After a year and a half trading on the forex market, I would I no way consider myself an expert of any sorts, but I do think I have gathered enough experience to share some of my ideas with my readers, especially the ones that have yet to discover the exciting and profitable world of online forex trading. When I started out, about 18 months ago, I literally had no experience whatsoever about trading. I had never been interested in finance whatsoever, so I can rightfully say that I started out from scratch. In this article I wanted to share with you my top three tips for getting started in the right way in forex trading.
Before you start trading – Learn how it’s done
If you are like I was, completely new to all this financial stuff, there’s really no point in you starting off creating an account at a Forex broker and starting to trade straight away. Then what you would be doing, is basically just to gamble, and to do that you would probably have more fun in an online casino. Instead, go to websites such as forextrading.pm and really go through their archives of articles. You will find everything from beginners guides there, to more advanced stuff, and it really is valuable to read and try to understand it all. Not only will this increase your chances of success on the forex market – it will also make forex trading more fun.
Practice before you start investing
One of the greatest features that many brokers offer today is a practice account. The great thing about this is that new traders can start up an account, but instead of starting to risk their own money straight away, they can practice their trading skills by trading with fake money. This way you won’t make any profit, but you can get a clear overlook on your current progression, and make sure to fine tune your skills before you start trading for real. As a side note, however, I would like to say that trading on a practice account is always different from trading with a real account. After all, you can take as many risks as you want when trading on a practice account, as they won’t affect your life.
Start slow and work your way up
When you first get into the financial world and read about forex trading, it’s easy to get carried away and start thinking about how much money you’re going to make, and how you will be able to quit your day job. But in my opinion, it’s important to take it slow. Just like with everything else, forex trading takes time and patience to master and it’s extremely rare that someone gets really rich straight away. Accept the fact that there will be a time of trial and error before you get your skill set together, so you might as well start off a bit small scaled, and as you progress in skill, you can start investing more money.