Introduction
Well...it
seems I''m not the only one interested in Forex Markets. And believe me,
lots
of people out there are astonished by this revelation. You should
be too, and If you are not, then It might be because you still don''t
know what it is. I
won''t bring you the whole theory about how it all began, how to
trade...blah blah blah, but I will tell you some things you should know
to trade Forex. I will provide you with certain aspects you should take
into account. Besides, I will list up some links that will be useful
for you to study a bit and do some research about the market, the
possibilities and the potential revenue (which is the greatest known).
The DO''s
Ok...as
the title indicates, here you have a list of DO''s. This doesn''t mean
that if you don''t take into account the DO''s, you will undoubtedly
fail, but there are greater chances for you to succeed if you do. Here
they go, read the carefully before you enter this attractive market: 1-
DO study how the "Forex Market" works, it origins, basic information
about it. Compare it with different options, such as "Futures", "Stock
shares"...you will inmediately see the difference, but try to see it
for yourself, don''t let anyone tell you. Remember, in such a volatile
market, seeing is believing...which has to mean that "NOT seeing is NOT
believing". 2- DO
start reading the news related to economical, political and social
factors of the main currencies countries (dollar, euro, yen, ecc.).
Remember that you should always take into account two different types
of
analysis: the fundamental analysis (the news, social indicators...),
and the technical analysis (graphs, moving averages, and more). You
should study them both, and not depend just on one of them. Maximise
your benefits by studying the past moves of a certain currency
(technical analysis) and by speculating with the possible future of it
(fundamental analysis). Fundamental analysis will tell you what shall
happen with a certain pair, while technical analysis will tell you how
it was affected. In conclusion, follow the trends, study the news, view
the graphs...Try to practise by "predicting" a certain reaction of the
market to data release (news) and see if you made it. Learn the
technical language of Forex Market; remember it is a science, so if you
don''t get to learn the jargon there will always be something missing. 3-
DO download a DEMO platform of your choice to make
mistakes....ok ok, I
know what you are thinking: To make mistakes????!!!!!!! Yes, to make
mistakes. Because that is the only way to learn. If you make mistakes
with your DEMO, then you won''t make the same ones with a REAL account.
If you don''t make mistakes with your DEMO, then It might just be luck
and you may make them in your REAL account. Don''t try to be perfect
with your DEMO; your DEMO is for you to try anything you are curious
about. So DO it. Don''t open your DEMO and think: "God, I''m loosing
$.......!!!!!" No!!!!!, just try to see why and start all over
again...remember you are not loosing anything.4- If you go t0
the "Links Section", you will find instructive links, news links, and
many more. Try to go to all of them, to see which one is better for
you. Search the web, review different brokers, see opinions. DO
research. Don''t stick to just one economic calendar, to just one news
website, to just one broker, to just one forum....NO, study,
investigate, find out!!!!5- Review and compare the different
brokers: what they offer, if they are regulated, where they are, how
the customer support service is. When you find the broker of your
choice, download their DEMO and open your virtual account with the
amount you would choose in a REAL account.