The forex market is a huge market. With an estimated of almost 4 trillion of turnover daily, this market enjoys high liquidity and attention.
With the recent boom of retail forex trading services, it takes only a small amount of money to begin trading in the forex market. While these margin accounts make it easy to earn from forex trading, the opposite is unfortunately easy as well.
It is often said that around 70% of retail forex traders fail.
To begin your forex trading journey, here are some points to help you get started.
Understand and accept the fact that forex trading does not make you rich within a short period of time
Successful forex trading requires that you practice proper money management and the commitment to stay true to that practice
Forex trading decisions are educated decisions rather than mere decisions based on chance
Losses are inevitable and one must be able to accept it and not let the losses run
In-depth knowledge of global financial developments will help you understand the market conditions better and hence lead to better trading decisions
There is no need to be constantly trading. Over trading is a forex mistake and staying on the sidelines can be wise at times.
Remember that forex is a journey of constant learning as the markets are always changing.
Trade safely always.
Are you a new forex trader or perhaps you are in need of a revamp to your forex trading styles? Feel free to share your opinions below.