A New Traders Best Friend
So you want to be a financial trader in the foreign exchange market. Congratulations, you have taken the first step towards a rewarding career training the forex market. The absolute best advice that anybody could give you in your new venture is to first and foremost get an education. Because you would not strip a car engine down if you did not know what you were doing, and you would not set up a business as a house builder if you didn’t have the right knowledge skill set, and you certainly wouldn’t set yourself up has a vet if you had not been to veterinary school in the first place.
Trading the financial markets, and in particular with regard to Forex, is a professional arena, filled with institutional traders who have degrees in economics and spent time at university studying for relevant qualifications such as mathematics.
Whilst you do not need to be a mathematician to be a successful financial trader, you do need to understand what is going on in the market at all times, and you must understand the inherent risks associated with trading.
All of that starts with education, and here at Forex.Academy we have all the tools that you will need to give you the correct grounding in this arena where over $5 trillion changes hands a day.
Therefore, the best friends that you could have during the early stages of your forex trading development is a full education on technical and fundamental analysis and then a demo account to practice risk free during real market events. It is absolutely essential that you do not learn a couple of things about technical analysis and then think that you are good enough to bet your money trading. Because anything less than getting an education and putting your new found methodology and trading skills to good use with virtual trading funds in the first instance is tantamount to gambling.
A demo account will allow you to develop skills and then put your trading style into practice , as you learn, without risking your hard-earned cash. Only when you become proficient and are regularly making money on your demo account, while taking into account the risk to reward ratio that you will need to implement, will you be able to open a live account with real money.
Even then you should take into account the emotional impact of trading with real hard cash as opposed to a trading a demo account, where losses have no, or very little emotional impact on you.