Before you begin trading it’s essential you’ve completed the 3 steps that we at NSFX Ltd. call the ‘New Traders Initiation’ This 3 step process is simple and straightforward and will help prevent unnecessary losses due to lack of preparation.
Once you’re ready to begin trading you can follow our 10 Point Start Trading Plan listed below:
- Create your own trading strategy (our Account Managers can help you through this process)
- Don’t cut corners, ensure you spare time to make a plan and develop your strategies.
- Use our practice account to trade with up-to $100,000 virtual cash
- Choose a trading platform that suits you best (NSFX-Trader, MT4, Web, Desktop, Mobile)
- Choose the right currency pair. Find out based on your risk parameters, which currency is best suited for your trading style. Some may be too volatile and some too slow so decide which currency pair is most appropriate for your strategy and time frame.
- Decide on how long you plan to stay in a trade. If you are an inter-day trader, what is the average time of your trade? – a few minutes, a couple of hours, a full day, or swing trade (couple of days to a week)
- Before you enter a trade you should also have clear exit plan. Place your stops and limits accordingly.
- Know how much you are willing to risk and how much you are looking to gain.
- Keep track of important news and technical levels, which may be tested within your time frame.