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Forex Trading Tips for Retirees by Bill Schantz

Forex Trading Tips for Retirees by Bill Schantz

Forex trading can be very rewarding. Especially if you have a balanced portfolio and are looking to diversify, forex trading is the way to go.

 

However, one of the biggest challenges that beginners face when trading in foreign exchange is not having enough information to make the best choices. Unfortunately, the market is unforgiving. So, before you invest, you need to be very sure about what you’re doing.

 

In this guide, Bill Schantz shares very useful tips that can help retirees make smart decisions with forex trading.

 

Bill Schantz’s Tips on Forex Trading

 

If you want to start investing in foreign currency, these useful tips can help you!

 

1.     Start Small

When starting, it is always advisable to minimize risk and not just jump into it with all you’ve got. Start small, and then slowly start investing more when you have ample market knowledge and are more confident about your judgment. If you lose money right at the start, that will only shake your confidence further.

2.     Examine the Market

Study the market to see how well different currencies are performing. This is one of the most important things to ensure that you trade well consistently. You need to have a balanced approach when trading in foreign currency, but that can only happen when you know market volatility and understand the risks involved.

 

3.     Select Your Currency Pair

Once you’ve studied the market well, you can choose what currency to invest in. If you’re looking for short-term gains, you need to go for active markets with a high daily range. Be very sure about the currencies you pick.

 

4.     Determine Entry and Exit Points

Having a sound strategy in mind is most important. Bill Schantz says that traders get confused when conflicting information shows up on different charts. So, if you feel uncomfortable at any point, you should know when and how you will take an exit. This will help you make better decisions, making you feel at peace with your investment.

 

5.     Keep it Simple

Try to keep your trading as simple as you can. Don’t overcomplicate it by using different trading indicators to give you signals. Sometimes, these indicators can be contradictory, confusing you even more. Instead, go with your judgment based on how you study the market and what you think will work best for you.

 

Furthermore, also try to focus on one trade at a time. You might get even more confused if you try to do multiple things at once. When you try to focus on one thing at a time, things automatically become much easier.

 

6.     Evaluate the Past

To understand how a currency has been performing over time, try to study its past. That will help you understand things much better. Bill Schantz says this is one of the essential tips to help give you valuable cues. It also makes you understand the market better in terms of how currencies perform over time.

 

Final Words by Bill Schantz

Using these valuable tips on forex trade by Bill Schantz, you can reduce your risk of making losses, which is vital to help you earn well in the long run.

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