subject: Forex Trading Tips for Beginners: Set Yourself Straight with the Basics [print this page] Forex Trading Tips for Beginners: Set Yourself Straight with the Basics
Upon hearing the news that you can make sufficient amount of money trading, did you immediately cash in 100, 000 bucks for a beginner's account or did you sit down and study? A lot of you who were enticed with the honey-coated financial promise of Forex trading probably did not even stop to think twice before signing up for an account. Well, instinct would tell you that Forex really does have a "wow" factor. And you're probably right. Who wouldn't want to earn thousands of bucks sitting in front of the computer watching red, green, blue lines go up and down a graph, right?
You probably think you hit the jackpot, but wait and see till you realize that there really is no pot of gold at the end of the rainbow. Wake up! Forex trading is not that simple. There's more to trading than what you think and all that will sink in once you sit down and study.
Forex 101 will teach you the basic things about Forex trading, what it is and what it's not (and not according to you). You also need to come down from cloud 9 and make yourself realize that 100,000 (in dollars or any currency) is no joke. It's your hard-earned money and you're about to throw it away for vultures to feed on them. You need to take at least a moment to gather the necessarily knowledge you need to learn Forex trading before you begin. Learn the talk before you walk. Don't let yourself get caught in a situation where you don't know what's going on or what to do. Entering Forex trading without knowledge is like jumping in the middle of two warring nations with a gun which you don't know how to shoot. So handle your excitement and impulsivity with care.Aside from the talk (Forex language) you also need to learn Forex symbols, signals, and most especially what is buying and selling in Forex trading. You also need to know when you can buy a currency pair or when to sell your currency pair. Some say that you might find Forex application tools educational but honestly, demo accounts are scams. So, you'd better prepare to get your hand dirty the old-fashioned way.
