Being consistent with day trading is as much about experience and practice as it is about skill and knowledge.
Maybe you don’t feel ready to throw your hard-earned cheddar in the pot just yet? Set up a paper or ‘play money’ trading account. You can practice real-time trades while minimizing the stress and emotion you’d feel if you’d invested real money.
Paper trading can help you build confidence in your decisions without the constant worry mistakes and consequences.
You can always reset your balance and try again. Remember to keep track of what’s working and what’s not.
Most traders want to be cool, emotionless, money-making machines. To make that happen you first need to learn how to rule your trades with logic on a day trading simulator. Then learn to use that very mindset when trading for real.
If you’re new to trading, a paper trading account can help you adjust to the...
One of the first things you’ll need to learn about FX trading is the difference between instant orders and pending orders. You may need to initiate either of these types of order throughout your trading life, whether you’re trading independently or following Forex signals.
Instant orders are Forex orders that are immediately opened. They can be either a buy or a sell for any currency pair and they are initiated based on the current ask or bid prices. An instant order is often initiated by those who are currently tracking and analyzing their currency pair, but it requires a very good sense of timing on behalf of the trader.
BUY STOP = Order placed ABOVE price and keeps going UP
BUY LIMIT = Order placed BELOW price and price then goes up
SELL STOP = Order placed BELOW price and price keeps going DOWN
SELL LIMIT = Order placed ABOVE price and then goes DOWN
With instant orders, it’s always a good idea to have a stop loss in place; there are even...
A market order is an order to buy or sell at the best available price.
For example, the bid price for EUR/USD is currently at 1.2140 and the ask price is at 1.2142.
If you wanted to buy EUR/USD at market, then it would be sold to you at the ask price of 1.2142.
You would click buy and your trading platform would instantly execute a buy order at that exact price.
If you ever shop on Amazon.com, it’s kinda like using their 1-Click ordering. You like the current price, you click once and it’s yours!
The only difference is you are buying or selling one currency against another currency.
A limit entry is an order placed to either buy below the market or sell above the market at a certain price.
For example, EUR/USD is currently trading at 1.2050. You want to go short if the price reaches 1.2070.
You can either sit in front of your monitor and wait for it to hit 1.2070 (at which point you...
Ricky Andrade, 23 -- Founder and CEO, Market Masters Academy
This website is proudly featuring Andrade because of the immense impact he’s made in the Forex industry at such a young age. Market Masters Academy was founded to help people succeed in the Forex market, eradicating and minimizing losses, and trading anywhere from $200 to 6 figures on an international scale.
Market Masters Academy works to provide clear and concise knowledge for its students and securing a stellar win ratio in the Forex market. Andrade and his team continue to transform his students into highly profitable traders, scaling accounts and creating a matrix of successful forex entrepreneurs. In addition, Market Masters Academy provides an array of services such as On Point FX Signals, the exact copy and paste trades Ricky and his students use to yield profit, the Intense 7 Day Training, exclusive one on one mentorship, masterminds, and more.
Ricky Andrade is one of the youngest influencer...