You don't need to be an expert to trade like one

Forex Trading Nigeria

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Posted by on Wednesday November 9, 2011 15:14:47:

When it comes to really trading currencies online, a lot of new comers may feel that they stand no chance or after a series of failures feel depressed about their future in online trading. Some others who have gained a little interest but treat as suspicion any thing related to forex. The thing with online fx trading is that you really don't have to be an expert to trade like one. It is like normal trading and it really involves just buying and selling. Now who can't buy and sell items for profit? Except if that person doesn't know a bit of mathematical calculations. Forex trading is really all about buying at the price you want and selling at the price you want.

To succeed in trading fx, you just need to do the following things:

- Understand the rules
- Be discplined and not break the rules
- Have a set target.

Rules like these would be helpful:
- Limiting your risk to about 2% of capital per trade
- Entering and exiting with buy and stop losses
- Making use of a stop loss
- Using a favourable Risk:Reward ratio e.g. 1:2

Problems newbies may face when getting started newly could be:
- Not knowing how to enter or exit
- Not using a realistic stop loss
- Overt rading their capital

Steps to succeed as a forex trader:
- Just get used to a technique that works for you
- Don't trade all the time or when not sure
- Learn to identify and follow the trend
- Make use of news reports and how to interpret it

Personal experience:
When I was a forex newbie, one strategy that worked for me was an early bird strategy for the eu. All I needed to do was wake up around 6am Nigerian time and looked at the previous trends from 1 to 5 am to see if it is up. Then checked the frame also for 30 mins and normally entered a Long position with EU and targeting 20 pips. Within about 1 hr, it mostly reaches my target and I'm done for the day. I did this for months and it kept working and allowed me to trade for just 30mins to 1 hr daily.
The best days that worked well were Tuesdays to Thursdays and it helped increase capital. I used this method but traded with high leverage to get more profit. So that worked for me and it had to do with trading when we are not in any session or more of Pre-London session. Another method I've seen people using is selling the EU after the London session. You can call it Post-London trading and they sell with big margin targeting only small pips to call it a day's profit.
So just et used to a method that works for you and you don't really need to know all the news details and forex indicators because really, it's all about buying and selling currencies.