FOREX trading?
Question:
Other than "DON'T"
Any good ideas?
Never allow one position's leverage to consume your entire portfolio. Figure out the maximum downside for each move, and only commit a % of your total funds to that position. You may feel certain and be tempted to go for broke, but a more cautious approach will keep you in the game.
As mentioned by Jeff H. Money Management is the most critical skill to acquire.
My additional suggestion;
Stay clear of "Alert Services" they generally don't use good money management. You could "win" 70% of your trades and still be wiped out.
2nd;
There are no "short cuts" or systems... as appealing as they sound.
I 'm a Japanese trader and involved in FOREX somehow.
I think others can tell you how to make profit in FOREX. So I'll tell you about tax in Japan.
Tax on FOREX profit is divided into 2 cases. One is tax on profit made in normal FOREX brokers. The other is tax on profit made in "Click 365".
Click 365 is the only exchange based FOREX service in Japan. If you make profit in Click 365, your tax rate will be 20% fixed.
On the other hand, if you make profits in other FOREX brokers, you'll have to pay taxes up to 50%. So clearly, Click 365 is better. But there are some disadvantages in Click 365.
1, Currency pairs are so few.
2, Brokers are few.
3, There is a 10 minutes or so time during 24 hours when you cannot buy or sell if you trade NZD/JPY. Even stop order does not work.
But in Click 365, you can put your loss forward so that you can set off with profit in the next 3 years.
forex is too risky becareful or u will loss your money
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RULE OF 72
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