Learn Forex in Several Easy Steps
Now Bateeilee Blog Learn Forex in Several Easy Steps.
1. Read about forex
I have written many good resources over the years here on about.com. Forex is a complicated subject, but it definitely has it's rewards for those who are patient and persistent.
2.Get a Demo Account
You can read until your eyes burn and still not be able to handle a successful forex trade. I could teach you everything I know about trading and being emotional and it really wouldn't mean much until you actually tried trading and felt the emotion. A demo account allows you to try forex trading, without actually risking your own cash. The only thing to be careful of is that the forex brokers tend to give you a large starting balance that you would not have with a real account.
3. Learn about Leverage
Using leverage is one of the biggest selling points of forex trading. It's also one of the most common things that wipe out new traders. People that are looking for opportunities will see forex as easy money, which it is, but it doesn't quite happen overnight. Leverage needs to be respected the same way cutting with a large knife needs to be respected.
4. Learn about Risk Management
In order to learn forex, you have to learn a bit about yourself. Risk management is one of those things that has more to do with logic than emotion. When you win a forex trade, it creates an emotional high, that makes you want to run out and do it again, maybe even with larger and faster trading.
Risk management is about avoiding that mistake and sticking to a logical and conservative system that will keep you trading over the long term and keep the money rolling in, even if you make mistakes. A good risk management system, will allow you to take a mediocre trading system and still make money over the longer term.
The Bottom Line
My bottom line advice is that you need to take time learning forex. It's a very exciting and fast paced industry, but it requires some understanding of how the markets work, and a bit of understanding of your own thought process. If you take the time to slow down and actually learn forex and what it's about, you will be a more successful trader. Being patient is not always an easy task, but things that are worth doing right are not always easy.
1. Read about forex
I have written many good resources over the years here on about.com. Forex is a complicated subject, but it definitely has it's rewards for those who are patient and persistent.
2.Get a Demo Account
You can read until your eyes burn and still not be able to handle a successful forex trade. I could teach you everything I know about trading and being emotional and it really wouldn't mean much until you actually tried trading and felt the emotion. A demo account allows you to try forex trading, without actually risking your own cash. The only thing to be careful of is that the forex brokers tend to give you a large starting balance that you would not have with a real account.
3. Learn about Leverage
Using leverage is one of the biggest selling points of forex trading. It's also one of the most common things that wipe out new traders. People that are looking for opportunities will see forex as easy money, which it is, but it doesn't quite happen overnight. Leverage needs to be respected the same way cutting with a large knife needs to be respected.
4. Learn about Risk Management
In order to learn forex, you have to learn a bit about yourself. Risk management is one of those things that has more to do with logic than emotion. When you win a forex trade, it creates an emotional high, that makes you want to run out and do it again, maybe even with larger and faster trading.
Risk management is about avoiding that mistake and sticking to a logical and conservative system that will keep you trading over the long term and keep the money rolling in, even if you make mistakes. A good risk management system, will allow you to take a mediocre trading system and still make money over the longer term.
The Bottom Line
My bottom line advice is that you need to take time learning forex. It's a very exciting and fast paced industry, but it requires some understanding of how the markets work, and a bit of understanding of your own thought process. If you take the time to slow down and actually learn forex and what it's about, you will be a more successful trader. Being patient is not always an easy task, but things that are worth doing right are not always easy.
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