FIVE STEPS TO BECOMING A SUCCESSFUL FOREX TRADER
- Choose a forex broker with an active community: The kind of social community around your forex broker is a key factor in determining how trustworthy they are. This is because you get to meet other people who have tried this service and discover their experiences. You also get to interact smoothly with the experts as your discussion topics will all be answered. Finally you get to share ideas with other traders and you are not likely to make ignorant mistakes or tow a risky path. Be active on all the communities to meet all the people within the ecosystem of your forex broker. Some of these communities could be Forums, Google community, Blogs,, other social medial channels etc….
- Get comprehensive learning resources: Learn Forex trading from scratch. Get the best forex trading learning materials to master forex trading. Understand all basic concepts. It is a big plus if your forex trader can offer you free forex trading video tutorials or other learning materials. Don’t try to understand it all at once, one step at a time. Start with the basic tutorials of understanding the forex market as a whole. Use different materials to be sure what you are comfortable learning with.
- Practice before going live: Open a demo account and try to key in a trade. Use it as a playground to build or better your forex trading skills. You can take advantage of this free practice account. Once you have a playground, you can comfortably try out all trading skills without fear of losing real money. You can also get more confident with time because you can practice as often as you want at no cost.
- Focus on risk management rather than money making: Don’t make up your mind to trade and quickly make money, focus on studying trends and managing risks to ensure that you alway place profitable trades. Speak with Forex trading experts to learn more strategic trends to trade with.
- Copy trades from experienced traders: Sign up to a social forex trading platform such as Ghana FX FX-stat account.This could be a smart way of investing. It allows you to explore millions of experienced forex traders and automatically copy from them. You can also get copied by others to earn extra income.