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5 Tips on Forex Trading

Sep 10, 2008
The fastest expanding home-based business is forex trading. Imagine not having to leave the comfort of your home to work eight hours a day and earn more than a regular job with just a few click of your mouse! If you think you are in for the money in forex trading, here are 5 tips for you to consider

1. Be a student. Learn the ins and outs of the trade from people who have lost and won in the business. Know the rules, know the systems available, know the language used. Know how people flourish in the business and know how they fall. Knowledge is power. Forex trading is not gambling, it requires knowledge and skill in order to pay off. If you want to gamble, go to a casino, if you want to do business, go forex trading.

2. Success or failure depends on you. Sure you will need the help of a broker initially or anyone in the know to be able to start off, however, brokers are there to make money out of you so why stake your future with one who does not share your goals? Equip yourself and keep yourself a pro on forex trading!

3. If you lose some money some days, take it like a man. Remember that you are in a business that does not guarantee sure-fire hits. If people are making a fortune out of it, there sure are those who lose their money to make the other side of the trading coin rich. The difference is in the attitude. Know when to fold up. If you have been losing three streaks in a row, don't make it 10! Do not trade out of your greed to get back what you just lost. There are days when this will happen and you should have that in mind. The goal is to stop the losing early.

4. Know when not to trade. If you are a novice trader meaning having comparatively smaller capital, do not engage in forex trading during off-peak hours. It is also not wise to trade when you are too high on emotion (i.e., too eager to take back what you just lost) and most likely you will depend on your feelings rather than on your tested formula for trading. Do not do this as this is harakiri. Trade as calmly and as emotionally detached as possible.

5. Do not trade all you've got. The wise thing to do is to start small and keep your trades within the 2%-5% ratio of your entire fund. Of course there is the temptation to gain big but always remember that the trade goes on 24 hours a day, 6 days per week. No need to rush yourself getting rich.

These are some of the tips to help you get by forex trading. There are many other bits and pieces of knowledge you will pick up along the way as you graduate from being a newbie to a pro in the business. Always remember the basics that you have learned for they will always be in use throughout your stay in the business.
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