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Beginners guide to forex trading

Beginners guide to forex trading

By: Karen Fairham

HOW TO PLAN YOUR FOREX JOURNEY
The forex market is the largest market in the world and growing. But just as the Forex market holds great promises it also holds even greater heart breaks for the inexperienced trader who jumps in headlong.
Most people hear about forex trading and go for a 3 day forex trading course and afterwards believe they are ready to trade forex, but they only learn how unprepared the are the hard way. I am talking from my own personal experience here and I can assure you the pain of seeing your hard earned money fast disappears are indeed a great pain.
But that said is the forex market really a big scam or is it for real? Yes it is for real and indeed you can make a living from it but there are a few things you need to know first.
" Educate yourself first and do it properly (there are books and a lot free materials on the net which will teach you)
" Identify the kind of trader you want to be (either a day trader or a swing trader) this will help you with the next stage which is building your trading plan.
" Have a trading plan (this is very important), reason been that if you do not have a trading plan I can assure you that you have planned to fail even before you began.
" Paper trade your plan to help you strategise properly and fine tune your trading plan.
" Then take your time to find a broker (when looking for a broker check to make sure the broker is registered)
Since Forex trading became popular there has been a huge influx of online forex brokers and trading platforms to the web. Finding your way through them all is a daunting task for most newcomers to forex trading. It is always best to open an account with an established broker with a good online trading platform.
As you go through your forex journey you will also encounter a lot of software peddlers, who will promise you pips upon pips every month. I am not here to dispute any vendor but rather to encourage you not to start of your trading journey with those bad habits that will lead to your failure. There might be some signal developers out there who are for real but it will do you no good to be dependent on these softwares when it comes to calling your trades.

Karen is a full time individual Forex & Futures trader. www.forexvillagers.blogspot.com

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