The Perfect Details for the Smart Forex Trading Now
If you have not read the previous ones: What is forex and How Forex works, we suggest clicking on the links to check.
Documentation required investing in forex
But, one question that many people have about investing in forex is in relation to the documentation that needs to be sent to the brokerage firm. The most frequent is: “Do we need a passport to register with the brokerage house?”
Not really. It is not necessary to have a passport to formalize your registration in the institution. The opening of an account abroad works in the same way as it is here in Brazil: just the identity card, or driver, and proof of residence to enter the request. From the GigaFX review you will find the best option.With these documents in hand, the brokerage firm will make your application and you will already be able to start your applications in the foreign exchange market.Unfishable invitation for you to learn more about investing in forexIf you want to know more about “Forex: how to invest”, we leave here a really special invitation to attend this Online Lesson 100% Free. It will be my great pleasure to share my knowledge as a trader with you.
Know when to sign out before signing in
Think about what levels you should quit, if you expect otherwise. In doing so, you will know when to leave and will discipline your trades for maximum profit without breaking your account. Thinking in this way will make sure that before you open a position you can quantify what your risk-return is.
Use Stop Losses
Using a stop loss in every position you open is a good risk management tip. Stop loss orders are like protection or armour against unexpected moves in the markets. Since there is always the possibility of losing money, set your stop loss to not exceed more than 2 $ of your capital in each trade.
For example, if you have a trading capital of 20,000 euros, your stop loss should be 40 pips per position, so if a position is against you, all that you will lose if the stop loss is activated will be 80 euros.