Trading Forex - Teaching Yourself Forex

To succeed in forex trading, you need education. For education, you need patience and determination, but you also need to have a well-thought plan for your future studies. Although you can devise your own approach, and created your own plan to success, we offer you a ready-made schedule to help you in your studies.

Begin with the theory

The safest way to success in forex is having a disciplined approach, and that should be the case in training too. First understand what youíre doing. Get an understanding of the basics. Learn about the history, and development of currency trading, and the various tools employed. Be sure to learn about how brokers make their profits as well.

And build your knowledge up by reading newspapers

Once you acquire some fundamental knowledge you can test your skills by reading newspapers, and analyzing them on your own. Make this a daily habit, and think about every piece of financial news that you come across. Discuss with your similar-minded friends.

Open a demo account, and get a technical analysis book

Once you are sure that youíre serious about forex, itís time to get a book on technical analysis, and absorbing it by heart. It is important that you understand the subject well, because disciplined application of the lessons is only possible with a solid educational background.

Learn how to use the tools by applying them in a risk free environment.

It is time to use the demo account to become familiar with the indicators, strategies, and risk controls commonly used by traders. This will not be trading, as thereís no risk, but it will provide the background for future success.

And finally learn how to treat risk by trading in a mini-account

And oneís youíre finished with demo-account, go ahead and begin mini-trading. This is the real test, and only if you do well in mini-trading should you take your forex trading seriously.

Increase your capital every time you double your initial capital.

We suggest that you add to your starting capital every time youíre able to double the starting amount by organic (i.e. trade-generated) growth. You donít have to be as strict about at which stage you increase the capital, but be sure to set a minimum gain of 30% with modest leverage before you ever consider adding any additional sum to any forex account.

To learn forex, you need patience, and commitment. Once you learn forex, youíll have so much fun in the task that youíll feel your exertions and endeavors richly justified by the end results. But it takes some time to succeed, and make sure that you donít become too excited about how fast you can succeed. Recall that forex is not about genius, itís about experience and practice. Only after you have them can you expect to achieve the results that you desire.

 

 

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Trading Forex - Teaching Yourself Forex