forexObviously, there is no single strategy you can use to be the winner of Forex trading. However, some strategies are known as the effective ones to increase your income. The most important things are how to trade with patiently with comprehensive prediction and no emotion involved.

When to Buy and Sell

If it comes to you to decide to buy a currency pair, let’s say GBP/USD, it means that you buy the first currency (GBP) and sell the second currency (USD) in the pair simultaneously. The expectation is the cross rate price will positively affect the rising value as well as your profits.

As an illustration, let’s assume that GBP/USD current trading is at 1.6280/1.6282. With the expectation strengthening GBP against USD, you decide to buy £10,000 on GBP/USD at 1.6282. With the leverage scale of 50:1, the initial deposit required is $325,64 (£10,000 x 1.6282/50). As you have predicted that GBP will strengthen against USD, when it reaches 1.6340 you choose to cash the profits you made. The new price is 1.6340/1.6342. As a result, you get a rise of 60 pips (sold at 1.6340 and bought at 1.6280). Your profits will be 60 x 10,000= $60.

Keep learning and finding information to get more and more clues of how to win the game. Good luck!

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