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The Foreign Exchange, also commonly written as forex or FX, is the largest and most liquid market among all the asset classes with $5 trillion trade in the FX markets daily. In comparison, roughly only $200 billion of shares are traded each day. Another unique feature is that because it is decentralised, forex is traded 24 hours a day, 5 days a week. Because most standard contracts for forex come as 100,000 units of currency, most trading platforms offer leveraged trading as a service. This allows traders to amplify their positions and risk. For example, a commonly-offered leverage ratio for FX trading is 500:1. Meaning that to trade USD100,000, a user only needs to have $200 in capital.
The best way to pick up the skills of forex trading is to have experience. While there are plenty of resources online to build up your basic knowledge of the foreign exchange markets, no amount of reading can replace actual trading experience.
For forex trading beginners, there is no need to rush into putting up capital. Start with a demo trading account or cent account to learn the ropes before committing to an actual live account. Copy-trading is also a great way to start trading forex without much experience. Copy enough trades, and you might just pick up a thing or two about the habits and strategies of successful traders.
Many beginners fail to understand this: trading is more about mental strength and discipline than knowledge. You can go into trading equipped with dozens of technical indicators and having read hundereds of trading books, but still easily falter from your trading plan the moment greed or fear kicks in.
For example, you get greedy after a string of successful trades and start risking more capital than your trading plan allows for – that’s poor discipline and can result in huge losses.
Many beginners fail to understand this: trading is more about mental strength and discipline than knowledge. You can go into trading equipped with dozens of technical indicators and having read hundereds of trading books, but still easily falter from your trading plan the moment greed or fear kicks in.
For example, you get greedy after a string of successful trades and start risking more capital than your trading plan allows for – that’s poor discipline and can result in huge losses.
For every Michael Burry there are thousands of people who have lost it all in the financial markets. Hoping to get rich on that one big trade is pure speculation and not trading. Trading is about avoiding big losses and not making big wins for one simple reason – if you lose all your capital, you cannot make further trades. A risk management strategy begins with preserving capital, and then choosing the right stop-loss and take-profit levels.
For every Michael Burry there are thousands of people who have lost it all in the financial markets. Hoping to get rich on that one big trade is pure speculation and not trading. Trading is about avoiding big losses and not making big wins for one simple reason – if you lose all your capital, you cannot make further trades. A risk management strategy begins with preserving capital, and then choosing the right stop-loss and take-profit levels.
Figuring out your trading habits is key to building an appropriate trading strategy. A trading journal records the details of your trade including the time of trade, instrument traded, position size, and trade outcome. This helps you find patterns of loss or succcess, and helps you figure our your trading habits. Do you do better trading in shorter or longer time frames? Are you prepared to trade high-risk events like during the release of important economic data?
Figuring out your trading habits is key to building an appropriate trading strategy. A trading journal records the details of your trade including the time of trade, instrument traded, position size, and trade outcome. This helps you find patterns of loss or succcess, and helps you figure our your trading habits. Do you do better trading in shorter or longer time frames? Are you prepared to trade high-risk events like during the release of important economic data?
Ready to start trading Forex? Open an account now to enjoy low trading costs and personalised service.
Choose an account type that is right for your trading needs. We offer 5 Live account types, and a free demo account.
Which FX pair do you want to trade? What’s your timeframe? What are your exit and entry points? Go in with a plan and stick to it.
Maximise your opportunities with our high leverages, low spreads, and extended trading hours.
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20 May 2022
20 May 2022
Things have been great so far. I have recevied amazing support and PU Prime is a great platform to trade on!
20 May 2022
20 May 2022
Things have been great so far. I have recevied amazing support and PU Prime is a great platform to trade on!
20 May 2022
20 May 2022
Things have been great so far. I have received amazing support and PU Prime is a great platform to trade on!
20 May 2022
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I like the fact that the client's welfare takes priority at PU Prime
20 May 2022
20 May 2022
The platform is user-friendly.
20 May 2022
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My experience has been educational and transformative. I like the transparency of the platform, as well as the depth of analysis provided.
20 May 2022
20 May 2022
My experience with PU Prime has been fantastic. I would like to give a big thanks to Daniel Bruce for being such an amazing partner for affiliate development.
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20 May 2022
20 May 2022
Amazing support and great platform
Things have been great so far. I have recevied amazing support and PU Prime is a great platform to trade on!