Increase your forex profits with three simple tips Back to list

Member SinceJul 08, 2021

Posts 526


Feb 14, 2022 a 10:52
1. Determine the level of service you require from the brokerage firm of your choice. Contrary to stock brokers, forex brokers are often affiliated with larger banks or lending organizations due to the significant amount of capital that is required by the rules. Both the Futures Trading Commission (FCM) and the Commodity Futures Trading Commission (CFTC) must register and regulate forex brokers (CFTC).
2. Request a free trial before choosing a broker. If you want to try out their trading platforms, make sure to request a trial version. Brokers provide technical and basic explanations, as well as economic diaries and other research as a form of assistance. You are basically guaranteed to succeed if you deal with a reputable broker.
3. Two financial gatherings will provide you with information on currency market movements. A forex trader should attend the Federal Market Committee and Humphrey Hawkins meetings. By reading these reports and examining the explanations that accompany them, a beginner forex trader can gain a better understanding of all long-term market patterns, and short-term traders can identify and profit from odd happenings by reading these reports.

Member SinceJul 12, 2021

Posts 343


Feb 16, 2022 a 07:19
While I agree with the points mentioned, especially the importance of choosing a broker carefully, and consider what he is able to offer, I do not think that these are the three main tips for success in increasing profits. You also need to factor in the importance of analysis, as well as the need to have a proper plan in place, both a trading plan and a risk management plan.

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