Recently, I have received many emails asking me on how to get started in Forex trading. Therefore, I have decided to write a short posts on how to get started in Forex trading, and I hope that the below information I provided is enough for you to kick start your Forex practice.

Step 1: “Subscribe to Internet Service”

Yes this may sound dumb, however, I have know of some new traders who thought that they can trade online without subscribing to the internet!! So getting connected with your local internet service provider is the first step to start Forex trading.

Step 2: “Open a Demo Account”

Many brokerage houses offers demo trading account and it’s free. Demo account is design to help new/experience forex traders make dummy bets in a trading real environment. Yes, did I say experience forex traders also used demo trading account at times? Yes, demo account will be one of your best friends your forex trading, and it is better to lose your virtual money than real ones.

In case your preferred broker does not offer any charting service, you can download free Forex charting here.

Sept 3: “Practice, Practice, Practice”

Before, you start doing any virtual trades, read up some books or attend courses on Forex trading, and pick on a strategy that suits your lifestyle. It is important that you treat your demo trading as real trading (some people may have difficulties doing that and you need to remember that losing virtual money is better than real ones).

You will need to record all the virtual trades you have made (including profit and losses). Take this time of virtual practice to know more about your own personality in Forex trading.

Step 4: “Know Thyself, Know Thy Enemy”

Forex trading is about knowing your own personality and it is very important to build a series of good habits from the beginning. If you find bad habits surfacing, eliminate it immediately. The below are a lists of common bad habits;

-Unwilling to cut losses immediately

-Mental stop loss

-Overtrading your lot size

-Taking losses too hard

-Trading for revenge

 Step 5: “Your Journey Begins”

After a period of demo trading and you have attaint certain confident level (consistency in virtual profits). You may want to test your skill in the Forex market with real money. It is simple; just request an application form from your broker and they will be more than willing to assist you in opening a live account.

I hope you enjoy this short article I have written to help some of those who want to get started but don’t know how.

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1:30 a.m. in the Monday morning, and I have got this idea to write this article on Women Vs Men in Online Trading. This topic has been discussed among my friends many years ago, and I would like to share with you on my personal thoughts in this subject.

With the current exponential growth in online trading, there are many people are jumping into the trading bandwagon. However the ratios of women traders to male traders are still relatively small.

In a Harris poll conducted for e-broker Charles Schwab a few years ago. Twice as many women (48 percent) as men (24 percent) indicated “investing is scary for me.”

From my personal experience, generally, men tends to be overconfident in their own abilities; finance, sports, drinking, online trading, driving etc. From studies, men are more prone to taking risks as compared with women. This would suggest why more men are caught drink driving than women. J

During dating process, most of the women would usually “play it safe”, and they would grilled their potential boyfriend or husband-to-be for any hints of defects, before taking the “risk” to be in a relationship with the other party.

As women are more risk adverse, this is what makes them a better online trader, waiting patiently for all the indicators to be in line before taking up a position in the market.

In the risk-adverse department, a woman seems to process great advantage as compared to men. On the other hand, studies have shown that women are more prone to feeling guilty when they lose money in the market. This may hinder their trading progress as I have already discussed in my previous post that in order to have the winning psychology in trading, individual most not get too affected by their previous losses.

There are both great male and female traders around, and I have personally found that their success in online trading is usually based on balanced traits in them. They are neither too cautious nor too aggressive, and too emotional nor emotionless.

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