Forex: Starting Your Own Trading

The presented article is intended for those who just turned their eyes toward
FOREX. Beginning traders who are still learning the basics of the foreign
exchange market may also find something of interest here. While experienced
traders won't gain anything worth their time reading this article.

Basically there are 4 steps which can be defined as "must do" for those who wish
to start trading FOREX. Though, their order is not particularly important, the
more important part is their content, to which the great attention and
responsibility must be paid. First step is finding a right FOREX broker which
will be your main tool in trading. You can have a great strategy, good technical
analysis skills or an outstanding intuition but you will eventually fail if you
choose a bad broker. A good FOREX broker is one that will not still your money,
will be doing real trading with your positions, supports your preferred
deposit/withdraw methods and has fast and helpful user support service. It is
nice if a broker is registered with some sort of governmental financial
commission. One of the most important aspects of the broker is it's trading
platform - but for a new trader this part is not so important as for expert
traders. Still you'll probably want to trade with some powerful and informative
platform as a MetaTrader or its analogs. For new traders the more important is a
demo account which can be used to trade virtual money while you are training
your FOREX skills. If you are new trader, start only with the demo account!
Don't lose your money on your first mistakes! Second step is learning the basics
of FOREX trading. If you already found your FOREX broker, you will easily get
all information from its website or user support. There are many articles and
websites dedicated to FOREX basics in the World Wide Web. All you need to do is
just google for "forex trading basics" and you'll find everything you wanted and
even more. This step shouldn't be underestimated, because trying to trade
without even understanding how the market works is not only very risky, it will
also become boring very soon. Third step is about education. FOREX trading
education is not similar to any other education you probably have got in your
life. FOREX market is very chaotic, so is the education - there are no fixed
rules and all time laws, it is unstable and dynamical. So, to be on the top you
must learn new things about FOREX regularly and constantly. Try to read as many
books, articles other traders' opinions as you can. The more you learn, the more
educated you will be. And with good FOREX education you will be able to create
very sophisticated and effective trading strategies. Fourth step is a final one;
at least I consider it to be a final one. To achieve the successful results in
the FOREX market you need to develop your own strategies. While you are learning
you'll be satisfied with known strategies and probably even FOREX signals. But
true goal which leads to successful FOREX trading is to develop your own
strategies. Not one strategy, but to follow the market day by day, developing
new strategies and improving those which began to fail. And this comes not only
to the trading strategy (this part is obvious), but also to the money management
strategy (this part is often underestimated). While you gain experience in
trading you'll inevitably build such strategies that will fit your trading
style, you character and your life as best as they can. And after that, trading
will become a real pleasure, which will eventually lead to your financial
freedom.