For starters, before you “sign up” for an account at one of these firms, make sure they are regulated in a place that takes regulation seriously (United States, Canada, U.K., Hong Kong offer the best regulation).
First-rate traders are aware of psychological issues that affect the choices of other traders make when forex trading. They know that people do not always act rationally, and as a result this can alter the expected outcome of a trade. This can help them both when deciding to enter into a trade or when to exit.
New to Forex global trading? Not a problem; as long as you ready to learn, there are numerous reliable forex guide online to start your training. In fact, trading Forex for newbie is a lot easier now than 10-20 years ago. Why?
Never stop learning. If you know anyone who has, “mastered” something you know that their education in their chosen field of study is an ongoing process. Grow your knowledge and skill and you will grow your equity.
Now open a real account with a forex broker who is having good reputation and must have been in this brokerage field from many years. Take a mini account but don?t go for big accounts as you are just starting now. Now plug-in your forex system software and start it. Now use the plan whatever you have chosen and practiced well. Originally, a lot of the forex traders feel anxious as they are about to trade on real accounts. But when you start trading decide yourself that you have already lost the money which you have invested to trade. Then you will be confident enough to apply your strategies on the real accounts. In the starting you may not be able to achieve huge profits but you will make some reasonable profits from the forex market.
For instance: when you have accustomed to execute trades based on technical analysis such as charts and gain profits, you might like to open a demo account and test to trade based on news or rumor. If it has great result, you may combine those two and check the result in your other demo account before try it in your real account.
You have to understand and educate yourselves to every single details of Forex trading. The successful traders know every trade that they made and the odds of winning. On every trade, it is a possibility to learn new things too.
Learn technical analysis. This will help you understand things better. You will be able to make more profitable decisions if you are good at technical analysis.