Start Trading Forex
So first off bullet point number one
First of all, you do need to have a basic understanding of what trading is all about now there are numerous books and sources of education out there but at this juncture I do want to give you some advice, don’t get sucked in by the educators and the circle goes offer you the education by telling how much money you can make as a Forex trader how you can give up your day job, how you never have to work again, tell your boss to go and jump in the lake, that is not the type of education that you want now, this general hype is intended to entice you in to sell something, I would suggest you get yourself a good training by recognized author of a good book, now there are plenty of good books out there, I suggest you Google, do some search do some analysis on that we do reviews of these books
Bullet Point Number Two
Let’s assume now you have got some basic education behind you, now you understand when to buy and when to sell, what do the terms mean, and what take profit targets are and what stop less levels are and so forth, why markets are moving in the first place a basic understanding of the hand-well the charts look and so forth, it might sound a bit double Dutch to you at moment but I assure you once you have done some basic education you will understand exactly what we are talking about here now let’s assume you have done that you now need to get the first thing is strategy is a series of rules of engagement when you are going to buy, when you are going to sell and how you are going to risk manage the trade.
This juncture, I want to talk about K.I.S.S you heard it before, “keep it simple stupid”, I can’t stress this more enough your strategy when you are stating off should be very simple, you don’t need all the technical analysis that you have seen out there, a very simple strategy when you will get going in this business for the first time is essential why overcomplicate the business that really should be quite simple the strategy, after all, is not the be-all and the end-all that makes a successful trader it goes into a lot deeper than that psychology risk management and so forth
Bullet Point Number Three
You need to have a broker, a broker basically is the middleman that’s going to execute the trades for you on your behalf in the market, now the multiple brokers out there will often get the pitching of their services on your email, there are a multiple numbers of brokers all trying and looking out for your business but you need to be aware of this now the number of brokers out there that are simply out for your money they want you to deposit $500 and they want you to lose your money they have no interest in keeping you much more than the initial deposit