Open an account, after deciding the forex broker; you need to
open a live account with them. You may find there are a few different
account types in your broker. Carefully reading the account description,
you will understand the difference. The recommendation is begin with a
mini or micro account.
Optimizing your trading strategy, you can test your trading strategy by using a demo account or download some historic data from the internet. As the market condition keeps charging, you need to update your strategy by following the market.
Day trading and long term trading, both of them have their own advantages and disadvantages. We will not go deeper on them today and lets about talk about it in another article. One of the factors for selecting day trading or long term trading is that you need to understand how much time you can spend on trading.
Risk Management, it is the same important as making profit. Lots of new traders found they can make a few small amount of money but lost all money in one trade. The main reason is they did not pay lots of attentions their risk management. Sometimes, if the price has touched your stop loss line, you have to close your position and do a further analysis on your strategy and market condition off line.
News, it is very important to you. A lot of movements are influenced by news. Find an free economic calendar and follow the news from the main media.
Study more; you need to improve your knowledge about forex markets and forex trading. Then you understand the relationship between price movement and volatility and concept of standard price deviation.
The last point, it is very easy to say but very difficult to achieve – keep your emotions under control
Optimizing your trading strategy, you can test your trading strategy by using a demo account or download some historic data from the internet. As the market condition keeps charging, you need to update your strategy by following the market.
Day trading and long term trading, both of them have their own advantages and disadvantages. We will not go deeper on them today and lets about talk about it in another article. One of the factors for selecting day trading or long term trading is that you need to understand how much time you can spend on trading.
Risk Management, it is the same important as making profit. Lots of new traders found they can make a few small amount of money but lost all money in one trade. The main reason is they did not pay lots of attentions their risk management. Sometimes, if the price has touched your stop loss line, you have to close your position and do a further analysis on your strategy and market condition off line.
News, it is very important to you. A lot of movements are influenced by news. Find an free economic calendar and follow the news from the main media.
Study more; you need to improve your knowledge about forex markets and forex trading. Then you understand the relationship between price movement and volatility and concept of standard price deviation.
The last point, it is very easy to say but very difficult to achieve – keep your emotions under control
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