Posted by forex at 8:49 AM
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1. Find and study good books on forex trading. The best books here are books written by star forex traders and investors. You can buy a forex book online or at the nearest bookstore. You can also borrow it from your public library.
2. Start reading the financial press regularly. The best sources are widely respected publications such as The Economist or The Wall Street Journal. They offer some articles for free on their websites. However, you need to subscribe to get full access. Alternatively, you can read financial press at your library or buy individual issues from a bookstore or news agent.
3. Closely follow current real-time forex market developments. To do that, check out websites of financial information agencies such as Reuters-Thomson or Bloomberg a couple of times a day. It is free of charge, though you can pay to get premium content. Understanding real-time exchange rate movements will bring you up-to-date with all the latest FX developments and trends.
4. Open a demo account with a forex broker and try trading on it. A demo account operates just like an actual account, but the money used in the trades is not real. Using this tool, prospective forex traders can get hands-on experience without risking their own money while they practice trading. All good online brokers allow anyone to open a demo account for free to get familiar with their trading platforms and learn more about FX trading by trial-and error.
5. Go to forex forums and communicate with like-minded people. Most forex brokers have some sort of an online forum. Like with demo accounts, membership is free. You can discuss topics such as trading strategies, learning materials or current forex developments.