The foreign exchange market, commonly known as the forex market, can be a great place to earn a steady income, but it has its share of dangers and pitfalls. If you’ve been interested in trading on the forex market but aren’t sure how to get started, this article will help you on your way.
Avoid emotional trading. Emotions can skew your reasoning. You will massively increase risk and be derailed from your goals if you let emotions control your trading.
If you plan on day trading in the forex market, be willing to jump on and trade at any time. News that can affect the value of a foreign currency can happen day or night, and you have to be willing to act on it right away if you want to make a quick profit.
Choose an account type that is suited to your needs. While the number of account …