Every person is different. Therefore, if we give a group of traders the same amount of money and options to choose from, they would come out with all different types of trades and results. Not necessarily because one is smarter than the other, but because there are too many factors affecting a trader’s decisions. A standard strategy will never fit your needs as well as one made by you to yourself. Therefore, we must consider our budget, time and other factors involved with the decisions we make and techniques we use.
Having said that, we assure you that there is no magical 100% effective strategy that can guarantee you will make gains overtime. If there were, the market would become a bunch of people doing the exact same thing and there would be no brokers with negative balance protection, changing the market conditions and probably sentence it to closure.
Although trading might be seen as a side income for people who have a way with numbers, trading is a career, as good, honourable and profitable as any other. Actually, If it’s done correctly can be way more profitable than any other.
Trading is a business. It requires as much attention as any other, perhaps even more, specially when our capital is at stake. We know you know you have to learn some things before making a deposit, but we are talking about real attention. Once you get familiar with currencies, technical analysis, chart analysis, trading techniques, etc. You can start predicting a future movement and place good trades that turns to profit.
It is important to remind ourselves the risks involved with these activities, not to fear them but to know them, and to know them well. Consider your risks capacity, negative balance protection broker while planning your investments and please plan your investment, the more you plan the better things will go for you.
For better understanding of the trading process we can recommend you to choose a site with practice portfolios. You can open a practice portfolio for free and start trading with real values. With these portfolios, you can start analysing and making trades yourself quickly. Learning and practicing at the same time, gaining absolutely valuable experience .
Don’t be doubtful. Consistency is the most important element for any trader to achieve success, along with the desire to improve oneself and earn bigger profits through time.
To get a full taste of how trading feels like, there’s nothing better than a practice portfolio, a platform with real market values allowing you to analyse and trade with a comfortable amount of ‘fake’ money to make your trades and measure results. Trying, failing, and most importantly, understanding the reasons things happen, will allow you to predict better future movements as well, and make better choices.
In this platforms you can also choose your budget, so if you adapt it to what your real situation would be if you were in, you can get a better taste of what it feels like to have a portfolio with your money on it. Then, considering all elements, grab your custom made trading techniques, broker that will protect you from negative balance, and go to the real market, where the most profitable currency pairs are waiting for you. The best recommendation we can give you is to study hard and see what works best for you, like which techniques adapt best to your abilities and vice versa.
Take some money to invest in yourself. Work and trade hard, your perfect technique will reveal itself to you sooner than expected.