Forex Trading (or currency trading) is both exciting and rewarding – IF you you know what you are doing, and you have proper money management in place, i.e. you are a disciplined forex trader.
If you’re not, and you get emotional and think you can beat the market – well, you may just lose your shirt and every penny you have.
One of the most important thing about forex trading is to be disciplined in money management. Have a set goal – once you hit it, time to take profit. Don’t be greedy. On the other hand, be prepared to cut loses if your trade goes south – don’t ever think that it will become better. It’s better to cut loses early.
Having said that, nearly every forex trader or forex newbie I’ve come across believes that they can trade like the pros after reading an ebook or 2.
Hello? Wake up!
Trading forex is both an art and science. You need to know the basics – the fundamentals as well as the technical analysis.
If you want to profit from forex, be prepared to put in the time and effort to pick up the necessary skills and acumen.
You can do this on a demo account – that’s the beauty of forex trading – you can practice on forex demo account until you’re comfortable before opening a live account.
Ok, enough rambling from me … this site is build for the newbie to intermediate forex traders. Read the articles and tutorials. Have fun!
And Happy Trading!
The Forex Dude