If you are looking to get started in the world of Forex trading, then it’s not a good idea to try to go it alone. You would be far better off if you took a trading course first of all, so that you could learn how to trade without putting too much of your money at risk.
There is always a risk with trading – you are betting that the markets will move in the way that you expect. The difference between forex and, say, playing roulette, is that with forex trading you should be making an educated guess based on either knowledge of world events, or technical analysis.
A forex trading course would cover the basics for you – how to use the trading platforms that you are likely to encounter, how to set stop losses and orders to take profits. How to read candlesticks and trendlines, and what news resources will provide you with the information that you need to make educated guesses about currency movements. They would teach you everything you need to know about different forms of technical analysis, and arm you with the tools you need to make informed decisions.
There are many different trading platforms that you can use, and there are lots of strategies too. Sites such as Forex Horsemen will help you to figure out the best strategies, and are full of forex trading courses that you can follow to get started.
It’s important to understand that no matter how well you inform yourself, and how confident you are in your strategies, trading is a form of gambling. No-one knows the future for sure, and no-one can control how other people trade, so no matter what you do, you run the risk of losing money. The best traders are careful with how much leverage they use, and they make sure that they sell before their losses are too great. They trade without emotion, and don’t allow themselves to get greedy. It’s better to earn small amounts every time you trade, than to throw good money after bad, or keep pushing your luck if you think you are ‘on a streak’. Yes, some people do get lucky while trading, but for long term success you need t stop thinking in terms of luck, and apply the logic and principles used by the successful traders. That’s what will allow you to keep winning in the long term.
If you don’t know about margins, leverage, the fibonnacci method or other trading systems, then sit down and watch some videos and try to learn as much as you can about how trading works. You will be glad you did when you see how much money is out there to earn with trading, and you learn the secrets to successful trades. You can always practice the skills that you learn on a demo account so that you can see how well they work before you start trading for real.