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Trading Forex to make a success

By Martin Mark Subscribe to RSS | February 28th 2012 | Views:
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How does one make a small fortune trading Forex? The answer, Start with a big one!

If that put you off then it is just as well because Forex trading is definitely not for the faint hearted, nor is it for the ill disciplined or those who believe they can make a quick buck.

That being said there are day traders who are doing well one the forex market as well as professional and experienced traders experiencing big losses.

Let us look at the market. The currency trading market is an open, over the counter market. That means one is not compelled to go through a clearing house to actually buy or sell. Thus a number of trading platforms have opened up and this, along with the ability to be constantly monitoring via and on line internet service enable real time up to the second trades to take place.

But the currency market is huge with often as much as $4 trillion in trades every day. Individual and day traders are very rarely investing more than a few thousand Dollars at a time so their purchases or sales are not even going to register a blip. But when a big bank comes to the market to buy a $1 Billion Euros the market will move. If one had taken the correct position then one will be smiling but if not one hopes you had your stop loss in place.

The watchword here is discipline and watch the moves like a hawk. If one is going to take a position then be absolutely RIGID about putting a STOP LOSS in place to limit your potential losses. It is also a good idea to put a level at which you will take profit. This is especially important if you are not going to be watching the moves on a minute by minute basis.

The next thing is to open a practice account and study while practicing. It is going to take a while to get the experience and knowledge to make a success. But there are successes to be made. If one studies, gains the knowledge and expertise, uses the available tools to advise one technically on what positions to take and joins the forums and learns to listen to the advice given and weighs it with the news then one can indeed make a steady profit over time.

There are numerous articles and course available to study currency trading. One is strongly advised to go through these articles and courses as those who do do well are the experts. Luck may see one through a few trades and a feeling may be right once or twice. The tip you got from a fellow you met in a bar might be correct in the short term but if you wish to see a consistent long term gain then it is only by trading in forex in a planned and consistent manner that you can hope to achieve.

When you start Forex trading always use money that you can afford to lose. If one has done one's homework there are good odds but there are odds just the same.

Martin Mark - About Author:
If one want to make a success at currency trading then one should use a disciplined approach.

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