Forex Micro Lots for Entry Level
Are you a forex beginner? Afraid of losing big money to start forex trading? Today many brokers offer to trade forex in micro lots (.10c) it is easy to get your position size correct no matter how small your account is.
Forex micro lots are used when trading currencies and are equivalent to 1,000 units of the base currency. They allow traders more flexibility when trading as they can trade in much smaller increments. A standard lot is 100,000 units of the base currency and a mini lot is 10,000 units. There are a variety of forex brokers that offer this type of trading.
For beginner here is what you need to do, pick several of your favorite pairs to trade, limit yourself to 1 good trade a week, this means your trade needs to be planed and have good technical reasons for price to go in your favour. Keep your charts clean and simple, use support and resistance with price action for setups.
Never risk more than 3% of your account on any one trade no matter what the stop size is.
If you have two really good setups in one week and you don't know which one to take just take them both but use half of your normal risk per trade on each. If you do what I have outlined I guarantee you will see an improvement in you trading.
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