Developing a Forex Trading Plan:
Educate Yourself or Don't Invest
Forex trading skills can only be acquired in practice, but even practicing forex can be risky. The only tool possessed by a forex trader that can reduce risk in trading is forex education. Fortunately, there are a lot of online resources to aid the trader’s task these days, yet the scheduling and planning of the education process can itself cause problems. In this article, we take a look at the general principles that make success in forex possible.
Begin Your Education at the Basic Level of the Fundamentals
Begin your education in economics. A theoretical understanding of economics may appear useless at first to a trader (and even more so for a totally technically minded person), but there is no question that the solid framework provided by an understanding of fundamentals will greatly improve your trading skills, and widen the scope of your vision as you interact with the markets. Furthermore, choosing which pair or which market to trade is a decision that can only be made with confidence if the trader has some understanding of the fundamental trends in action.
Understand Who Trades in Market to Gain an Intuition of Price Dynamics
Traders have different mentalities in different markets. The same trader, the same professional working at the same firm can apply different strategies, and trade like a different character while trading two separate assets or currency pair. For instance, a trader who is relatively complacent in the EURUSD pair may be much more alert and cautious while trading gold, or the carry pairs. Understanding the kind of traders and their mentality in the market is very helpful in determining the beginning and end of macro- or micro-trends.
Technical Analysis is Best Learned Through Practice With a Demo Account
When it comes to TA, one is fortunate to posses the demo account where he can get used to all the indicators without risking a penny. You may not acquire trading skills with a demo account, but for getting the basics and simple facts of technical analysis no tool is more suitable or easier to use than the forex demo account.
Hardest Stage: The Acquisition of the Proper Money Management Habits
Perhaps the hardest aspect of trading relates to the acquisition of money management skills. These can only be practiced in a risky environment, so demo trading won’t help much. On the other hand, it is proper to move to this stage only after a good understanding of analysis itself (both fundamental, and technical) is acquired. Furthermore, tools like the widget provided below will assist you in your money management methods. This Savings Goal Calculator, SGC, allows you the opportunity to adjust several parameters to find your eventual savings amount. Setting a firm savings goal is a great way to track your trades, and measure your daily/weekly/monthly gain against your savings goal.
Live Trading With a Mini-Account Will Establish Your Potential
Once the other stages of your training are completed, or at least your understanding has ripened to a mature, practicable level, it is time to test yourself with a real account. The mini-account is the only choice here: a demo account is a game, while the standard account is much too dangerous for a novice. Establish your skills and potential here, and move forward gradually.
Successful forex trading is unthinkable without forex education, but a misleading, incomplete education can also be the bane of traders. Make sure that you you receive your lessons from sources that are reliable enough to offer them.
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