After 10 years of Forex trading it is always good to look back and ponder what would have been if I had followed a different approach to establishing a Forex trading career.
In other words, “Why not just jump on and enjoy the ride and while it is going on, put a little cash in the bank.” That sounds like a pretty good plan to me. But, there is an issue here. How do you know when to jump on and just as importantly, when to jump off?
Another overlooked trading issue is choosing the right lot size. The lot size plays a crucial role in profit making and should be taken seriously. By trading large lots with a small account fund usually leads to a complete disaster. Instead of quick-and-easy-cash you get fast-and- nonrefundable-losses.
In case you are new to all of this, forex means foreign currency exchange and it basically deals with buying and selling different currencies simultaneously. Profits are based on the success of the trade. You make money in case you buy-low and sell high. You loose money when you buy-high and sell-low.
He came back more excited. He opened Devisenhandel für Anfänger account on that seminar, using a special form provided by the Big Shark Company. They honestly declared that by doing that the broker agrees to pay them one pip from each trade made by the customer recruited by them.
Eliminate fear as much as possible. Fear is an emotion that affects the decisions that a trader makes. If you want to be a successful trader, you should learn how to eliminate fear, and continue to participate in trades without hesitation. Do not be afraid to lose some trades, because these will only make you a better trader.
How to choose a good Money manager? The thing you should be certainly aware of is his trading history; it means profits and the equity curve shape. Everybody is interested in earning a lot of money as safely as possible; therefore, forex money managers should use a sophisticated system of Money and Risk Management and cooperate with several traders to ensure good diversification of the account for each client.