Forex Trading is all about how sensible you are with risk taking. Higher risk may fetch you a handsome profit, but that will only be 1 out of 100 trades. On the other hand, sensible risk taking invites neutral losses and profits. NO MATTER HOW GOOD YOU ARE WITH MARKET ANALYSIS, in the end its all about uncertainty. So I have a simple guide to help you step into this trading world.
1.Research on all the majorly used technical terms
2. Look for ECN brokers. Don’t even think of choosing a market maker; they play against your trades.
3. Keep an eye on major indicators, events. These help you to have an over view of the market.
4. Follow a report writer and study those reports.
5. Now you have done enough home work to play a gamble in the most intelligent way.
6. Make a demo account and try out various trading styles like scalping, day trading, swing trading, long trades etc. You can also attach EA’s to your demo account to test their styles.
7. Switch to live trading with a minimal lot size. Don’t go for higher lots at all. Even though you make a little profit it won’t be of any use, brokers commission will eat it up all
8. Go slow with your risk and place trades.