Blogger BlogNet16129: Steps to Trading Forex Successfully

Steps to Trading Forex Successfully

Published Monday, August 11, 2008 by bloggerblognet84084 | E-mail this post

Forex trading can sometimes be a bit tricky to understand if you are brand new to trading. That being said here are some steps to help you be successful trading forex:

1) Understand the Mental Aspect of Trading - So many traders quit trading because of fear. The faster you understand that you are going to have losses, the happier you are going to be. For whatever reason most new traders just can't accept that fact. They think every trade is going to be a winner and that's just not he case. They also get very anxious when a trade goes against them. If these are the kind of things that happen. Open up a micro account with a forex broker and trade 10 cent lots, that way you're not risking much money and you can get a hold of your anxiety. Even after that, if you still get knots in you stomach when trading then, forex may not be for you.

2) Follow strict money management techniques - Remember this is not a race, it's a marathon. You won't be a millionaire off of one trade (especially at the beginning) You don't have to swing for the fences. If you try to keep usable margin above 98%, you'll be ahead of most traders.

3) Get rid of all your indicators - You'll never be able to get a full understanding of how and why the markets move the way they do, with lagging indicators. If you're able to trade forex using price action you'll be able to trade more profitably as well as trade with more comfort.

If you're still struggling to learn how to trade forex, make sure to check out my squidoo lens.

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Steps to Trading Forex Successfully

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