Any attempt to trade without analysis and studying the market is equal to a game. Games are fun except when you lose real money.
Tip 2. Never invest money into a real Forex account until you practice on a Forex Demo account!
Allow at least 2 months for demo trading. Consider this: 90% of beginners fail to succeed in the real money market due to lack of knowledge, practice and discipline.
Those remaining 10% of successful traders had been sharpening and shaping skills on demo accounts for years before entering the real market.
A good demo account to start practicing with could be, for example, FXGame from Oanda.
One of the interesting paradoxes of trading is that while there are not that many millionaires or billionaires among retail traders, there are no real secrets about how you can be successful or profitable in forex trading.
The main principles of trading have been expounded by successful teachers of this art over the decades. Even in the relatively young field of technical analysis, most facts are well-established and the way to success is generally well-understood and publicized in many online and offline publications and discussions.
The main obstacle against a successful career does no lie in some theoretical curiosity, but rather in the difficulty encountered by the trader as he tries to apply the lessons learned into practice. Here we’ll offer you some guidelines which can make this an easier task, as you mature your emotional attitude and weld a disciplined, cautious, approach to trading.
Whether it is fundamental or technical, forex market analysis depends on two key principles. There are tools that can allow us to predict the future price action, and market movements are not completely random.
That the first principle must be valid is obvious. If there were no tools with predictive capability, there would be no possibility of profiting from the price action. And if market movements were completely random, there would be no possibility of making predictions in any case.
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