Top Forex Brokers

Wednesday, June 27, 2012

Forex tips, Learn Forex, How to start Forex trading

Anyone who tells you trading Forex is "get rich quick" is hiding the truth from you
The fact is you need to actually take time to learn, study & experience Forex before you can actually earn money
If you're serious about earning money consistently, you must first know & understand how to trade Forex
To be a successful Forex trader, it's about applying strategies that will make you consistent profits daily, not "get rich quick" overnight

Forex is not "get rich quick", it's an education
Education: The theory and practice of teaching
Learn theories, strategies & gain experience by practicing on demo accounts before trading Forex for real

1 of the top reasons most people lose money in Forex is because they rush in without the proper knowledge & experience, thinking it's easy to earn money in Forex 
You must first learn how to trade Forex & have enough experience 

Learning Forex can be complicated
There are simply too many theories & strategies
If you start to get confused, stick to the basics
In fact, basic strategies often have higher chances of success 
It's better to stick to the simple basics unless they don't apply 
Learn how to find basic patterns, as it's human nature to be habitual
Once you've identified a pattern, you should be able to predict the outcome & profit from it

Money management: It's crucial to know when to stop, loss or profit, always set stop loss or you might lose it all
Greed & fear are also one of the top reasons people lose money in Forex
Greed comes when you know you should take profit but want more
Taking profit is better than giving it a chance to turn into a loss
Fear comes when you know you should stop loss but fear losing money
Losing less is better than losing more
Don't let your feelings get in your way

Trade small amounts to minimize your risks
Earning small consistent profits while risking only small amounts is always better than earning big profits but suddenly lose it all
Why small profits when I can earn big?
Again, Forex is about earning consistently, not get rich quick
Focus on minimizing your risks
Remember, the Forex market is highly volatile, so if you decide to risk higher, it's at your own risk, just make sure you're very certain about it & can afford to lose it
Cut your losses when the price is going against you, Forex prices tend to trend, follow the trends
Discipline: Don't be too stubborn to admit if you're wrong, it's better than losing more money

Try to close positions before news releases, because news can cause major changes in prices & start different trends
Follow significant trends after news releases

Find reliable news releases-
Free Forex news calendar:
Choose a good learning center-
Free Forex education (Top rated):
Choose a good broker to start with-
Free unlimited demo account + Free no deposit bonus + Free 30% bonus: Plus500 (Plus500 review)
(Plus500 has over a million clients & growing) 

For those from USA, your options for brokers are quite limited as most brokers don't allow US clients
EtoroUSA is one of the few that allows US clients
Etoro & EtoroUSA are also one of the most user-friendly brokers

Knowledge, discipline & experience is key to success in Forex
Start by learning Forex, practice what you've learned in demo accounts, then trade Forex for real only when you're ready
If you feel that it's not suitable for you, or just want to confirm your strategies, you can use Etoro's CopyTrade or AvaFX's MirrorTrader
Both allows you to copy top traders' success 
Etoro is recommended for beginners (easy to use, good customer support)

Another one of the top reasons people lose money in Forex is- Low capital
You might not be able to recoup your losses before you even start earning as losses are inevitable because of Forex market's volatility 
The key is knowing how to minimize your losses & profit consistently
Even if you copy trades, you'll also need a decent amount to start
It's best to consult the traders you follow about the starting capital you need

Don't rush & use the free bonuses just because it's free when you can multiply it & actually earn for life after enough learning & practice
Many people rush into it without enough Forex education, experience or capital & ended up losing it all
Think of it as just a small welcome bonus, not a capital for trading Forex or free money you can simply lose
Treat it as your own money, as you can withdraw everything you earned after fulfilling terms & conditions

Learn the terms & read the User Agreement to avoid breaking any rules
Many people rushed into it without knowing the terms because it's "free money" & ended up not being able to withdraw because they broke some rules

Stop thinking of Forex as "get rich quick" to avoid "losing money quick" instead
Remember that to be successful in Forex, it's necessary to have the proper education & experience 
Profit consistently, not get rich overnight but lose it all the next time
Slowly & steadily build up your account & you might be able to earn a living trading Forex alone

Only invest what you can afford to lose, this applies to any investments
Remember the Facebook IPO hype? That's a good example not to invest too much even if you're very confident
Also diversify, don't just invest in 1 or 2 stocks/currencies

Tips: All brokers are not perfect, Etoro & AvaFX have small bonuses but allow you to copy trades & even have personal coaches to guide you
Plus500 have huge bonuses but doesn't have CopyTrade or personal coaches
Combine Plus500 & Etoro/AvaFX to gain all the benefits

Disclaimer: Forex trading involves substantial risk of gain & loss, and may not be suitable for everyone.

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