If you are serious about daily Forex trading, where trading positions are usually held open for a day, then you need to allocate a portion of your time daily to do so. Many day traders may try to balance their usual job, where they know full time with Forex trading, but some of them may fail to reconcile these things. However, this reconciliation can be accessed if you plan it properly and commit to the necessary time to trade and also tried to keep you updated on the latest Forex news and offers.
Schedule your time
Just like anything else you might be serious about, you will need to devote several hours to the daily forex trading. If you work for example from 9 am to 5 pm you can trade Forex daily from 7 pm to 10 pm because the Forex market operates 24 hours a day and six days a week. You can even trade on Sundays where you are full of your original work. The other day will give you the opportunity to study the latest trends in the Forex market.
Forex trading on the Internet offers a range of the best options that are comprehensive and smooth. Many sites display the latest Forex news through daily electronic newspapers, which will enable you to stay informed of the latest events in the market. You can read some news topics such as the expectations of cutting interest rates in Europe or the weakness of a country’s currency due to its political circumstances. Epix Trader Scam is not just about daily news articles but also about basic and technical alerts. These alerts can be received around the clock and may have five or six alerts a day, so these alerts will enable you to learn about the latest developments before you start trading. Forex trading systems on the Internet can send all important alerts through e-mail or even mobile phone and thus will reach this information to your fingertips, regardless of where you will be. You will not have to wait until you go home and open your trading account to get the latest news. These features will give you a real ability to see everything that is going on in the market and thus enable you to make daily trading decisions faster.
One of the other sources that will help you make your daily trading more successful is the online Forex forums. These seminars will help you expand your overall knowledge base and give you the opportunity to learn an invaluable trading strategy that can be used in your Forex investment.
The 7 Undeniable Rules of Forex Trading
Before I talk about the seven rules of Forex trading adopted by a number of full-time traders who have achieved great success in this area, I would like to tell this story.
There was a lion, a donkey and a fox who were always keen to go to the forest together to hunt rabbits. After a successful fishing day, the three of them sat on a pile of rabbits and the lion’s face spoke to the ass saying, “Mr. Donkey, please divide the rabbit heap into equal shares between the three of us?” The donkey counted the rabbits and divided them into three equal pits for each of them. The lion jumped immediately and ran out of his ass to kill him. Then he collected all the rabbits and threw them on the donkey’s head. Then the fox was asked, “Mr. Fox, please divide these rabbits among us?” The fox took one rabbit out of the heap as his stake and then said, “Sir Assad, this is your share,” referring to the large heap of rabbits. Assad said, “Mr. Fox, where did you learn how to divide this just way?” The fox said to him, “The donkey taught me.”
The lesson of Epix Trader Scam story is to learn from the mistakes of others. Now we can proceed with the seven rules that will benefit you as mentioned above because they are the product of the experience of a number of successful traders.
Rule # 1 Never risk more than you can afford to lose, because you will lose money as all traders do, so make sure you do not suffer another important thing when this happens.
Rule # 2 Never risk more than 2% of your trading account in a single transaction. For small account holders, 2% of $ 300 will be up to $ 6 and you will actually need at least $ 15 to trade so you can raise it to 5%. But once your account has increased enough, make sure you return it to 2%.
Rule # 3 Always use the Stop Loss command. If you have not specified where to place a stop loss order and limit orders before you start the trade, Epix Trader Scam is better for you not to trade from the original.
Rule # 4 Be aware of the exit point before you enter the deal.
Rule # 5 Experiment Trading First: You should be successful with paper trading first so make sure there are no obstacles on your way before you open a real account.
Rule # 6 Take a break when your balance drops dramatically.
Rule # 7 Do not let your feelings and emotions dominate you: stay alert and calm and able to group your thoughts. Patience and pure mind are the winners of the game