Start as a Forex Trader!

It is relatively easy to start as a forex trader. However, there are several factors you must consider before you can duplicate the success that the most successful and experienced forex trader has achieved.

 

Before you begin to trade Currencies:

Here are three basic steps you must go through before entering the market, for your own sake:

 

• Establish your Forex Goals: Every forex trader must know why they work, and they must know what their goals are. You must therefore know why you want to trade in the Forex market, and what you hope to achieve with it.
  
  - Are you just looking to make some extra money? Or do you hope to become a professional trader working on this full time?
  
  - Want a temporary hobby or long-term career?
  
  - Setting clear goals is the key to everything you do in life, especially when it involves your livelihood.
  
  
• Know your Limits in the Currency Market: Every self-employed with success know that one must be aware of when to take profits, and when you have to cut your losses. Not all your trades in the foreign exchange market will be winners. The important thing is to maximize wins and minimize losses. Establish a trading plan before placing your money on the table. Write down your goals, how much money you are willing or able to risk and how much profit you expect!
  
  
• Always have a Plan B: Forex trading is probably not for everyone. The lifestyle and the salary of a successful forex trader appeals enough to most of us, but to be successful in this field requires a lot of learning, experience, patience and perseverance. Then if everything does not go as planned, you need to have a Plan B.
  
  If you are a student in the middle of your studies, you may want to wait until you finish your studies before beginning a career as a full time trader. If you quit your job or reduce your position because you want to be a trader, make sure not to burn any bridges. And if you aim to be a part-time trader, do not use a job to fund the other. If Forex trading is really for you, it will all come in due time.

 

Get started in the Forex Market:

If you are really determined that Forex is something for you, it's time to get experience as early as possible. Theory has its place, but nothing can make up for experience.

 

You can open a free forex demo account and try your hand at forex trading without risking anything. It can be a great way to learn. Yet it is only when you risk your own money that you really start learning. One thing is risking 100,000 USD in demo money (which have no economic value), something else is risking the same amount if it is your own money is involved.

 

It is only when you risk the own money that you will experience what it really is about. It is very much about psychology, greed and fear - and real feelings are much stronger and more intense than if you trade with demo money. Therefore, we believe that the best way to learn forex trading means to begin trading with the own money.

 

Start small, but be wary of investing too little too. If you put some money on the game you will gain experience with the psychological side of currency trading. Eventually you will become more efficient and you will get better at ignoring emotions like greed and fear in relation to foreign exchange trading.

 

Please continue study at our advanced courses to learn about Trading Psychology and how to deal with emotions in trading!