Learn Forex Trading! Learning forex trading is mostly about learning how to deal with yourself. Sure there are technicalities that you need to learn in order to actually start trading forex, but the real struggle comes with learning how to control yourself.
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Overcoming Perception
The first thing that most people that are interested in forex trading have to overcome before learning forex trading is the perception that forex is a way to get rich quickly. There are websites everywhere that are touting forex as the end-all solution to getting rich. This is mostly because of forex leverage, which allows you to trade much larger amounts than what is in your account.
This myth is persisted because people want to believe it and because taking money away from new traders is easy as they are desperate to succeed. If you offer to sell them something that will solve all their problems with forex trading, they will buy it eagerly.
This cycle is repeated many times until the new traders are broke, so it’s important that you approach forex trading with the right attitude. Forex trading is an investment vehicle, nothing more.
Getting Started
So, once you’ve dismissed forex trading as a get-rich scheme, it’s time to roll up your sleeves and get to work. Here is a list of steps that you’ll have to go through to get things going.
1. Start Reading
The first thing to do is to get educated. Forex education is the first key to success. Learn forex trading terms and methods and avoid the urge to just jump in and start trading. Read everything you can get your hands on. Learn Forex Trading
2. Research Some Brokers
Start looking into forex brokers. Read some forex broker reviews and spend some time on their websites.
3. Open Some Demo Accounts
After narrowing down a shortlist of forex brokers, open some forex demo accounts to actually try them out. Some forex brokers only allow demo accounts for 30 days so make sure to read the fine print.
4. Try Some Forex Strategies
After figuring out the basics of how to operate the forex trading account, try out some different trading strategies and see what works for you. The more time you spend making trades, the more you will really start to understand how forex trading works.
5. Open a Live Account
The final and biggest step is opening a real account. Start with a smaller amount in the account and trade to the best of your ability. Go for smaller wins early on, and adjust your targets as you get more comfortable with market movements.
