Begin Day Trading Forex | All About Finance

Posted by Todd Watson on October 24th, 2012Rating 9.0 ?Outstanding

This is an obsession. Here is a totally open field that almost anyone can exploit. It use to be for the mega rich people, the large corporations and banks. They're trading foreign currency?s.. Can you imagine this is a 1.2 trillion dollar a day being traded. That?s 1.2 TRILLION a day. Now with the web you you can also trade the foreign currency?s. You can set up an account with as little as $300.00 up to whatever. Regular accounts generally start with $3000.00.

You're able to leverage you funds 100 to 1. SO you will be controlling 10,000.00 or one lot in currency?s for $1,000.00 and for every pip on movement you can make $100.00. With the mini account you'll control 1 tenth of rather a lot. $1000.00 for $100.00 and your pip is worth $1.00. Just so you will understand a pip is what an increment movement in a currency is. You buy it if you suspect it will go up and sell it if you believe it will go lower. Naturally there are charts and all sorts of strategies to say what is going to happen. It just takes learning the in?s and out?s, ups and downs.

There are a lot of different currency?s but here are the main ones that are traded. USA/YEN USA/Japanese GBP/USA British Pound USA/EURO USA/EU Buck is Western european USA/CHF Swiss Franc USA/CAD USA/Canadian EURO/YEN There are no commissions and no fees only narrow Dealer spreads. These spread vary dependent on the trades. Major pairs are 3 to 5 pips. You'll discover more about all of this when you start out. The smartest action to take is to begin with a demo account or what we call a paper account where you do everything as though it was real cash but it's only on paper. So you get to learn the in?s and out?s and learn how to read the charts and how to understand the elementals.

These are the world events that effect the currency?s. There are numerous different strategies. Each have their strength?s and weaknesses. They each handle different ways at looking at the charts and their movements. Desire some concepts? There are Scalping trades, surfing charts, sailing and a lot more. It?s fun and exciting, and infrequently a drag. Often you will win 100 to 500 pips. Then there are times you may lose pips too. You will never win all the time. But thats where there account management comes in. You learn how to control your risk taking.

Typically the largest sin or failure comes when you let your emotions become involved. EVEN the big shots sometimes let their feelings get embroiled. Most the time it doesn't work and will cost you. So with good account management understanding the various charts you can take $300.00 and change it into $6000.00 in 6 months or less.

Todd Watson trades in Forex, tests Binary Options and is always hunting for the next best Forex strategy.

Under Topics: day trading, finance, foreign currency, forex,

Source: http://www.vvy.in/finance/begin-day-trading-forex/43343/

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