The theme of this site is to mock the marketing of fx to unsophisticated newbies as a simple buy and sell automatic cash machine, that can be done automatically with fx robots
The mantra of investment scam artists of “Buy low sell high” is beyond nauseating! It also continues in the “set up an account for free and start trading! They even give free software!”
The most common question we get when a first timer places a trade is “How much should I Invest…”
In other words how to entry a trade is a lot harder then it first appears. You also need to know how to place a stop loss and have an exit strategy if an unexpected news comes in.
These other elements of “How To Entry a Trade” are the real forex skills that only you can learn through experience and guidance from a mentor. These skills have a name and its called “Risk Management”
So many people fail at trading Forex because they fail to learn this simple lesson.
The next problem we see in newbie accounts is the selection of the wrong the currency pair.
The 4 most popular currencies are :
- US dollar
- Euro Dollar
- Japanese Yen
- British Pound
But we only recommend that new fx traders start with one of these 2 curency Pairs:
- USD – EUR
- USD – JPY
Beginner Tip: FX currency symbols are 3 letters, the first 2 letters identify the country and the 3rd letter identifies the the country’s currency name!
Start off by opening up a free demo account downloading your broker’s default soft trading software. There simply is not much difference with free software provide simple data streams and charts! However, there an infinite number of ways to execute successful trades, month after month!