FOREX margin trading is measured in “lots.” A Forex Monarch Review lot is the minimum amount of currency you must buy or sell if you decide to place a buy/sell order. It is done this way because the market would not function properly if traders could buy or sell just one Euro or one Dollar at a time. So, typically, lots are set at 10,000 in a “Mini” account or 100,000 in a “Standard” account. You can learn more about this later. Meanwhile, remember margin accounts and the leverage they provide.Pips/Points One unit of price change in the bid/ask price of a currency. It is the last digit in a rate; the fourth decimal place in an exchange rate. This is a very important term to know because currency trading in the FOREX market is measured in Pips/Points.
The one thing which ruins new traders in the Forex market and drains their bank accounts super-fast is lack of knowledge and a good trading method. Many people feel as if they know more about Forex then they really do as they’re blinded by promises of easy profits. The reality is much harder. Over 90% of traders lose money on Forex. The key to avoiding this fate yourself is to acquire the right kind of knowledge from day 1.This is what the Forex Nitty Gritty course is supposed to do for you. Expert trader Bill Poulos created this entry level course just for beginners and intermediate traders who want to start trading the right way. This means that if you’re an experienced trader that this course isn’t for you.
However, as an entry level course, Forex Nitty Gritty does a good job at laying the right foundations for a new trader to build a strong presence in the currency trading market. Bill Poulos does a good job at developing your knowledge through detailed video lessons. This is a comprehensive course so you need to be aware that it will take some time to go through it all. I don’t think it’s difficult material but it is extensive.
What I like about Forex Nitty Gritty is that it’s not just a theoretical course but includes a basic trading system which you can begin using almost immediately.In addition to the course, you can also get support from Bill Poulos and his staff through a special members’ club which gives you the ability to continue improving your trading skills with time. This is particularly useful to new traders who naturally have a lot of questions.
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