All the secrets of successful forex trading are no longer classified information, as they have been described in thousands of books on foreign exchange as well as on numerous Forex web resources. Learning the secrets of Forex trading is not enough, each day you have to use this knowledge and practice trading discipline day in and day out.
The best basic rules of Forex trading
Once you’ve invested real money in Forex, you should set crystal clear goals for yourself to understand where you need to go. The tips for novice traders described below will introduce you to the basic principles of Forex trading, everything else will be up to you. Naturally, these are just the tip of the iceberg as there are countless recommendations and secrets of forex trading. In fact, even if you already have some experience with forex, it’s always good to recall the basics.
- Be confident of your broker
Picking the right broker is probably half of your success. Put some time into checking out feedback and reviews. Ensure the broker you choose is trustworthy and suitable for you since there are plenty of unscrupulous participants in the market.
- Draw up a trading strategy
Creating a trader’s strategy is one of the major items on the list. Identify the results you want to get from Forex trading. Defining your goals will help you become a more disciplined trader.
- Keep moving step by step
Whenever you start something new, try to create a step-by-step approach. Investing small amounts of money is your first step in real forex. The rule of thumb in forex is “less is more.
- Control your emotions
Remember not to let your emotions control you. This may be extremely challenging, particularly after you’ve experienced a loss-making deal. No trading is done without losses, though. So, stay cool. When you let your emotions get the better of you, you are putting yourself at unnecessary risk.
- Be patient
Results don’t come right away. A trader needs to be patient and gradually move towards their forex earning goal.
Nevertheless, these initial tips may help you minimize the risks at the beginning of your way. Besides, if you are a new trader in Forex, to reduce your early probable losses, you may consider taking advantage of such service as cent account, which is offered by some brokers.
What is a Forex cent account?
It is necessary to mention right away that trading on accounts of this type is an ideal starting point for an online trader. Forex cent account is a broker’s service of providing their clients with the opportunity to trade on the real market with a minimum starting capital. Cent accounts are designed to attract those people who wanted to start online trading but hesitated to open a standard trading account with big initial capital.
Cent accounts provide traders with an opportunity to practice the routine operations of placing orders and opening deals, study the trading platform’s capabilities and handle their emotions. To choose the forex broker, that offers cent account service, please visit this page. The introduction of cent accounts has given a possibility to try your hand at real market conditions with minimum expenses. Let’s define the advantages of a cent forex account:
- Opportunity to learn how to use Forex with minimal costs and trading expenses;
- Possibility to experiment and choose the most suitable and attractive trading instrument;
- Possibility to start trading with 1 to 10 US dollars and participate in bonus programs to increase initial deposit;
- Possibility to test new trading strategies;
- Practice money management principles;
- Possibility to test the quality of services provided by a broker.
Cent accounts frequently serve as an intermediate stage between demo and standard accounts. Trading on a cent account grants a sense of the real market that is not palpable on demo accounts.