Forex trading. How to start....? Where to start...?
There are, at least, the educational courses at the dealing centre, the tons of studied literature, where the principles of currency speculator's activity are explained in clear and understandable way.
There is a clear perspective of successful and only successful trading on Forex, the gaining of profit and bright, alluring future.
Where does one start in trading? All you need to do is to open an account and with the help of working Forex strategies, trade, trade and trade. The more so because there is so much information about high profitability of this type of activity. However, some people seldom write about high risks, but beginning traders do not like to read such information. Why? Because everything will be all right for them. So, the initial question that almost every beginning trader is trying to decide for himself: what size first (hardly the last) account he would prefer to choose, how much money to put into trading?
How much money to deposit for the first time? Paradoxically, it is better to postpone investing your own money in unexplored business. When it comes to Forex trading for beginners the key success factor will be a steady profit. It's advisable to start by testing your readiness for a long and fruitful life.
Open a Demo Account with the same amount you intend to use on your real one. Trade. Apply all your knowledge and skills, but set your own performance bar, for example, getting 20% of profit per month. That is, set a goal for your trade for a certain period.
Do not set small time frame for your own comfort. Daily, three-day, and weekly results are unlikely to help you understand the extent of your own readiness.
Of course, a possible series of successful trades will give confidence and hope to the new trader. But only the long test period will help to determine whether the profit is systematic, or it is chaotic and associated with some elements of luck. But even a successful one-month test does not mean that the trader is ready to conquer Forex. It is necessary to be patient and try again. Moreover, this business is largely composed of various kinds of expectations.
You just need to learn to wait Knowing how to wait is a very important quality for a successful trader. Try again, even without increasing the height of goals and objectives. Or better yet, take part in some kind of contest. Fortunately, nowadays different dealing centres hold them with great frequency.
Trading on the contest surrounded by anonymous participants will allow you to take a broader look at your own capabilities and experience some psychological stress. It is not at all necessary to aim at winning the contest or taking the prize. First of all, you should strive to reach your own goal, to increase the trading account by a certain self-assigned value.
If the beginning trader has successfully passed this stage, he or she can go to the initial question about the size of the first opened real account. And this point should be approached thoughtfully and cautiously. The most important rule, even the law, is that you should never open an account with borrowed money.
Of course, you can't seriously consider a real account of $1, $5 or $10. Such deposits are better defined as variants of demo accounts, nothing more. But investing thousands and thousands in an understudied business, which for a beginner Forex trading will still be for a long time, is also not a fun for everyone.
It makes sense to determine the amount of money to part with (this is the aspect of account opening) that will be painful but not critical, especially for a family.
The number of different types of mistakes at the stage of becoming a trader is rather high and the relatives should not suffer from mistakes of a beginner. Therefore, of course, every trader should determine the size of the opened account by himself, but this question should be discussed preferably in the family circle.
Forex trading is a long and slow process, where every step is taken after considerable deliberation. And a lot, if not everything, depends on how the trader gets started on this path.