8 Secret rules you should need to know before start for Forex trading:


1.Money Management: Money Management provides big security for your fund. Without proper money management, you can get profit but it doesn’t last in a long period. Very short time, your account will be zero.

2.Risk Management: Risk management will provide your fund more strong. Don’t trade with high risk for both buy-sell pair selection and money management. Try to trade low volatile USD pair.

3.Market Analysis: Market should be analyzed in three ways (Fundamental, Technical and Sentimental). Start learning about market analysis before start trading.

4. Portfolio Management: Portfolio management also important. Don’t buy more than 3 pair at the same time.

5 . Broker Selection and verification: Try to select proper forex broker for trading and complete all verification before depositing any fund.

6 . Account selection: Normally a broker provides 4 types of account.Cent, Standard, ECN, Micro. Select account as per your strategy.

7. Mental Strategy: Don’t trade when you are busy in the office or journey by bus or train. Try to analysis in relaxing mood and then opening trade. Overtrading is not good at all.

8.Training: Try to read about Forex more and more, watch the video on youtube. Start demo trading, to review your buy-sell strategy. Write all root cause for your loss to Notebook and assure don’t create the same problem in next time before start real forex trading.

 

Location: Bangladesh

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