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How To Start Trading In The Forex Market? | Shamika Staggs

Skills you need to learn before starting trading in the forex market. In this presentation, successful forex trader Shamika Staggs gives essential tips to master the forex trading market. This presentation will help you invest in the forex market best and safest way. For more information, you can contact Shamika Staggs.

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How To Start Trading In The Forex Market? | Shamika Staggs

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  1. How To Trade In Forex Market Shamika Staggs lists some important things to focus on before starting trading in forex

  2. Know Your Positions In The Market: THE MAJORITY OF LIQUIDITY IN THE FOREIGN EXCHANGE MARKET COMES FROM LARGE BANKS AND SKILLED INSTITUTIONAL TRADERS. THESE ARE THE BIG CATCHES. THE LARGER FISH WILL GLADLY EAT YOU AS A SNACK. IF YOU THINK IT WILL BE SIMPLE TO CARRY MONEY FROM THESE BIG FOREX TRADERS, YOU ARE DELUSORY. YOU HAVE TO LEARN ABOUT FOREX TRADING DEEPLY TO AVOID FUTURE RISKS.

  3. Understand the forex charts: Several more newbie forex traders believe that these big forex traders have access to a secret forex trading tactic or use a personal number of measurements, but this is not true. These major forex players employ simple but time-tested technical analysis techniques, such as horizontal support/resistance, trading range identification, and Fibonacci, combined with fundamental themes.

  4. Money Management: wealthy and successful forex trader Shamika Staggs says, as a beginner forex trader, it is essential to know that the main focus is not on how much money you can earn profits from forex trading, but how well you maintain what you have. This trading style is unsustainable, and experienced traders do not trade in this way. Everyone will have a string of bad trades at some point in their career. A typical number could be ten consecutive losing trades. The question is, do you have a financial plan in place that will allow you to sustain this?

  5. Focus on the Market: You must concentrate on the forex market and understand what the markers are telling you in order to select the forex trades with the highest probability of success. Indicators and tools such as Fibonacci, Pivot points, price channels, MACD, RSI, and others are used by successful forex traders. These tools do not, by themselves, create a strong trader. Many professional traders as well as unsuccessful traders use the same indicators.

  6. Expect the Unexpected: The forex market is a fascinating place, but there is one thing that every trader should understand. Expect the unexpected and don’t get too caught up in past successes. Regardless of what your charts or indicators tell you, the forex market has a habit of doing the opposite.

  7. Whatever happens in the market, you must preserve an objective perspective on your strategic plan and the forex market to avoid being derailed in the long run by bubbles and crashes.

  8. Thank you!

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