Here are some tips from an individual investor, based on personal experience. First, you must know that profiting from Forex is not like getting your paycheck, it’s not a guaranteed steady income. However, you can try your best to take control of your account and make the best decision about when to step up or pull back on your investment, and when to stop loss. Make sure you have the loss strictly under control so it doesn’t exceed your deposit.
1) Forex leverage allows investors to trade with a relatively small amount of money, so make use of it and start with as little money as possible. Stick with the minimum deposit required and don’t try to make a fortune by raising your bet——the fact is if you can’t profit with $500, it’s not likely you’ll do any better with $50,000.
2) Check out investor discussion groups and forums online, drawing from others’ experience helps you grasp the basics of the circle.
3) Keep learning and practicing, hard work pays off in all trades. Books such as Murphy’s Technical Analysis of the Financial Markets, Practical Speculation by Victor Niederhoffer, Kroll on Futures Trading Strategy and Jesse Livermore’s World's Greatest Stock Trader offer good insights for investors.
4) It’s important to have a reliable source where you can easily look up information about brokers.
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