As a forex trader, you need to have a clear trading strategy before any actions in the market. You need to plan in advance by determining your aims and purposes, and the risk and potential profit of every scenario. In addition, discipline is very essential as well, you need to ensure you can follow the strategy all the time and do not be controlled by your emotions.
Target setting, every successful trader starts with target setting. You need to determine how much you want like to invest, whether the trading is just a temporary hobby, whether you want to become a proper trader and how much risk you can take. I don’t know suggest you using borrowed money or invest all your money as most of people is losing money at the beginning. You may look for some courses to improve yourself if you want to be a full-time profession.
Selecting a forex broker, after the goal setting, you need to pay some attention on broker selecting. A suitable forex broker is crucial to the trading profitability. An unreliable broker will destroy the profit regardless how good you are on trading. At the first time when you see many forex brokers, you may already been confused by their website, salesman and special offers. Using some forex broker comparison website to help you on selecting the best suitable broker to you, such as findyourfx.com, it has re-categorized all the complex broker information into a very easy and clear table. You can just compare and choose the broker by following your knowledge and trading strategy. At the same time, you also need to think about forex rebate as well. The forex rebate means that you can give a part of your spread or commission back from your forex broker. Our website is one of the websites who provides the forex cash back program. Have a read this if you would like to learn more.
Lets continue it tomorrow..