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So you are thinking about getting your feet wet in Forex trading. You already understand that it is one of the most tricky types of investing. You own money for investing to risk and are not planning to be using your monthly food budget to sell. Adequate time to stick to the market every day has been set aside.

Study a bit first! This is probably the biggest mistake starting forex traders make. Such traders form the vast majority of the 95% of all traders who fail. Before you even hazard one cent or even create an account with a forex trading have the time to read some books or enroll in an online course about currency trading. You do not have necessity to learn all the intrinsic details of every trading strategy. I am talking about the basis. Basic items of the market, how the charts work and what the sign mean. The general terminology and slang employed among traders. Long vs short, pips, spread, margin etc. By learning all such basics you will be ready when you begin to trade. You need to be confident in your knowledge if you want to make appropriate decisions. There is no “pause for extra research” button in live forex trading.

Learn and cultivate a “wining trader” mindset. Broker may be extremely taxing on the emotions leading to poor decisions and losing trades. It is vital to be prepared for such emotions and have techniques accessible before hand to hold them in check. The currency traders are the ones who have the ability to operate in the market arena detached from powerful emotions. There are all kinds of resources available to assist you realize this aspect.

Practice, practice, practice! This is listed third for a reason. Not ready would be forex traders who begin instant dabbling with a practice account may become overwhelmed quickly. Trying to determine it on the fly is difficult or nearly impossible. The practice account is where you apply the fundamentals of what you have studied in the first two steps. Jumping in unprepared is like joining a boxing school and starting out sparing with a champion on your first day. You must consider this practice as a mental option of military training. You hone the skill set until it becomes automatic when it is indeed needed. If you have been ready yourself you will learn quickly how the market works. You will then be better able to afford the lessons learned from practice and adapt your schemes accordingly with little second guessing. Many successful forex trading will tell you that they worked for months before they ever put one dime in the market. This is a winning method!

Wednesday, June 30th, 2010 at 10:17 pm
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