The forex market is the most liquid financial market in the world, where daily transactions totaling more than three billion dollars are performed daily. To give you an idea, this figure is 30 times the daily trading volume of the world’s most popular stock exchange – Wall Street. This means that in one day the trading market of the major currency pairs has the same volume as Wall Street for a month. Most people are more likely to think that to be a good trader you need to have experience in capital management or a degree in economics. However, this is completely a lie, as there are many traders who have started trading currencies and has no degree in economics or experience managing capital. Keep reading to learn the fundamental tips for dominating the market. The Giga FX Broker can support you out there.
How to dominate the forex market
This article presents the fundamental factors to succeed in this market. For you, we have good news and bad news. The good thing is that these factors are not difficult to learn. The bad thing is, they will test their ability to execute. You should not waste time looking for complicated or “magic” formulas to make your goals a reality. Put these tips into practice:
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Trading Plan – As with setting up a business, where you need to carry out a complete business plan, trading successfully requires planning and prior study. With this in mind, you will have to make your own trading plan according to established standards, which can be obtained through your experience with this financial market or through a trading school, defined by analyzing your own backtesting results. , for evidence that you are able to carry on and trust it.
Backtesting – Backtesting consists of testing a particular currency pair so that you are ready to apply input and output rules as if you were trading in real time. There are programs that can help you do a good job, and one of these is Forex Tester, which lets you navigate historical charts and perform tests as if you were trading in real time. This way you can look at the amount of pips won or lost, as well as the number of winning or losing trades over the test time. You may also use the demo accounts provided by major brokerages.