InstaForex Nigeria professionals states that experience has shown that most beginners or newbies in Forex do not know when to place trades,what to look out for before placing trades. These are some of the reasons why most beginners lose all their money. Hence the need for training is very important. These and many more are very well taught via training.
Forex simply means foreign exchange and it involves the buying and selling of foreign currencies only via the brokers platform. It is the most traded financial market in the world. It is opened round the clock,five days a week; enabling traders to act on news and events as they happen. It is a market where half a billion dollars trades can be executed in a matter of seconds and may not even move prices noticeably,quite unlike other markets.
With such a huge financial market the need for training can not be over-emphasised for the under-listed reasons;
1. FOREX AS A BUSINESS: There is the need to see Forex as a business and not gambling, it is only then that the trader/newbie would have the right mindset to embark on the business. It is a long-term business and should be treated as such. Traders are advised to take trading seriously and as business as it’s only then would they be
able to apply the rudiments or strategies necessary for success in the trading. These could only be acquired via training, re-training and advance training.
2. KNOWLEDGE: Forex is knowledge-based. Any business worth its salt requires knowledge. The essence of training is to acquire knowledge. It is said that every business has its secrets and Forex is no exception. Hence,the importance of training is very necessary as the secrets of Forex trading could only be taught or acquired via Forex training.
A trader must be committed to continuous education,study technical analysis,fundamental analysis,psychology of trading,and be able to make logical decisions devoid of emotions and learn to trade in control. These and many more are very vital for trading and could be acquired via training and re-training.W.D Gann said that,”knowledge of the market is more important than money” he went on to say that “time spent in gaining knowledge is money in the bank”. With knowledge,you can take a small amount of money and make more after time spent in gaining knowledge”. Your success depends in knowing the right kind of rules and following them. Forex does not depend on luck,chance or fate like gambling without knowledge. Please go for training.
3. INVESTMENT: Forex trading is Investment,and Investments worldwide or globally is knowledge based. Every aspect of investment needs to be taught. Both investment professionals and beginners are meant to undergo training and retraining in order to update their knowledge. This is a worldwide practice which needs to be upheld.
Hence,the need for Forex training and retraining is very vital to success in Forex trading, and for anyone who wishes to make or take up Forex trading either as a professional or for passive income.
4. STRATEGY: Various strategies are well taught in various Forex training centres across the globe. Most of these strategies are only exposed or taught to members only. Hence, the need for training and retraining can not be over-emphasised. Any person wishing to embark on a Forex journey must be prepared to engage or register with Forex training courses, as these experienced traders or mentors would only expose their strategies to registered members only.
Therefore, any serious minded person should not dabble into Forex without first and foremost undergoing training. In as much as training is very necessary,mentoring is equally vital,as every trainer would wish his or her trainees success. We have heard it from W.D Gann,one of the most successful trader/mentors of all times,that knowledge is very of paramount importance to successful trading. He further stated that passion for trading is equally necessary. It is said that half education is dangerous and since every business has some element of risks associated with it(Forex is no exception). The need for training and retraining need not be over-emphasised.
The most interesting feature of online Forex trading by InstaForex Broker is the way it is being operated transparently. There is no hide and seek involved in the process..
- Aside the broker’s spread; Online forex trading with InstaForex does not involve any commission, or exchange fees, or hidden costs etc. The trade is done in a very fast pace as there is no kind of any delay involved in it. It takes 1 or 2 seconds to execute the trade in InstaForex
- Traders can trade in different markets with different currencies at the same time without any restrictions. This is only possible with InstaForex because of the high grade online forex trading services it provides. This has brought in lot of flexibility and liquidity in online forex trading. InstaForex Traders are able to trade and access 107 Currency instruments, 88 CfDs on US stocks, Futures, gold and silver, Options Trading, 1:1000 leverage, Swap-free and many more
- Opening of an online forex trading account is very easy as there are many people who can offer this kind of service to the trader. But they need to be very sure that they too deal with the same kind of currencies which the trader is interested in as compare to InstaForex Broker which offers one of the highest numbers of Currency instruments. Click here to open an InstaForex Account
- Volatility is the essence of the currency market. Values for individual currencies rise and fall with news and information happening around the world. Sometimes the fall in a currency can be swift and can help to wipe out your entire account before you can react. So you must prepare for risks if you decide to trade on the Forex market. It is always import to note that the market can change suddenly all because of decisions made by some government or corporation in a distant part of the world.
- Therefore, if you want to become a successful trader in the Forex market, you must learn the fundamentals about the market and the currencies you wish to trade. Also, read press releases and other financial news that are updated on our site home page instaforex.com.ng and political news from around the world. You will do well by learning how to trade with the Candle Sticks Pattern,
Trading without Stop Loss and Take Profit is not advisable and not the right thing to do. By doing so you jeopardise your capital/equity. Traders should learn to be contented! ‘contention is gain..
Success in Forex is determined over the long term period of one month;Bi-monthly,Quarterly or Annually as the case maybe. Hence the need for Stop Loss and Take Profit accordingly prior to placing your trades thus:-
1. Determine at what price you intend to exit your trade should the market move in the direction of your trade;
i) LONG OR BUY TRADE; If you are to go LONG(BUY) and having placed your trade please note the entry price.
ii) ADD the number of the pips you intend to take out of the market to the entry price to determine your take profit(TP)price level.
i) SHORT OR SELL TRADE; If you are to go SHORT(SELL) and having placed your trades please note the entry price.
ii)SUBTRACT The Number of pips that you intend to take out of the market from the entry price to arrive/determine the take profit(TP)price level.
2. Always determine at what price you intend to exit your trade should the market move against your trade;
i)LONG OR BUY TRADE; If you are to go LONG(BUY) and having placed the trade,please note the entry price.
ii)SUBTRACT the number of pips (from the entry price) to arrive/determine the price level in which if the market breaches that level it should close you automatically as this will minimise your loss.
i)SHORT OR SELL TRADE; If you are to go SHORT(SELL) and having placed trade,please note the entry price.
ii)ADD the number of pips (to the entry price) to arrive at a price level in which if the market breaches that price level it should take you out of it automatically.
The use of take profit(TP) and Stop Loss(SL) in Forex trading cannot be over-emphasised. Most newbies or new traders come to grasp of its importance as far as longevity in the business of trading is concerned.
One should not feel that because EUR/USD or any other currency pair moved 70 pips today or more then one should set STOP LOSS or TAKE PROFIT . That is simply a wrong mindset..
Please note that the high drop in prices or high increase in prices do not occur every now and then, so traders must incorporate Stop Loss and Take Profit as part of their trading plan.
For more InstaForex Nigeria Tips on How to make money in Forex. Click here..