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How to Start Forex Trading
Filed Under (Forex Trading, Forex basics, Forex education, Online Trading) by umikun on 13-04-2009
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.
This article on How to Start Forex Trading is brought to you by www.onlinetradingfx.com
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thank for the information
great
And you spend your time for this. Thank you very much.
You are welcome
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