Forex Trading and Foreign Exchange Markets
Forex markets can be a profitable place to play, but only if you understand what you're doing, and there is a lot of information to take in and digest before you're even ready to place your first trade. As you move off alone into the forex trading wilderness, it might be wise to continue to read and learn about different areas, and even to revisit some elements of currency trading theory along the way in order to ensure you have the most comprehensive basis of knowledge and skills.
From choosing an FX broker and running a demo account through to the finer points of currency trading strategy, we cover the full scope of everything you need to trade forex successfully. Bear in mind that this doesn't make the markets any less risky, and merely by having the tools at your disposal you don't necessarily have the skills to avoid losing out from time to time. What's really important is that you remember as you go to keep a lid on your risk and downside exposure at all times, to avoid the ravages of leverage turning against an unguarded position.
As parting advice, if you had to remember one technique from this tutorial, it would be leaving profits to run and cutting out losses as soon as they become obvious. So fundamental when its written down, it should become your mantra as you trade forex, and on its own has the capacity to both earn and save you significant amounts over your trading career. It takes a long time for most FX traders to become comfortable with this concept fully, but trading otherwise is akin to leaving money on the table, and in a risky game like forex you really need to be in a position to maximise your returns whenever you can.
Most of all, remember that much of the mystery of forex trading lies in research. Assuming you've gleaned a basic understanding of the underpinning concepts, realising the true value in solid, ongoing research should set you well on the way to success as a forex trader long term.