It should be easy. They did well on the demo account, in fact, very well, but once you have opened a real trading account, you have started to lose money. “What happened?” This is the reality for most new merchants. Some suffer capital losses instantly, others take a while, but almost every day the merchant has a transition period between trading in a demo account and trading in a real account where it seems to be lost. Currency trading is not a decision that should be taken lightly. It is possible to work only a few hours a day to achieve a good standard of living, even many months later, for people who have just started. The first year is difficult; There are many ups and downs and the only real goal should be not to lose everything. Are you still interested? If you still want to start a currency trading day, you must plan the next five points to be on the right track.
To start a forex trading day, create / learn a strategy
Daily negotiations (operations) should not be done on a whim. It requires a cost-effective and proven method that gives you a statistical advantage in every operation you perform.
Take a look at the live graphics (available for free) of an asset movement. While you look, ask yourself:
How would you participate in a stock market?
How would you come out (both to win and to lose)?
How much would you risk in the operation and what position would you take (how many shares, lots or contracts)?
What are the probabilities with which the trade is profitable and what trends does the strategy show if it operates 100 times?
The only way to answer all these questions is to consistently implement the same method and monitor the results.
The practice is the key to intraday trade. To be good in a sport, you practice … a lot! Even with a minimum wage, a boss usually allows you to practice what you should do before doing it.
With thousands of dollars earned with so much effort, practice is extremely important, but beginners rarely practice.
The exercise is done in a demo account before risking a single real dollar. Practice methodically and exchange your strategy over and over again. You will find that there are not two operations that are exactly the same. Today can be volatile, while tomorrow is quiet, today is a trend, while tomorrow is extended. If you do not practice, you can no longer see the exchange signals or tend to perform operations that are not part of your strategy.
To start a forex trading day, you need to know the capital requirements.
The capital for a day is like an inventory for the merchant. You have to do it, how much you have and how you implement it, this will determine your income.
The law does not require forex trading for a trading day, but starts at a minimum of $ 500. Less than this limits the number of transactions you can make. If you want to get a monthly income that is amortized, start with at least $ 2,500 or more.
Think about your goals and limits before investing time to learn and practice a daily trading strategy.
- Do you have enough capital for intraday trade? If not, wait until you have it (meanwhile, start developing and practicing strategies).
- The test day requires practice. Do you have several hours a day to perfect your skills?
- Can you commit to working two to three hours a day while you work live to make room for your work and other commitments?
- Do not give up your work before your business income replaces your income. At what time of day can you operate in light of your other obligations? Is your strategy designed for this time of day? Your strategy has to be the right one for your life.
- The increase in profitability lasts from six months to a year, you practice several hours a day and you take more time if you only study / work part time. Are you ready to spend this time?
• Do you work during the day because you want to leave your job? It is likely that you will need a year or more to negotiate and replace your income (based on the capital paid and the return on your investment). Think about all these questions before investing a lot of time or money into daily learning. When practicing and developing strategies, choose an online broker. This can be the same agent in which you opened a demo account or another. The choice of your broker is the largest investment you will make by trusting all your capital. Align execution with customer service, reputation and competitive prices. For information on how to choose an agent online, see the suggestions for finding a forex broker. Intraday trade takes a long time to master. Develop or learn a strategy and then practice it thoroughly for several months until you achieve stable performance. Consider your own circumstances: Do you have enough capital and / or time to open a real account? If you run profitable demo account operations for several months, switch to live operations with a broker that you selected based on your investigation. The exercise is done in a demo account before risking a single real dollar. Practice methodically and exchange your strategy over and over again. You will find that there are none