Posted by forex at 4:33 AM
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1. Open an online account. Dozens of brokerage firms allow you to trade stocks, options and foreign exchange rates from your own home at rates lower than traditional brokers. Sogotrade, eTrade and TD Ameritrade offer stocks and options trading; Forex.com, CitiFX and GFT offer forex trading; and Just 2 Trade and Interactive Brokers offer both. Many precious-metals dealers manage pools of gold where you can buy and sell shares of a physical stock of gold.
2. Develop a plan. Risk tolerance, available capital, income goals and other factors should be considered before you start trading. Leveraged, time-sensitive investments are available for both e-gold and e-currencies, as are more conservative dividend or long-term options. Different strategies have proven both successful and unsuccessful time and time again, so the ideal investment style will be the one you can execute best.
3. Stay disciplined. Sometimes your chosen strategy will not present profitable opportunities, in which case not trading is the best strategy. Use technical indicators, chart patterns or other money-flow analysis, if you are confident in them. Take profits or cut losses according to a pre-determined plan.
4. Assess your account and overall strategy regularly. Currency markets are subject to many domestic and international political and economic factors -- which are constantly changing. The perfect strategy today will almost surely need some tweaking in the future.