These are some of my favorite currency trader beginner tips. I've used these when I was starting out to break out from that newbie person into a more confident and profitable trader. This is a great opportunity for you to learn the necessary skills to become that better trader.
What do I need?
You need to have an overall game plan to do well. A game plan offers you the thoughtless process to action. You don't have to figure out what you're going to do, you just have to act according to the game plan. This allows you to focus more of your energy on the tasks that end up generating profits for yourself. Another great thing to note is that to grow you need to be able to evaluate how affective a technique is, so you need to test things over and over again. This is what a game plan does.
You should also get your hands on trading software like Forex Killer. This software packages acts like having your own employee. They take care of trades, so when you're away from the computer, you can be confident that you won't lose all your money. It also searches for profitable trends for you to exploit.
What should my margins be?
Well, it really depends on your skill. Starting out, everyone starts small. It is the best way to learn, without risking much. The problem is that you don't get a fair look at your skill from the results. Margins are so small, that the brokers cut actually is a significant amount of what you're making. This means your profits are a lot less than they would be if your margins were good. Obviously, start out small, but learn to grow to larger trades in time.
I'm currently giving a 7 day free forex course. Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.
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