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Forex : How to start ? Help needed from Gurus
| From : Marri Fernandis at 10:59 PM - Dec 27, 2010 ( ) |
Share it on FacebookI want to start Forex trading and after all details I gone thru I found Forex is the best way to trade if u want to work with technical analysis knowledge. pls help me HOW TO START FOREX
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If you know technical analysis very strongly then only you can go for forex trading. Though it is a very risky place to trade but you can get also handsome profit from here. Some requirements should be followed very carefully.
1) margin should be minimum more than 2 Lakh i.e 5000$
2)Trade only with 5% of your margin
3) Plan your trade and do accordingly.You should be very patience during the trade.
4) There is a fantastic weapon like hedging. But you should know well where to hedge and how to get out of your hedge. So trend deciding is a important factor here. So you should stay aside when you r doubtfull about the trend....(Choppy)
5)After studying very seriously T.A you should do Demo trading as long as you can . You should test so many trading strategies and find which one suite u better.
you can post any question regarding forex in my inbox.
If you already made/lost money in stock market ie; FnO and Options, MCX etc., now you can go to Forex trading. It is good as well. But the trade with enough margin at least 2-5 lac. money. Dont take much positions. make simple profit. But taking INR away from India for this is dificult. all the best..
you need to open an account with a broker. i prefer saxobank as it look cheap regarding the spreads.
there are lot in the market. But keep in mind FOREX trading is so dangerous than stock market.
No delivery your position is always open.
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