Trader logo

Forex Entourage Full Meaning | How To Make Huge Cash From It In 2022

Forex

By MicutulMicPublished 2 years ago 6 min read
Like
Forex Entourage Full Meaning | How To Make Huge Cash From It In 2022
Photo by Joshua Mayo on Unsplash

The firm Forex Entourage was founded in 2016. The company focuses on educating and teaching members on how to trade the Forex market.

Anyone can learn to trade successfully, according to Forex Entourage. As you read, you will have a better understanding of forex entourage and how to profit from it.

Trading the forex market has a high level of risk, but with adequate understanding and risk management, it may also yield a significant level of gain. The participants of the community are mostly new and inexperienced traders who are still learning how to trade Forex.

Educational resources, an Autotrader that can trade your account while you are offline or away, a trade signal alert system, and, most recently, a new software called the PAP that sends out regular and high-frequency alerts whenever high-probability trade opportunities are spotted in the forex market are among the company’s products.

Forex Entourage also has a network marketing scheme where users may earn a residual income by referring people to the company. This is a new MLM with fewer than 3000 members as of March 2017 and is just getting started with its big growth prospect.

Simple ways you can get rewarded in forex Entourage

Day trading is a great way to make some small income on the side or as a great career path. Whichever direction you choose, the starting point is all the same. This article is being written specifically for Secret Entourage readers.

This will be a very direct process and 123 approaches to begin trading Forex Trading (Currency Trading). We’ll assume that you know what Forex trading is (currency trading) and that you know why you want to trade the Forex market.

For example, you want to make money on the thought that the Mexican Peso will gain 5% over the next year, so you want to buy Pesos now and then convert them back into US Dollars in a year for a 5% gain. This simple example is why many people trade currencies due to the simplicity of the trading.

The Forex market is actually one of the easiest markets to understand and begin trading. This doesn’t make it easy to trade profitably, rather just easier to learn how it affects your investment.

How to start trading in Forex

We’ll start by acquiring a trading platform. There are a lot of them out there, but you should check for ones that provide free sample accounts and rebate programs, like FIPRebates.com.

There are several brokers who provide demonstrations, but FIPRebates provides demos as well as rebates. Why are rebates so important? When you start real trading, you’ll start to understand how much it costs to place transactions (your spreads).

A rebate program will reimburse you for a portion of your expenses. It’s critical to think about this before you start trading since it may provide you with an additional money stream while also allowing you to establish a connection with that broker.

Most people don’t know if this feature when they are trading, but it is a little insight for SE readers in order to help them become profitable traders.

More than likely you will get a platform called MT4. When you first open up the program, it will ask you to fill out your information and it will also have drop-downs such as leverage to use; leave this as default.

What you should do is trade the actual size of the account you want to trade with live money, as you need to be realistic as possible here. If you feel that your live money deposit will be $10K, choose the $10K option.

The purpose of this is so you become comfortable trading this value and see the possible growth and risk involved with the account balance.

At this point follow the screenshots and continue to load the platform. The server will generate a user and pass for you. You can reference this information in the “mailbox” tab near the bottom of the platform screen.

Now that your platform is loaded and you can see your starting balance at the bottom of the screen, you’re ready to get trading! MT4 is a very popular trading system for Forex.

If you have questions about particular things, there are plenty of videos and tutorials online regarding this. The purpose of this article is to explain how to place a trade and what it means to your balance.

At this point, you will be looking at a default workspace and chart. This is what most traders will use to base their trades off. By studying the chart, traders are able to determine the potential movement.

This information on charting Meta traderbe saved for another article. For now, we will just look at placing a trade based on your intuition as in our example of the Peso.

Now before we place a EUR/USD trade, you need to know where to find the chart to trade. Within the Metatrader platform, you will see symbols and prices on the left side of the platform. This is called a “market watch”.

If you look in this market watch, you should notice the EUR/USD pair; right-click on it to get all of the choices for viewing the chart as well as buying and selling this pair.

When placing a transaction on the site, you have a few contract value alternatives. Micro, mini, and standard are the terms used to describe these numbers. A micro lot is worth $.10 per tick (input as.01 on the platform), therefore every tick or point move is worth $.10.

A tiny lot costs $1 each tick (enter.1 on the platform), therefore each point transfer costs $1, while a normal lot costs $10 per tick (enter as 1 on the platform).

As a result, we decide to sell or “short” the EUR and invest a standard lot or contract value of one standard lot. You would profit $1,000 ($10 x 100) if the EUR/USD fell 100 points from our entry.

The beauty of Forex is that 100 points can change hands in a matter of minutes or even a day. Because of the potential, many people rush to Forex. You must recognize, however, that the same profit also equals to the same loss.

The starting point for lot sizes: If you have a $1,000 account, it is best to start with micro lots, when you get up to a $5,000 — $20,000 account 1 mini is safest. Above this, you can begin trading safely with 1 standard, but be aware of how large your stop-losses are and take profits are.

Many brokers will let you lose 20% of your account before closing the position for you. This means if you have a $20,000 account and you trade 1 standard lot, it will take 400 points (20% of $20K = $4,000 ~ 1 standard lot = $10 x 400) in the wrong direction before you will automatically be shut out of the trade. Be aware of this percentage when trading, this is called your “Margin”.

What to do if you want to make money with Forex Entourage

If you ask yourself this question, you are joining the majority of traders in utilizing emotion to exit positions.

In this case, you should be asking yourself what the next price levels are likely to be where the price will struggle to break. This is the moment where you can leave. When trading, don’t let your emotions get the best of you.

You need to look at the Forex market with less emotion than other markets, mainly because this market is so vast and it is hard to sway this market with rumors / emotional traders.

You also have the option to get out of risk by moving the stop to the entry price in the event the price comes back it will break even.

When you are ready to exit this position, you will see an order window at the bottom of the platform. In this window, you will see your position, right-click on the position you want to close or modify if you want to move out of risk.

advice
Like

About the Creator

MicutulMic

”Failure is just the opportunity to start all over again, this time in a smarter way - Henry Ford”

Reader insights

Be the first to share your insights about this piece.

How does it work?

Add your insights

Comments

There are no comments for this story

Be the first to respond and start the conversation.

Sign in to comment

    Find us on social media

    Miscellaneous links

    • Explore
    • Contact
    • Privacy Policy
    • Terms of Use
    • Support

    © 2024 Creatd, Inc. All Rights Reserved.