So I’ve been trading now for a while.
And I’ve got a decent handle on how to make (some) money trading.
The key is the some.
It’s really hard to make a lot of money, fast.
But making a little bit of money is pretty chilling.
Like say 20% per year.
So there’s only 3 basic rules to Forex:
- Buy low
- Sell high
- Close at a profit
But that’s basically it.
Where people go wrong is not where they buy or sell.
It’s how much you buy or sell.
The key is in not using leverage.
Or at least, for every trade:
Your trade size for any given trade should be less than your account size.
For example, if you have a £1000 account,
You should only trade, at the most, 0.01 lots of a currency pair.
That’s the rule.
If you follow that, the rest is pips.