There are entire library sections full of books that claim to offer a forex manual for successful trading. But truth be told, the only thing that is really required is a bit of first-hand exposure to the forex market. The books do help with clarifying basic concepts and giving new traders a sense of direction, of course. So take a look at this basic information and guidelines.
If you really wish to have an accurate trading all the time, you should capitalize on the numerous forex trading indicators so you can easily gain more profit. However, the outcome would still rely on the technique of the trader and how he can create the best approach for that efficient trade. The information that will be relayed to you by the forex indicators must complement so that you will be able to confirm whether you’ll be investing your money and gain profit or the opposite direction around.
Let’s start with the reality that the forex marketplace cannot be found placed in the block around the corner, or around any corner. That’s because it is simply a distributed global collection of large financial institutions who trade and set currency rates. Forex traders earn money by speculating on the relative values of specific currency pairs.
Continuing This Conversation About Forex Indicators Collection
The next step is to create a margin account with a broker. Forex currency brokers do not need huge deposits to be carried out in the margin accounts unlike stock brokers. It’s possible to start trading in the forex market with a $1000 or $2000 deposit. Even this minimum deposit gives the trader a huge leverage, typically called one ‘lot’ which is $100, 000.
These amounts may seem scary big for a new trader. However, the risks are much smaller than the stock market. Pick up any forex manual for successful trading, and it will say that all that’s required is to trade based on know-how and logic, instead of giving in to emotions. Even so, it is better to keep the total number of trades to less than 20 percent of the margin account. Individual trades should be no bigger than 5-10 percent of the account.
Even better to start off with a demo trading account and do paper trades instead of risking money for real. Choose a forex broker who offers a demo account. Use the account to clarify concepts like how to place a trade with the broker, how much of a spread the broker takes, and how many pips of gain that leaves for the trader.
So, how did Forex Overdrive perform? I was pleasantly surprised with the results I had while using Forex Overdrive. I first placed the robot on a $5, 000 demo account as I was not willing to allow the expert advisor to take over my live account just yet.After 1 week of trading on the demo account I was shocked to see it had grown to $5, 489.29.The robot had placed 18 trades between Monday early morning and Friday evening.17 Were winners and one was a loser, with a max drawdown of only $76, or 1.5%. The next week, still too timid to put it on a live account it increased the demo account from $5, 489.29 To $5, 940.54 With 16 trades, 14 winners and 2 losers. I finally decided to place it on a live account having witnessed these results on a demo account.The next week (3rd total week of testing) I placed it on a $56.11 Spare account I had. I wanted to truly test out Forex Overdrive’s claim that it will work with even a small account balance.Sure enough over the course of the week it placed 19 trades, 15 winners and 4 losers (with one being left open on the weekend) of.01 lot size which managed to increase the account to $61.43.It may not sound like a lot, but that is a 9% account increase, imagine earning 9% a week on a larger account size, had it been a $5, 000 live account I would have made $450 essentially doing nothing. In my last week of live trading (4th total) and 2nd week of live account trading Forex overdrive increased the $61.43 Account to $65.59 With 13 trades, 12 winners and 1 loser.
This is likewise a good time to understand trading strategies, systems, signals and indicators, and forex derivatives and futures contracts. One very important thing which most forex training schools neglect is to teach traders to focus only on a small number of specific currency pairs. Good traders spend entire lifetimes tracking one or two currencies.
Stay away from low trade volume currency pairs and stick to the popular ones like USD/CHF, USD/JPY, GBP/USD and EUR/USD. All this is basic stuff that is not classified as a full-fledged forex manual for successful trading. But it should be sufficient to start with, so long as our intrepid trader keeps going in the proper direction.