Forex Training Tips

Most people, new to trading begin learning on their own. They start through a trial and error process of wins and losses. However, this is probably not the best approach. In my opinion you need a good mentor. Trading is more of an art. Only a mentor can give you good forex training. These seven forex training secrets, you should always keep in your mind:

1) Try to develop a simple and practical approach to trading. Try to keep it simple. Follow the rules of a simple trading approach.

2) You should accept responsibility for the personal decisions and actions in the market. No one, no system and no methodology is responsible for you interpretation of the markets.

3) Make sure, before moving into the world of live trading, you trade a demo account successfully. Consider first trading a mini account with a very small amount of margin to ease you into the world of live trading once you are ready to trade. When you achieve success on a mini trading account, only then you should consider moving to the standard account. It is where risk and profits are higher.

4) Establish a live account with a forex broker known for integrity. Avoid brokers that like to play games such as holding trades in slow and fast moving markets in order to gain advantage at your expense. Always plan a trade with more than a scalpers mentality of making 1-5 pips per trade. This way a broker has ample time to cover a submitted trade or pass it onto a clearing house. Choice of the right forex broker will determine whether you succeed in trading or not.

5) Even when you have experience of trading other markets, invest in personal education when trading forex. The forex is a totally different industry. It has much more volatility than other markets. Make sure the mentoring person is walking the talk when selecting a mentor to assist you in developing the skills necessary to survive trading the forex and make profit.

6) Only disciplined traders succeed in the long run. Learn self discipline as a forex trader. The greatest distance to overcome in each trade is between the ears. Attitude is everything in the markets.

7) Dont give up! All too often, traders go live way too soon and lose their money because they have skipped the necessary steps. It is necessary to just hang in there even if it takes times to trade the demo account and a mini account. Persevere in the markets. - 23309


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