Good luck, "Fifty pips a day in online forex trading", sounds good. However, wait for a minute to think again. It's not so easy as it sounds. A huge risk is involved in an online foreign exchange trade. It is easy to place a trade online and innocent people jump start for forex trading out of emotion and greed. One has to learn a lot before placing a trade.
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| Big money in forex markets |
First of all, one has to decide about the currency pair, say EUR/USD. One has to know the fundamentals of the currencies and the basics of the foreign exchange market. Timing is also a very important factor. There are many other factors that one has to learn carefully. One needs several years' experience to be a good trader. One has to acquire risk management skills to avoid or minimize the risk of losing money. Beware, one can lose all of one's capital in a single trade placed without managing the risk. It is, therefore, advisable not to jump start but to learn first and then start trading with a slow speed. This probably will minimize the risk of losing huge money in the forex trading.
Currency value depends on hundreds of factors; many times unforeseen. These situations affect the currency value and a super expertise is required to calculate those risks and risk management skills to deal with the failed strategies.
What if you don't want to wait much? Is there any way left? The answer is, yes, to some extent. One can follow an experienced trader, and that is a good way to minimize loss and to make some profit. However, it is better to trade small even while following an expert in foreign trade. Forex trading is a big game and even the top experts lose money many times!
In a normal scenario, an expert makes a profit in the long term even if he or she making a loss in a particular move or in a shorter term. And that's why one is called an expert. If one plays the foreign exchange trading game patiently following an expert advice, there is a pretty good chance of winning profit. The risk is everywhere and so in the forex trading but one may take, at one's discretion, a calculated risk. And when you follow an experienced trader, actually he or she calculates for own trade and you just make a move.
There are top forex traders who place their actual trade on a day-to-day basis on the web platforms and one can view those trades and moves along with a risk management formula. At the end, You may like to view a trade placed by an experienced forex trader.
Image attribution: By epSos.de [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons
