Before we go any further, we want you to be absolutely clear about the following points.:
- Every FOREX trader, and by that we really all mean, sometimes lose when trading. Most beginners lose their money, due to poor planning and practice, or because there are no personal rules for use and risk.
- Never trade with money whose loss you can't take away: Do not take money that you absolutely need to pay the next electricity bill or what to buy to eat to top up your FOREX account. The risk is simply too great, that you will be left empty-handed afterwards.
The FOREX market is one of the most popular markets for speculators. The reason for this is the enormous size of the market, the resulting liquidity and the tendency for currencies to follow trends.
Many traders start with the hope of quickly making the big money, but in reality it lacks the necessary discipline to act successfully. Most lack the discipline to stick to a diet or go to the gym three times a week, how can you then expect to be successful in trading?
With short-term trading, a lot of money can be earned in a short time, but you have to be a professional for that. Without risk, you won't get rich quickly. Someone who constantly takes a very high risk and thus sometimes has to accept greater losses, does not have a proper trading strategy. You are a businessman and not a gambler, that's right?
FOREX is not a recipe for quick wealth
FOREX trading is a skill that takes time to learn.
With this capability, you can not only, She will earn money. As in any other task or profession, success does not come overnight.. Everything has to be learned. Practice with a demo account and imagine it would be real money.
Don't open a real money account before you're sure. You need to make profits on your demo account, otherwise you should not think about trading with real money.
Tip to get started
Focus on one currency pair In the beginning, you would be overwhelmed to keep an eye on several currency pairs at the same time. Use one of the main currency pairs, where spreads are the lowest. You can be one of the winners, You just have to take the time and work on it.
And now we recommend you to download a broker to your computer and take the first steps in the demo account with play money.
Congratulations
You have completed preschool and are now ready for primary school
However, always keep in mind: Once read does not mean, to have understood it or to be able to use it.
Repeat the lessons again at times.
