Advertisemen
Throughout my entire Forex trading career, one of the things
that helped in my success is the Forex trading workshops that I’ve attended to.
It’s nice to know that there are several Forex trading workshops and
conferences here in Australia, which is not the case in other countries,
especially in less developed countries where people are not fairly educated
with proper money management.
Making profit and losing money are part of life but it always better to stick around some ground rules while doing business and same applies to Forex in Australia. Always trade Forex market with some planning , management, risk analysis and keep backup if something goes wrong. Don't ever take too much risk in Forex leverages and always be with some hard time bucks in your pocket. I am not mean to convince you that Australian Forex Market is risky but you should be very careful. Here are some of tips for Australia forex.
Have a Good Money
Management Plan
With all the hype going about in the world of Forex trading,
you would think that they are the be all and end all of making substantial
profits from Forex. But truth is, your
long term success as a Forex trader lies on your sound money management plan
than it does on a savvy trading system.
When trading currencies, remember that your number one job is not to
make big profits but to protect what you have. The level of profits you make is
directly comparative to how much capital you have at your disposal. So how do
you decide how much to risk? It all depends on the risk profile of your trading
system. It is common among traders to go up to 3% or even 4% to maximize their
returns. The key here is to keep your account growing slowly but steadily, so
that you have maximized profits with minimized risk.
Use a Demo Account First
Before you even start trading with real money, make sure to
take time learning how FX trading works and testing your strategies. Luckily,
most Australian Forex brokers out there offer demo accounts. It allows you to
make decisions and trade accordingly, so you can freely test different
strategies and observe how the market moves. Additionally, it allows you to get
a good grip of the particular trading platform that you may choose when you
start trading with real money. After acquiring enough knowledge in FX trading
as well as making more winners than losers, this should be a good indicator
that you are ready to trade live.
Never Trade “Scared Money”
Scared money is money that if lost, will reduce one’s
lifestyle or even put him into a great financial burden. What money are you
trading with? Is it your family savings account? Emergency reserve funds?
Retirement funds? Finding out whether the capital you’re about to invest is
scared money or not is pretty much straightforward. If it is something that
you’re afraid of losing, then that’s scared money.
When you trade “scared money” in Forex, your emotions will
likely get in the way, and trading based on emotions is not a good idea. Wait
until you have disposable capital that you can risk without fearing that you’ll
lose your home, savings or any other important asset to you.
Advertisemen