Tips for Online Forex Trading – Online Guide for Forex Trading by NordFX

Tips for Online Forex Trading – Online Guide for Forex Trading by NordFX

Start trading forex with a demo account before you invest real capital. That way, you can get a feel for the process and decide if trading forex if for you. When you’re consistently making good trades on demo, then you can go live with a real forex account.

Limit your losses. Let’s say that you invested $20 in EUR/USD, and today, your total losses are $5, you woudn’t have lost money. It is important to use only about 2% of your funds per trade, combining the stop-loss order with those 2%. Having enough capital to cover the downside will allow you to keep your position open and see profits.

Try to focus on using only about 2% of your total cash. For example, if you decide to invest $1000, try to use only $20 to invest in the currency pair. The prices in Forex are extremely volatile, and you want to make sure you have enough money to cover the down side.

If your currency pair goes against you and you don’t have enough money to cover the duration, you will automatically canceled out of your order. Make sure you don’t make this mistake.

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