The forex, or foreign currency exchange market is the world’s largest financial market in the world. It trades more than 2 trillion dollars on just a daily volume! Many want to enter this market, but over 95% of new traders lose their accounts. These tips will assist you in becoming one of the elite 5% of traders who earn a lucrative income in this market.

1. Don’t spend thousands of dollars on “gurus” and seminars. The forex market is loaded with experts wanting to sell you exclusive information which may or may not teach you how to profit in the forex market.
2. You don’t need to spend hours upon hours learning forex trading systems only to lose your money in your account, when you think you are ready.
3. Make sure you begin trading in a forex practice account. Every broker offers them. You can get used to their trading platform and know how to use it when you start placing live trades.
4. Don’t be afraid to call up or e-mail your broker about how to use your forex trading platform. They are there to help you and they want you to eventually open a live account with them.
5. You can purchase inexpensive forex e-books for under $100 that will teach you what the big-time gurus want to teach you and you can learn it in a smaller time frame without monthly fees.
6. You don’t even have to learn a forex system. You also do not have to pay hundreds of dollars for forex signals or trades. There are profitable forex signal providers that will allow you to try their trades for free before you invest your hard-earned money.
7. Money management. This is the big tip. Most recommend that you risk anywhere from 1% to 10% of your account on any one trade. For example, if you are trying to earn 100 price interest points or pips on your trade and you are risking 50 pips, you want to make sure you have $500 to $5,000 in your account for that one trade depending on your level of risk that your are willing to take.
8. Automated systems. Just like you don’t have to spend hours actually learning a trading system, you can use an automated account which will trade your forex signals or trades for you. You don’t have to pay lots of money for an automated system if you choose the right forex broker. This also eliminates the need to be upat odd hours trading the forex.

By Zul Affandy

Source from Vikmall.com

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