I wanted to share advice for the forex currency trader. This can be a tough business if you don't understand the basics that make a great trader. I want to help you understand what it takes be in this business.
You're first going to need a good broker. Brokers are a dime-a-dozen on the internet. There are a lot of average ones, a few good ones and some that are even scams. It requires a lot of homework on your part to find the good ones and the best way I've found out to do this is public forex forums. You'll find these if you Google them where people, just like you, are looking to learn all about this business. There is constant talk about brokers and you should get an unbiased look at which ones are good and which ones a poor.
The next thing you need to know is about when you're going to trade. The best time is during peak hours when the volume is the highest. The reason for this is that there is so many people trading that currency is only affected by market forces. During low volume times, one big bank can push a currency in a completely different direction. This is why it is best to stick with the peak hours of the day.
Lastly, you're going to need to develop a daily routine. Often people will get in front of the computer and wonder how they're going to make money. As much as people like to have each day a new adventure, the people that are successful follow daily routines that are the same. When you develop these routines, it becomes easier on the head.
You're first going to need a good broker. Brokers are a dime-a-dozen on the internet. There are a lot of average ones, a few good ones and some that are even scams. It requires a lot of homework on your part to find the good ones and the best way I've found out to do this is public forex forums. You'll find these if you Google them where people, just like you, are looking to learn all about this business. There is constant talk about brokers and you should get an unbiased look at which ones are good and which ones a poor.
The next thing you need to know is about when you're going to trade. The best time is during peak hours when the volume is the highest. The reason for this is that there is so many people trading that currency is only affected by market forces. During low volume times, one big bank can push a currency in a completely different direction. This is why it is best to stick with the peak hours of the day.
Lastly, you're going to need to develop a daily routine. Often people will get in front of the computer and wonder how they're going to make money. As much as people like to have each day a new adventure, the people that are successful follow daily routines that are the same. When you develop these routines, it becomes easier on the head.
