Tips For Starting With Forex And Day Trading
Apr 23, 2020
Tips for Beginning with Forex
As some of you may heard, big things are coming to our platform - or already here (May 1st, 2020!)
SupremeCommerce Training has entered the world of Forex to bring you another pillar for your foundational wealth building.
If you are looking into earning extra income, we highly recommend for you to start building your foundation for wealth with an eCommerce business, such as Amazon or Shopify. With an eCommerce business you can start earning quickly in short-term, whereas, with Forex, though you can earn short-term, it is more of a long-term earning process.
However, if you are 100% sure you want to start with Forex, then here are some tips for you:
- Do not put your entire savings into it; start off with $300+ - the more the better, as long as it is funds you can afford to risk.
- If you are a beginner or just starting off, start with a broker such as my favorite: LQDFX or Hugosway, and a demo account on MT4 for about a month or so. This will give you practice until you feel confident and comfortable about trading before you start a live account.
- Once you go live on your account, start with smaller lot sizes 0.01 – 0.09, this is lower risk. Until you gain more experience, you can increase to higher risk lot sizes to .5 - .10. NOTE: You also need to have a larger balance in your trade account to start taking trades with larger lot sizes.
- Always make sure to set your stop loss (SL); and your take profit (TP) can either be set or left open, if you are going to close the trade manually, or if you think there is going to be a huge shift in the market so you can catch a BIG profit - even then I still like to set TP (take profits).
- Start with fewer pairs until you become a master of them (example, USDJPY, EURUSD, USDCAD). Doing too many pairs can become overwhelming, and potential mistakes or losses can happen.
- Make sure to monitor your trades, monitor the trade alerts your getting from the pros (SupremecommerceFX for example) and analyze market trends.
- It is best to follow market trends, daily top and bottom (highs and lows), use some indicators like bollinger bands, trend lines and the Banks Secret Indicator (provided from our friends at Blue Edge Financial, and 20% off for SCFX members only) – it is much safer to use indicators and follow the market movements when they're already in motion, than trying to predict the market during say a consolidation period or between trade zone times.
- Get the right help, tools, and resources for continuous learning.
At the end of the day, each trader and their strategies can be different. What might work for one person, may not work for the next. Use the time on the demo account to find what works best for you and find your strategies!
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