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Some important trading tips for Forex beginners..
1. Define your Trading Style according to your Time Frame
First of all a trader must choose his trading style. Trading styles are formed according to a wide number of parameters. There are 4 questions that every trader should answer before commence trading Forex:
After answering these 4 questions you will be able to determine what kind of trading style is suitable to your particular profile. Each trading style corresponds to a particular time frame and thus we may categorize trading styles as follows:
b) Common Traders, time frame a couple of days / a couple of weeks
c) Long-Traders, time frame a couple of weeks / several months
Choosing the right Forex broker can make the difference between win and loose in Forex trading. There are tens of parameters that define which Forex broker suits you best. Here are the most important factors categorized in 4 general categories:
-Forex broker existence in the market (in years)
-The existence of Withdrawal or Maintenance Fees
-The existence of a Trading Bonusor of a Trading Rebate
-The allowance of Hedging / Scalping »What is Fx Scalping?
Using our Forex Broker Reviews in various partner sites you may find deep reviews and ratings regarding the worlds most popular Forex brokers.
In addition we have formed a unique way to rate Forex Brokers using a rating formula for the first time in the whole internet:»Forex Brokers Rating Formula v.2.0
Here you may find tens of Forex Broker Reviews and Ratings:»Forex Brokers Directory
3.1Take advantage and use a Demo Trading Account before you open a Real Trading Account
Opening and using a demo account means you buy experience for free. Meanwhile you may test many aspects of your Forex Brokers trading efficiency. It costs nothing and it is very easy to do it. Finally a demo account can be used also as a measuring tool of your performance.
3.2Focus only in a couple of Currency Pairs not in many Currency Pairs
If you focus on a wide range of trading currencies you will not be able to get specialized and learn the little trading secrets that can make the difference in the long-run. From the other hand, if you focus on a couple of Forex currencies you will improve dramatically your level of information and finally increase the potential of generating Forex trading profits.
Focusing on majors and especially on EUR/USD and on GBP/USD means that you will trade at the lowest spreads and that you are provided with the optimal level of information. A lot of people are trading these 2 Forex pairs and that creates enormous liquidity. Liquidity force trading spreads to get smaller and that is why the same Forex Broker may offer the EUR/USD with a spread of 1 pip while he may offer another minor pair with a spread of 10 pips.
Find Free eBooks at Slideshare:»Forex Trading Guide v2.0Forex Trading Statistics:
Start trading Forex for a beginner means swimming in unknown waters. If you are a Forex beginner it is better not to trade hard until you get familiar with the rules of the game. Again by using a demo account you can test your performance and learn the rules of the Forex Trading Game for free.
3.5Use always a Stop-Loss Order (your trading shield)
A stop loss order is able to control and to reduce your overall trading risk. Keep in mind that every advanced trader that respects himself uses always stop-loss orders. A stop-loss order operates like a shield that protects your portfolio against market risk. You can also move your stop-loss order at any time, here is an example:
-You start trading EUR/USD at 1.2000 and place a take profit at 1.2080 and a stop loss at 1.1980.
-Now you can change your stop loss order to 1.2020 in a way that you will have ensured a 20 pip profit (1.2020 1.2000).
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A reliable Forex broker must apply rules and policies to ensure the integrity of its operations and the safety of client funds. Review and compare regulated ECN/STP Forex brokers..
A trading system is based on a series of analyses aiming to predict the direction of the market. A Forex trading system can be based on fundamental events or on technical analysis. Find popular trading systems..
Forex Brokers offer good promotions to their new clients. These promotions include No-deposit Bonus, Credit Bonus, and Cash Bonus. A Credit Bonus is added as an unwithdrawable credit. On the other hand, you can withdraw a Cash Bonus if you trade certain amount of lots..