I'm going to take the time to share with you how you can reduce currency trading risk. This market has a lot of money moving around each day and there is a lot of money to be made. With these kinds of rewards, there is definitely a lot of risk. Learning how you reduce it, can really help protect your long term profits and leave you with much more confidence in this business. I'm going to take the time to share with you how you some of my experience trading over the years that will help you reduce your overall risk.
I think the best thing you can do is choose a competent time of trading. You're typically granted the high volume (business time) and low volume (late evening, overnight) to make your trades. The problem is that one of these times is more risky than the other. If you look at the low volume time, there isn't much in the way of trading. It is much more calm and would appear more "safe", but that isn't so. Since there is so little volume, supply and demand can easily go erratic with one big trade. If you look at high volume times, supply and demand is solid. There will be a negligible change from large trades.
Another way of reducing currency trading risk is to learn how to read candlestick graphs fast and competently. This type of graph is the most common used because it looks the cleanest and has the most information on it. Understanding it easily can help you identify how the market will behave, so you can make the best possible trade.
Forex Candlesticks Made Easy is an excellent book on learning how to read candlestick graphs. It works on the philosophy that you should just understand the graphs, rather than memorizing dozens of scenarios.
Learn more at Forex Candlesticks Made Easy.
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