- Do not believe for a moment that you can just go into the market and get away with a few pips in your name. The market can be quite rude to unsuspecting 'players'. I call these dealers players because that's exactly what they do – playing with their finances while completely ignoring the way the market works.
- Some brokers refer to forex trading as "betting". I honestly do not trust such brokers. For people who really "trade" this would be a lot of fun. Betting is for players who are simply trying their luck. Merchants know where the product they are targeting is and buy it only to sell it later for profit.
- The laws of finance apply and to help the professional "trader" there are many tools available to determine the demand and supply of the product being marketed, in this case currency pairs.
- Profit trading takes time. Honestly, it took me 6 years. It's still not possible to know exactly where to go or trade to earn. However, I know when to reduce my losses in time. Read on to find out how:
Forex Trading Rules That Worked for Me – Manual Trading, Technical Mapping, Minimizing Daily Points, Using Double Screens and Earning Profits in Committees
I've developed a strategy over the years, a completely manual marketing strategy, so it's not being tested on a 'strategy tester' – perhaps due to a lack of scripting knowledge – but I doubt it can be automated.
My strategy involves technical mapping, new and personal, human observation. My strategy gets 10 to 400 points on a fractional pip platform using the MT4 platform. It involves sitting in front of the screen for hours (6 to 10 hours) each day and then some.
Despite being able to get up to 20 consecutive winning trades (and at least 7 lucrative trades), they cannot enter the market many times a day. Sometimes I only do 2 transactions a day, sometimes none. But, I've never been able to place more than 5 orders in one day.
I make an average of 25 points a day, leading to 500 points in a month. On a fractional pip platform, trading 16 lots ($ 10,000 per lot) I make $ 800 a month! Not bad for a $ 500 account that trades at a leverage of 1: 400!
It could be a pain sitting for hours watching a screen waiting and waiting for a setting. But then I double as a writer. One screen is dedicated to my forex trading and the other to my project.
I manage forex accounts for 6 friends who pay me a commission on profits, so I guess PIPs really add up. Not bad for a "parallel business"!