Posted by forex at 9:16 AM
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1. Learn Forex with Internet and library resources. Websites such as BabyPips.com teach beginners how to trade currencies with easy-to-understand language. For visual learners, Forex.com makes video tutorials. Although relatively new compared to stocks and traditional investments, Forex will have a few titles in the local library. Look in the 'Business' section for titles with 'FOREX' or 'Currencies.'
2. Keep up with current events by reading and watching national news sources. Market pros have at least a basic knowledge of events around the world on the given day. Any major event in a nation, whether or not it involves money, will change the direction of its economy, which in turn changes the value of the national currency.
3. Learn to research economic trends. Currency traders watch price charts and read detailed reports on national economies to predict the economic futures of different countries, and trade accordingly.To practice, try to predict a near-future turn in a nation's economy and its effect on the currency. Use data from government and industry sources, such as surveys or reports, to help make an informed prediction. Watch the market, pretend to make a trade according to the predictions, then check the results.
4. Get a new computer and a reliable, high-speed Internet connection. Forex trades can happen in a matter of seconds and a couple of mouse clicks, so it's important to have a computer that isn't slow and won't freeze.
5. Shop for a Forex broker and practice with one. Many brokers provide free 'demo accounts' on their trading software to attract clients. Use a demo account to practice trading before moving into the real market with personal money.