Forex trading may be risky. But, you can make a huge mistake and lose your investment. These are not ordinary mistakes. These are costly errors. It’s possible to lose thousands or hundreds of dollars because you haven’t played your cards right at FXCM Markets.
This is why you need to be familiar with the most common forex trading mistakes. These mistakes can be avoided by making sure you do not make them for your account.
Here are some:
1. It is difficult to understand.
There are many things you need to know about forex trades in general and Singapore forex traders in particular. So, how do you determine the best time of day to trade forex? Do you know how in demand the Singaporean dollars are against other currencies around the globe? Do you know the difference in bid and ask prices? Also, what is spread?
If you don’t have the will to learn more, these are the questions that you must answer if your goal is to be successful in the field.
There are several ways to learn forex trading. One is that you can take any of the courses and classes offered by forex specialists in Singapore and Malaysia. They are also available online. It is recommended to start reading the business sections of newspapers, and purchase business magazines.
You can read the blogs and discussion boards that forex traders have created or joined, especially if they are experienced. They can offer a lot of insight and advice.
2. You have not looked for a great forex broker.
There are many forex brokerages on the Singaporean market, but not every one is the best. Forex brokerage is strictly regulated in the country. You should therefore only choose authorized agencies.
Naturally, you want a forex broker that is reliable and available 24 hours per day. For technical support and customer service, the forex brokerage should be easily accessible.
3. You did not use the demo account.
An automated forex broker will usually have a demo account. It is important to make the most of this demo account, especially if your goal is to become a forex broker. Since you’re trading in live markets, a demo forex account is similar to a real one. The only difference between a demo account and a real forex account is the lack of money. Your virtual cash account will be available for trading. It will continue to be replenished until your demo account expires.
Demo accounts are a great way to practice the different forex trading strategies you have learnt. A demo account gives you an even better overview of the real-time forex markets. It’s easy to feel calmer when you trade for real.