Survival Checklist before your Real Venture
- First, understand the basics of “what is Forex?” and invest with only the extra cash (not with money that you couldn’t lose) and also the risk sustainability.
Survey around, analyze around the currency pair that you are interested to invest (don’t invest on every currency pair!), make sure you know well how the market behave and how volatile it will go during specific conditions (Non-farm payroll? Urgent News?) and also the following details:
- Margin requirements
- Understand how many pips that your trading position (or also known as trading ticket) can holds, in that sense you will understand how many floating loss you can resist before each trading position starts to profit & MOST IMPORTANTLY, how many trading position you can open in order to avoid Over Trading
- Please follow order management techniques like Stop Loss, Take Profit or Partial Close for efficient handling of positions
- While holding your open trading positions, be sure to utilize our provided tools such as Forex Economic Calendar, Live Charts and Market News to judge the current and future trend of the market. Then, combine your analysis with your technical strategies; indicators shall improve your forecasts better. You can also view our JJPROFX weekly market commentaries from time to time.
- Keeping track of movements may prove as a vital source for trend analysis, from there you can see the general patterns of the market (sometimes the trend would change during news time, but on the usual time; the general market patterns shall resume).
- Always keep an eye on your available margin and equity, be sure not to OVER TRADE, deposit more fund if necessary.
- Keep positions open as long as you feel that the movements are favorable to you, BUT DO NOT HOLD THEM FOR TOO LONG. Do not keep on piling your profits after a certain point, as sometimes the market may take a reverse position. In case your position is not yielding then try to close it immediately (under this circumstances, consider the lesser loss, the better; quickly recover from the loss and move on to get more profit), only if you see no further hopes of gaining from that position.
- After successful execution of an order you will be able to understand the FOREX market in depth. Also attempt to place different types of orders and evaluate their individual performance.
- JJProFX Trader software demo account offers real market condition price feed; IF you can survive in our DEMO ACCOUNT, means you should be able to survive in real trading (providing you maintain the needed discipline and emotional intelligence).
*DISCLAIMER: JJPROFX is a platform that offers professional Forex investment services, all information provided in this website shall serve only as common knowledge sharing. It shall not serve as sole investment guidance or trade practice that shall majorly influence the trader’s decision making unless trader is subscribing any specific services from JJPROFX (i.e.: Consultation, Fund Management). JJPROFX shall not be liable for any activity undertaken based upon these tips directly or indirectly.