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I will show you how you can take advantage of the biggest and most liquid market in the world. The Foreign Exchange Market aka #FOREX.
$SUPER Thread $
1.-Why you should do it?
2.-What to avoid?
3.-How you should do it?
4.-Profits
5.-Signals
🟢🟢🟢🟢
I will show you how you can take advantage of the biggest and most liquid market in the world. The Foreign Exchange Market aka #FOREX.
$SUPER Thread $
1.-Why you should do it?
2.-What to avoid?
3.-How you should do it?
4.-Profits
5.-Signals
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1.-Why you should do it?
Forex is the largest (by far) and most liquid market in the world.
Just to show you the magnitude, The New York Stock Exchange (where most people trade stocks) averages a daily trading volume of 23 billion.
The Forex Market averages 6.6 TRILLION
Forex is the largest (by far) and most liquid market in the world.
Just to show you the magnitude, The New York Stock Exchange (where most people trade stocks) averages a daily trading volume of 23 billion.
The Forex Market averages 6.6 TRILLION
* High liquidity means easier, INSTANT market execution orders and lower spreads.
* The normal transaction cost is normally less than 0.10% which is less to the average transaction cost when trading options.
* Unlike the stock market, the forex market is available for trading 24 hours a day, five and one-half days per week.
And if you also trade crypto that is open all-day any day even weekends.
And if you also trade crypto that is open all-day any day even weekends.
* You don't need a lot of initial capital to trade to start making a significant income
* Use of leverage.
In forex, most brokers offer leverage so you can trade larger positions. Typically leverage goes from 1:1 to 1:1000.
(Unlike margin in stock trading, margin in forex trading is not borrowed money. You cant lose more than you first invested)
In forex, most brokers offer leverage so you can trade larger positions. Typically leverage goes from 1:1 to 1:1000.
(Unlike margin in stock trading, margin in forex trading is not borrowed money. You cant lose more than you first invested)
* Brokers don’t charge any commission and if they do it is normally very low.
2.-What to avoid?
Avoid Scams
Forex is a market where you can make lots of money, unfortunately, scammers see this as an opportunity to lure people into giving them money.
Avoid Scams
Forex is a market where you can make lots of money, unfortunately, scammers see this as an opportunity to lure people into giving them money.
If a site looks too good to be true, promise automatic and big profits its probably a scam.
List most used scams:
*Autotrader that yields impressive profit
*Algorithm bot that promises impressive profit
*"Joint" funds for an expert trader to manage
*IG scammers (see pics)
List most used scams:
*Autotrader that yields impressive profit
*Algorithm bot that promises impressive profit
*"Joint" funds for an expert trader to manage
*IG scammers (see pics)
The best way to avoid these scammers is to ask other people for reviews. If a site is as good as it seems, people should know about it.
Search the name of the service/product with the word "scam" on google and if you find enough problems don't buy it.
Search the name of the service/product with the word "scam" on google and if you find enough problems don't buy it.
When opening a broker account also look for reviews and recommendations.
To keep it 100% safe, you can look for NFA, FSA, CFTC or any reputed institutions regulated brokers.
To keep it 100% safe, you can look for NFA, FSA, CFTC or any reputed institutions regulated brokers.
Avoid Bad Habits
* Start demo trading until you are profitable. Don't go live just for the sake of it
* Start demo trading until you are profitable. Don't go live just for the sake of it
* Don't enter a trade just because you have FOMO (Fear of missing out)
* Don't trade without Stop Loss
* Trade emotionless (I can't stress this one enough)
* Don't trade without Stop Loss
* Trade emotionless (I can't stress this one enough)
When we start making or losing money, we get emotional
For example, many traders oversize their positions because they find the perfect trade, and it might be the perfect trade and you could bag tons 💵 but it might not be and you could burn your account for that.
For example, many traders oversize their positions because they find the perfect trade, and it might be the perfect trade and you could bag tons 💵 but it might not be and you could burn your account for that.
* Don't trade without a trading plan.
If you don't have a trading plan, it is most likely that you lose money.
It is like going to war without a strategy.
If you don't have a trading plan, it is most likely that you lose money.
It is like going to war without a strategy.
* Use Risk Management!
If you don't, your losses could wipe plenty of your profits!
If you don't, your losses could wipe plenty of your profits!
* Don't approach forex as a game or as gambling. Treat it like a business
* Never do revenge trading, emotions makes you blind
What you should do?
* Trade with a plan. (Risk Management parameters, objectives, etc)
* Trade with a plan. (Risk Management parameters, objectives, etc)
* Cut your losses and ride your winners
* Keep a journal (track your performance, entries and exits. It helps you improve)
* Don't average down if you can't handle the whole loss
* Fear the market. Always think what will happen if your trade hits your stop loss.
* Keep a journal (track your performance, entries and exits. It helps you improve)
* Don't average down if you can't handle the whole loss
* Fear the market. Always think what will happen if your trade hits your stop loss.
For a easier read. threadreaderapp.com/thread/1279932…
