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Forex
Key points on forex
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[QUOTE="Electuary, post: 272443, member: 89107"] 1. Be aware of the market conditions affecting the currency pair you are trading. Different currency pairs behave differently. Keep track of the historical price behaviour of the currency pair you are trading and be consistent with it. 2. Understand the bid-ask spread - In forex trading, the bid-ask spread is crucial. This discrepancy between the highest buy price and the lowest sell price. Lower liquidity may be indicated by a bigger spread, and vice versa. So, pay attention to the spread and make trading plans as necessary. 3. Leverage - Leverage enables you to carry out high volume trades using relatively less funds. However, using excessive leverage in combination with trading losses can make it difficult to pay back the borrowed money. 4. Create a trading strategy - A trading strategy will enable you to carry out your trades with objectivity and knowledge. Before you purchase or sell foreign exchange, having a plan guarantees that you keep an eye on your trading objectives. 5. Regulate your emotions - Avoid letting your biases and emotions affect your trade. Due to the currency market's high level of volatility, it might be simple to become overwhelmed. But despite the numerous pricing changes, it's crucial to maintain objectivity and impartiality. [/QUOTE]
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