Trading on the forex market is not for everyone, but if you come this far and you still find it interesting, it's probably something for you. The beginning is in fact the hardest. All these forex terms, forex news tracking, forex charts learn to read ... you should get it for to understand it. But the positive side is clear; Forex is fun, exciting, addictive and potentially very profitable! Large financial risks, you do not take, because even small amounts can have a long way.
You belong to Group 1 or Group 2?
The beginners who are more enthusiastic when reading the articles in this Forex course may be subdivided into 2 groups:
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Group 1 will find it very interesting and wants to ensure in depth but first wants to absorb as much knowledge as possible before there own money to stabbing. Traders in this group prefer to exercise first "dry" for fake money, and deposit money only after some success in their forex trading account.
Group 2 would prefer to work as quickly as possible and immediately paid $ 1,000 for direct access trading. These experienced traders prefer to get some more of the excitement of occurred before reading further in the course and in the articles.
Both groups have to some extent. To be successful in Forex you need knowledge. You want the market in a better prediction than others and therefore you should study the methods to do that. That means read articles, ask questions, discuss with other traders on the forum and perhaps a book about forex open. In this respect, the group 1 is right.
Forex trading is just as much an art as a science. You should also develop feelings for currency pairs, the effects of news reports and the application of technical indicators. This feeling you develop only in practice.
And even occurred to fake money is not the same as real forex trading. Whenever there has real money at stake, your emotions will suddenly play a role. You're faced with your own greed, because you make the most of a price movement want to extract. You are confronted with your fear, because you're a little afraid of losing profits again. You are confronted with self-deception, because you know better from a losing position open. Developing self-knowledge and discipline to these emotions to cope are at least as important as the acquisition of theoretical knowledge and technical skills. In that sense the approach of group 2 the right.
Beginners from both groups can develop into successful traders. You should not try to change how you are walking the path, because you are now once who you are. That gives you your enthusiasm for the sport 'come from and if you would lose your development comes as a trader does not benefit. Be aware that there are only two groups exist and that both groups a little right.
So naturally you belong to group 2, then more often a step back from the market and read again another article. Try for your next trade once a new analytical instrument instead of the tools you already know. However, you naturally belong to group 1, then practice more often 'for real'. You do not immediately jump into the deep end, but a little paddling to get used to the water can not hurt.
Your own trading account
To achieve a good balance between the two groups, we recommend not start too much money to start. Anyway never ever trade with money you can not miss. Not only because there is always the risk that you lose, but also because if the money is important to you, you'll take worse decisions. If you for example at a position 30 pips have won but there is a high probability that the currency pair will increase by another 100 pips, you would have to keep the position open. But if you need 30 pips at the end of the month to pay the rent, then you yourself are (wrongly) to bring it to advance your profits.
With a starting capital of example $ 200 or $ 300 you get a long way. It lets you actually performed the thrill of real money experience without too large amounts to lose. Choose your stop losses wisely, so you're not much of a trade may lose your capital. As your capital grows, you can gradually take larger positions in no. So slowly you get used to the real world of Forex trading.
Another important success factor is that you trade through forex software that you have a good 'feel' for it. If you have a while to have occurred, you will often find yourself at a glance at a chart you can see what is happening in the market. That must be a clear graph, where you're used to work. The best platform for beginners is that of eToro forex broker that we used in this course have to explain things. It is very clear and simple to use.
Experienced traders will probably miss some functionality (such as special types of orders, exotic currency pairs, complex graphics, etc.) but as a beginner you have little to. On the contrary, it leads only from the analysis that you know and where you've learned to trust. You can always decide later in your career to a forex broker to switch that offers many advanced features-many professional traders have gone before you in this. Forex Info can help you when the time comes to that decision because we have many of the brokers on the forex know and write about them in detail in our forex broker reviews.
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