XM Trading is a Forex company that is relatively easy to operate even for beginners. However, there are many people who are struggling with how to trade because it has features that other companies do not have. So what kind of trades can you do to win? Here’s a roundup of the Q&A series.
- Is XM trading difficult to scalp because the spread is wide?
- Are there any trading restrictions on XM?
- Lack of knowledge in trading. Do you have a study site?
- I am afraid of loss. How can I cut my losses?
- How should I set my take profit point?
- sell? buy? I don’t know where to go.
- Can you win with automated trading?
- When will I be able to win in discretionary trading?
Is XM trading difficult to scalp because the spread is wide?
XM has wider spreads than other companies. Therefore, it can be said that it is quite difficult to win with scalping. If possible, day trading or swing trading is preferable.
Are there any trading restrictions on XM?
XM has a set of prohibited items. If you violate prohibited items such as arbitrage trading, penalties such as account freezing and profit confiscation are waiting.
Lack of knowledge in trading. Do you have a study site?
XM regularly hosts free-to-attend webinars on the Japanese version of the site. If you are interested, you can join for free, so there is no risk.
I am afraid of loss. How can I cut my losses?
When you enter an entry, you basically have to enter a profit taking point and a loss cut point. Cutting losses hurts, but you have to do it. If you do not stop loss, you may lose all the money in the worst case.
How should I set my take profit point?
Trade with a risk reward ratio of 1:2 or 1:3 or more. Too greedy for take profit points and they will come back, too close and not good.
sell? buy? I don’t know where to go.
First and foremost, let’s check the overall direction of the currency pair you are trading. Try looking at daily or weekly charts. If it goes up, you buy; if it goes down, you sell. It may temporarily fly in the opposite direction to the overall direction, so it is better to enter after the movement has slowed down.
Can you win with automated trading?
People who want to win easily by leaving FX tend to flow to automatic trading. You can win for a while, but when a big trend hits, most people go bankrupt and lose all their money. It’s difficult to win in the end if you cry in a discretionary trade.
When will I be able to win in discretionary trading?
It is better to think about three years. It is said that it takes about three years to become a full-fledged person even for a general technical job. The same goes for trades. As a result, the person who fights with a long eye wins early.