Hi guys, felt i should share this with our friends who are new to Forex.
For investors interested in forex trading, it is essential to start off by getting good training. A background in forex is vital for prospective people. Reason being a lot of people are actively trading in forex, therefore if you don’t get good training you are bound to make great loses.
Some or most of you may have no idea about forex trading. If you are among the people that have no idea about FX then you will definitely require training. Forex stands for overseas foreign currency exchange, this means one country exchanges its currency with another countries currency. This happens at an instance with the view of gaining profit.
You can receive forex background from various sources. The most used and reliable source in the present times is the internet. Many websites out there offer reliable and accurate forex trade training. And they also offer platforms from which one can deposit virtual money, usually termed “demo accounts” before you can actually invest real money.
Another way of getting forex background is in local institutions, i.e. colleges and universities. There you can get comprehensive training at very affordable fees. The institutions must give hands on trading to help the students get the hedge. You may also gain insight to forex background by getting books from your local library however the best way to get forex background is from an active trader. Their expertise will be very important to you as you will get hands on training based on experience.
The forex background that you will get must entail the latest up comings in the market as you must keep up with current trends because the forex market is ever changing but the strategies applied are the same. You only need to know slight variations especially fundamental analysis but technical analysis mostly remains the same.
The most important aspect of your forex background should be about risk management, you must never invest more than you can afford. Therefore your forex background sources must teach you on risk reward management. This has to be done on a demo account.
With all this information in mind I believe you can now get the right sources to kick start your journey in forex trading. However in all your training I insist that you use demo account before you can activate your real account.
With the right forex trade training I believe you will unlock your potential to a profitable way to supplement your income.
I completely agree! The only thing I’d like to add is you must develop a rules system to help with a traders worst nightmare which is [B]EMOTIONS.[/B]
you are right, greed is traders worst nightmare and if not overcome it can mess up with profitable trading. Am writing an article on that, will keep you posted
Don’t leave out “a little bit of knowledge” Sometimes greed is mistaken for a little bit of knowledges. Example. I’ve been through pips school, I’m ready to start, after all it’s been 2 weeks. What’s so difficult . . . Buy low sell high? Or I doubled my demo account, then I deposited a $100.00 and doubled that all in under 30 days. Time to deposit my life savings and play with the big boys. Lastly my all time favorite; "let me move my stop, this market just has to turn around