Practice makes perfect. Before putting money into a real forex dealing account try out a demo account with ‘fake’ money. Don’t just try it for 10 minutes and think you’re ready either. Take your time with it, get to learn how the markets work, the trends etc. This time investment will be worth it in the long run. Check out Oanda for a good trial system.
Oanda review suggests that Oanda is deemed to be at par with fxcm and it happens to be among the most popular brokers in the Foreign exchange market today. With a wide variety of flexible features and advanced trading tools they pretend to be redefining the Foreign exchange trading. The company also promises to deliver ethical services that will help traders at all levels to participate in the Foreign exchange trading. This forex trading firm has widespread recognition and good reputation according to an Oanda review.
Definitely things to be considered.
Oanda also offers its clients the opportunity to set up demo accounts so that beginners can learn the art of Forex trading, like fxcm. The same service can be used by professional traders while training to be brokers and reading Oanda review online.
Look out for trends and go with them. Find the trend and use it to your advantage. Going against it wont neccassarily break you but it will require much more of your time and effort. Going with the trend is often the safest and easiest route to profit.
Look at the bigger picture. If you’re trading in a 15 minute window, take time to consider the 1 hour charts and if you’re trading in a 1 hour window look at the daily charts etc. This will get you a much better picture of the trends. Likewise, if you’re having trouble finding a trend in a 15 minute window, shift to a larger one, it should make things a little easier, particularly when starting out with forex dealing.
NEVER chase a loss. If you make a loss don’t in any circumstances attempt to chase it. Obviously you’ll not be happy about making a loss but if you continue to trade in an angry or frustrated state of mind you’ll loose more, that much is guranteed. If loosing bothers you, walk away for a while, take soem time out and relax. Failing to do so will leave you with clouded judgement which only ever leads to bad decisions.