I'm going to share with you tips for becoming a great forex trader. I'm hoping you can use this advice to help jump start yourself into making profitable trades that you can do on a daily basis.
The first tip I could give you that will really help you learn all the overall skills is using your demo account. This is just like regular trading accept no trades are made. It is the only tool you can use to actually get a real simulation, without having to risk your money. It is good just for learning your trading platform, but it is also great for testing out strategies. You can test a strategy a hundred times until you're confident enough to use your real money.
The second tip I'm going to offer you is to understand your profit margins. When you first start out, you're going to want to make trades that are small. Small trades for small profits. It's completely understandable because you don't want to lose a lot of money. There is one thing you need to understand, your broker will take a flat rate from you trades. If you buy and make 2% profit, the broker is going to take 1% no matter what, you just lost 50% of your profit. If you look at it in a loss, say you lost 1%, the broker is going to take 1%, so your losses are doubled. That means your profits are less and your losses are double. You need to be aware of that. I'm not saying that small trades are bad. It's a great way to learn, but you may be led to believe you're doing worse than you really are. You could be down, but if you were doing larger trades with better margins, your broker wouldn't get such a huge cut and you'd be doing much better.
