Here’s the truth: If you want to become a successful Forex trader, you must
1) Always stay humble.
Realize that at any given moment, you have the capacity to do serious and permanent damage to your Forex account. In the blink of an eye, you can and will have your account wiped out if you are an undisciplined trader.
2) Limit your risk.
Proper money management is the key to the long term survival of your account. Only risk a tiny percent of your account on any given trade( I usually risk 1-2% on any one trade). I recommend stop losses at all times.
3) Never be greedy.
Always take small gains and small losses. With discipline and training, you can easily learn to be profitable with a 50/50, or even lower, win/ loss ratio.
4) Invest in your Forex Education.
Learn to be a good technical trader. Study pivot points, support, resistance, and trend lines. Through my own forex training, I’ve learned that all of the get rich quick systems and strategies will work one day, and not the next. Some are designed for trending markets while others work when the currencies are trading in a range. I’ve seen many accounts blown up from using a system that was touted as the ‘latest and greatest’.There are quite a few forex training courses on the market. I’ve studied and tried many of them. As a matter of fact, I just finished studying an excellent Forex Course , which cost me $2000. There was a lot of great information in that course, but I still felt $2,000 was a little pricey.
This site is dedicated to BINARY OPTIONS, see Binary Options Explained. I Just wanted to create a resource for traders looking to participate in Forex trading.
Hope this information helps.