What You Need To Know Before You Start Trading Forex?

[Spencer]

Building trading skills takes an enormous amount of time and it also cost money because as a trader you are risking your money to make more, if you're not good at it and especially risk management you won't be able turn a profit, before you start trading, having a stable source of income is important, because its easy to go belly up(lose) in your trades as a beginner.

Also, if you're relying on your trading capital to feed or take care of your basic needs, you're going to put on anxiety on yourself and may lead to making suboptimal decisions that can hurt your account.

 

[Highs]

You should first know that you are investing in a high risk activity. Forex trading can make or break you. You should know all the skills needed and ensure you have them or learn them before you start. You will need a lot of money. Don't tell me you want to start trading with $50 and you don't expect your account to blow up. The truth is one of the rules will tell you not to be greedy. Put your greed in check but you can't do that totally. If you invest little you will earn so little and when you try to put your greed in check, it will be very difficult. You will end up losing your capital the moment you try to earn above your limit. Some days might come with a lot of luck but not all days are like that so you should be careful.

 

[Mika]

Forex trading is not just about buying low and selling high, it is more than that. If you want to become successful in forex trading you need to understand forex market. Understanding forex market means you know how the market operates, what makes market go up and what pulls down market. You also need to understand how the forex market is affected by the economy of certain countries.