Have you ever been sold a dream? All sunshine and rainbows, the greener side of the fence, the better products, and all those dreams?
If your answer to my question is no, well then, I am extremely happy for you. BUT, you’re probably lying to yourself because everyone is a victim of this!
It costs money to trade. But that doesn’t mean the COST is ONE CONSISTENT PRICE. Instead, brokers offer different pricing options for traders.
If you’re a swing trader or a position trader, this article is probably not for you. Instead, it’s for those of you who have found an edge in trading the market frequently.
Have you ever felt overwhelmed by all the strategies you know? You’ve tried most of them, and each works well in different market environments, producing fantastic results for you. So many methods at your disposal, but you are unsure when to implement them.
Pip is an acronym for “price interest point” or “percentage in point”, which is a price change of 1/100 of 1% or one basis point. This represents the smallest possible change in an exchange rate.
The majority of Forex pairs are quoted up to 4 decimal places i.e. a pip is the last of those 4 decimal places.
When I started Forex trading, I genuinely thought I had to be trading for 24 hours, 5 days a week, and 240 days in a calendar year! Genuinely! I kid you not. I thought that was the only way you made money in the Forex Market.
Until I learned that it all depended on your strategy and the kind of lifestyle you sought to live.
HOW TO LOSE ALL OF YOUR MONEY TRADING FOREX! Traders with some experience may have heard of the term, but I guarantee you that a lot of traders don’t understand it.
That opening line may have scared you, but don’t worry, because the point of this is to learn how to reduce the risk of losing your capital.