Before you start trading Forex you must learn how to do it successfully. The Forex market is one of the most difficult markets in the world, so you must be a good and skilled trader in order to make money.
The first thing you must do is to read everything you can about Forex. Make some searches on your favorite search engine and read ebooks, forums and articles. In order to learn how to make money in Forex, you do not have to buy expensive courses or books. You can and should read all the free resources that you can.
In a second step, you can open a demo account on a Forex broker. Most brokers offer you free demo accounts. Use this offer to your advantage. Practice your trading strategy and keep learning about the market's behavior and how to trade Forex.
This is probably the most important thing in Forex. It allows you to gain experience and improve your trading without risking any money.
When you feel you already know some things about Forex but need some professional edge, then you can buy some ebook or course. You do not have to buy the most expensive products on the market. Use your good sense to decide exactly what you need to improve your trading, and then look for a good product that can give you all that knowledge.
With this new knowledge, you should test it on your demo account. You should trade on a demo account until you're making consistent profits. When you're making good profits with small risks, you can start considering opening a real account.
Before you open a real account make sure you make a complete due diligence about the Forex broker. Make sure the broker is regulated and that you can be sure your money is safe with them.
Finally, start trading using tight risk management rules. Do not risk more than 3% of your account on a single trade. Use small stop losses to protect your account and avoid leverage.
Article by: George S. White