The last few weeks I have been busy with a side project of mine called Forex. Now and then you can find useful articles on TradersBonanza about the US dollar and if you know where the dollar is heading you may be able to trade the EURUSD Forex pair.
Currently I am writing a trading plan just to trade Forex. As you know (or maybe not) a serious trader has to have a trading plan so he/she knows when for example to take profits, take a loss, when to enter the markets, what money management to use and so on. Later I will write an article about that.
I tried several Forex platforms and since I am a bit new I wanted something simple. Also I want to know when I put on a trade what kind of money I am risking. I always look at the risk/reward ratio first before I take a trade. I am always looking for trades with a possible risk/reward ratio of at least 1:2 but I prefer 1:3 or higher. In that case the number of times I have to be right may be less than 50%.
I opened a practice and also a real account on eToro and have been practicing and tuning my plan for the last few weeks. I had some losses and after changing a few things in our Forex trading plan I am getting a bit more winners the last week. I had the most success when I traded the EURUSD, Silver, Gold and the S&P500. I think I will narrow down my trading to just these few and improve my hit ratio on them. We follow these every week so it is in the line of our work.
We have specialized in trading commodities and for that we have a plan, but an extra trading plan was needed to trade this market. Before you are going to trade a certain market please read about that market and try to figure out what you have to know to be able to trade it.
If you also would like to start trading Forex like I did, then the best thing to do is to first start with a practice account until you got it all figured out. After that you can always start funding your account and go for it.
To try eToroUSA* for yourself open a free Practice Account, free of charge.
Today, with over a million traders worldwide using the eToroUSA platform, it is clear that eToroUSA has changed the way currencies and commodities are traded. Here are some of the features and offerings that await you at eToroUSA:
- No download required
- A personal trading coach
- Fast withdrawals
- Forex and commodities trading course
- Start with a free $10,000 practice account!
If you are a Forex trader or Company that can add some value to our site with your knowledge or articles, or when you have a site about Forex then you may contact us and maybe we can work something out. We like to trade the higher time frames like the 1H, 4H and the daily timeframe.
Another great forex trading platform with a wealth of resources is Fxcm.
Disclaimer: *We are affiliates of eToroUSA