In trading forex effectively for money, certain steps are necessary to ensure your consistent winnings. In reality, most traders see forex as a gamblers game and thus each trades make others richer.
Before ever thinking of involving yourself in trading, you should know that no matter how many books you read, or all the charts you think you know, you will most likely lose almost if not all your initial equity. This however should not deter you if you have made up your mind to trade forex.
Some of this steps are essential from my own point of knowledge as regards forex trading.
1. Ensure you get first hand knowledge on what forex trading is all about before you even think of anything else.
2. If you are a 9-5 person, don't dream of leaving your job at the beginning of your trades. This is because you will require to re-deposit into your account and where will you get the funds from?
3. Use the free analyser to get all keywords regarding forex, hence digest everything you can about it.
4. Join forums on forex trading and see what people are saying about forex.
5. Find a reputable forex broker to entrust your hard earned cash to. Ensure the broker is a registered forex broker. For more on this, see forex brokers for more information.
6. Get the latest updates of Expert Advisors for convenient trades.
7. Get a reputable Internet Service Provider especially broadband service and ensure their tariff plan is something you can handle conveniently even when you have not started seeing the rewards of your trades.
8. Open a demo account and trade based on the information you have acquired from all your research.
9. Only open a live account after you have consistently made profits say for a two(2) month period.
10. Trade based on your trading plan.
Remember, trading Fx is a business on its own and just like folks go all the way to harvard to study and become an expert so also you have to study continously. No profession remains stagnant.For more information please fill out this form: