Posted by forex at 1:35 AM
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1. Set up a brokerage account with a reliable broker. Oanda.com and FXCM.com are two reliable brokers that have been around for a long time and are well-capitalized enough that you will get your money back.
2. Find a few reliable trading systems (you can find some recommended trading systems below under Resources). There are numerous approaches to trading the markets. Some of them include:Using someone else's trading system from a course.
Purchasing a software that has a system built in and trading it manually.
Purchasing a software that automatically trades the forex markets for you, also known as a trading robot.
Signing up with a reliable forex signal provider and follow its signals.You will want to find at least 2-3 methods that work for you and your particular tolerance for risk. The reason being that markets are constantly evolving and sometimes systems go through periods of draw down or quit working altogether. So if you wish to make a living with forex you do not want to have your entire income dependent on one system. See the resources below for some recommended trading systems.
3. Do your research.The easiest way to find a system or software that works for you is to go to ForexPeaceArmy.com. There you will find a collection of third-party independent reviews specifically geared towards the forex markets. Since affiliate links are not allowed, you will get honest feedback from people who have used the software, signal service or course that you are looking at. You should find systems that are at least two years old, have more than 50 reviews and have four out of five stars. You can also check EliteTrader.com. This is another forum where many professional traders hang out.
4. Test, test, test. No matter which systems you decide to trade with, make sure that you have tested them in a simulator for at least a month before using real money with them. You can get a good simulator from almost any forex broker these days, including Oanda.com and FXCM.com
5. Save, save, save. Because systems can sometimes go through periods of draw-down, have at least six months to a year of living expenses covered before you decide to try to make a full-time living trading forex.