Currency Trading Advice

I wanted to take this time to share with everyone some currency trading advice. This business is the largest market place on the planet. You can practically trade at all hours of the day and profit from the comfort of your own home. This is the advice I'd give to anyone planning on entering this business.

When you get your first forex platform, you're going to have the ability to use what is called a demo account. These are great because they allow you to simulate making trades in the real live market. The reason this is great is because you can practice strategies for hundreds of trades until you're confident it is good enough. Along with making a lot of these real live trades, you can the experience necessary to become a better currency trader.


The next thing you need to understand is that you need to be calculated. All this means is you're not going to make decisions on gut feelings or here say. You're going to do it on calculated numbers. This is the emotionless way to trade. With that said, you need to always reflect on your trades, like you were a poker player. Often in poker, as with currency trading, you will make all the right moves and still lose. You need to reflect knowing that you made the right move and 9 out of 10 times you would of profited.

Lastly, you'll want to avoid trades with tiny margins. When you're new, you don't want to make big trades because there is a potential to lose big money. The fact is that small trades are subject to just about the same fees to the broker as are big ones. You don't have to make big trades, but stay away from extremely small ones that end up with the profit being eaten up by the broker.