If you are new to Forex you are probably wondering how the whole exchange works and secondly how to make your first profit.. By following a few rules set down below as well learning how the Forex system works as well you will have a better chance at beating the banks and making some nice moo-la..
Okay firstly, when you trade you in a sense are doing what? You are exchanging money from once currency to another, during these exchanges the banks make billions and billions every year in these exchange differences.. No matter what you do in forex the banks make money.. So how do you beat them? Or in a sense how do you work with them and profit also? You do this by excepting how the Forex is. You must except that banks are out to get your money and also brokers are out there also to get your money as well. By understanding this you then can modify your Forex trading strategy into a style that reduces risk and secondly limits your trading. By doing so you will not only lose less but you will also make much more money..
5 Tips to Beating the Banks in Forex
Below are five tips everyone should be aware of that will help you beat the banking system in trading:
- Make sure your Forex broker provides low spreads. A good example of a low spread broker being Hotforex or ICMarkets.
- Secondly, use a good stop loss that is based on good technical reasoning’s and not a fixed stop..
- Trade with the path of least resistance which is the trend.
- Remember to lock in your profits along the way when managing a profitable trade.
- Use a proven trading methodology for trading the market. As an example, check out the Premium Training at the Website
Are the Banks Your Friends Really..?
Lastly on a ethical note, if you think the banks are your friends then think again, they are out there to create profit and by doing so they do not mind taking ( legal stealing ) money from as many sources as possible. These guys have the power to manipulate, destroy and fix economies, which ever one profits them most they will most likely support the most. A perfect example of this is the current Greek Crisis, them not defaulting in Greece fixes the banking system debt, but in return ruins millions of peoples lives, will the banks give back for this gift taken from the people in this circumstance, the answer is most likely no? Do the banks ever give back for any of these government bailouts? Help out those struggling with debts or similar…
The answer is no? And has a bank ever helped starving innocent victims for all of there capital profits even when in they in some way are directly responsible, the answer is no? They could seriously improve the world, but unfortunately they care only about one main thing.. PROFITS…
That is what i love about Forex, it is about taking control a little bit against the buggers that try to rule us. By being successful in Forex you may not fully beat the banks but you do beat the banking system. Good luck all with your next trades.