UP
T20I Debutant
- Joined
- Sep 25, 2007
- Runs
- 8,037
You should be trading with eyes closed by now. A 15 year experience is a lot. How much money have you made in 15 years?I trade on Forex every day via IG Index (I am on it now!). Mainly GBP/USD, and USD/JPY, have been for past 15 years. There's a a lot to explain, but I use forex to hedge my assets elsewhere. For example, I know my USD denominated assets will rise if the GBP falls, so I go Long GBP/USD. This is just one example. Also given the FX market is the one true 24/7 market, there are many strategies you can use. Ranging from scalping (profiting a few pips then closing your position), to long term (Futures/Options contracts).
Here's my advice :
- Trade with money you can afford to lose.
- Have a budget per month. (My budget is £500/month)
- Avoid leverage and trade using fixed risk. (It's better to know how much you stand to lose compared with how much you could possibly lose).
- Start following the news. Politics and Economics affect FX more than anything else.
- Don't think you will become rich, treat the trading as a supplement income, not your primary income.
- Find a strategy that suits you, and only trade in FX pairs you understand. (I use DFBs and buy PUT/LONG options).
- Read the Forex For Dummies book.
There's so much more to go through, but remember what works for me, may not work for you. Best to start with a demo account so you get a feel. IG Index is the platform - assuming you live in the UK.