work and its consequences are accomplished through personal practice and experience. Both are motivated by punishment. So let’s dive in.
Always think about your goals
This requires a good foresight and idea of your potential, especially in the beginning. This will get easier over time: the more you learn to identify things that will help you reach certain goals, the easier it will be for you to become motivated. Here’s an important example: If you claim a full -fledged win in a week that will cost you millions of US dollars at the end of the month, you’re doing yourself a disservice. The truth in the beginning is to start small and gradually develop the level of hope.
Make sure it’s what you want for the long haul
Usually, after their first trade, people find out if Forex trading is free fun or can be a new source of money. If they are serious about trading, their routine can start on the way — there are many examples of traders who choose Forex as their main activity.
Thanks for your early little progress
Don’t let small progressions get in the way. They keep you humble. They also give you the opportunity to maintain a near -bulletproof look to your ongoing development capabilities. That way, you’ll know what challenges to accomplish and what to accomplish now.
Follow your schedule
We have published information about the importance of having a good trading plan and financial planning before making your first steps in Forex trading. Let’s say you took one, or planned your own. Keeping the results relevant to your design is key. Editing and organizing a project, once you have the knowledge and experience, is the way to go. Your design needs to be flexible for new changes and enhancements.
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Become a librarian yourself
Always keep your initial notes. Find out how much time you spend trading. As the old saying goes, ‘time is money’. Time is just as much a part of your personal investment as money. If you spend a lot of time in a market, and you don’t see returns for a long time, you are doing something wrong. Something is wrong with your marketing and financial planning. Find out what’s wrong — and fix it.
DYOR (Do your own research)
Take care of what is happening in the world. At the micro and macro level. This means that you need to be aware of common developments in the global financial system — economic and political changes are likely to have a significant impact on your trading orders. Follow the news of the company that is releasing or keeping track of the investors you include. While this sounds self -explanatory, many people dismiss this seriousness.
Problem management first, then making money
Always look at the problems involved and weigh them as part of your initial investment. No smart trader – and we know, at least – has gone ‘all -in’ on a trading order. In fact, much of the money is lost through ignorance and wrongdoing or the hearts of those who oppose proper instruction or training. Treat the pieces of the problem and the reward as non -judgmental, pragmatic and practical (according to your planning).
It doesn’t matter what exact rule you set: it’s the ‘1-percent-rule’ of your total portfolio for a single trade-or the ‘6-percent-rule’ of your total portfolio that reflects your portfolio whole trade, take everything. your strong trading orders count. Do not exaggerate these rules. The risk of losses becomes disproportionately high, especially in the beginning.
Overcome your ego
This advice will work well at the beginning of your journey and will become important as you have more great successes. Many people lose themselves after having great victories. So don’t forget to sit down on the ground and always remember where you started and the value of each step along the way. Winning your money as an idea is a slow process, cleaned up by common sense and common sense. Note this: a stolen merchant is food for disaster, money and more.
Choose your customer wisely
To accomplish all of this, you need a trusted and reliable partner — a platform and service to help you follow all the advice. If you have one, stay with him. If a Forex trader does everything to support critical quality in his or her services, you can expect a productive, secure, and dynamic company. Compare trading positions with other brokers, their business history, and track history. Find out everything you can about the brand, its purpose, standards, and overall services. Read customer reviews and in -depth technical reviews before you make a decision.
The more care and time you put into this option, the more your Forex journey will be promising.
OctaFX has been a global provider providing online trading services worldwide since 2011. The company has embarked on a full range of philanthropic and humanitarian activities, with improved training services, short -term assistance programs, support for local communities and small businesses.
In Nigeria, he was able to grab the ‘Best ECN Broker 2021’ award by World Finance and the ‘Best Forex Broker Nigeria 2022’ award by the Global Banking And Finance Review.