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Becoming A Successful Forex Trader In 2010
Forex trading continues to grow in popularity with more and more forex courses
, systems and robots coming on to the market all the time. So now is a good time to start thinking about entering this exciting industry yourself, because there are some decent profits to be made.You are probably aware that pretty much anyone (of adult age) who owns a computer can now start trading the currency markets. However that's not to say that it's easy to make money because it's not. You need to have some kind of trading plan in place first of all before you even think about trading with real money.
The first element of this trading plan basically involves learning everything you possibly can about currency trading. This will take a reasonable amount of time in itself, but once you've done that you can then start thinking about learning about some of the more advanced topics such as fundamental and technical analysis.
Fundamental analysis basically refers to the major driving forces in the currency markets, ie the economic and fiscal data specific to each country and their respective currencies. Technical analysis refers to the study of price charts, and the various technical indicators that you can add to these charts in order to help identify lots of high probability set-ups.
You should try and learn about both of these subjects, and particularly technical analysis because the vast majority of traders, myself included, wouldn't be able to survive without consulting certain indicators.
Once you have a basic understanding of how currency pairs move and how technical indicators can predict their future direction, you can then start formulating a trading strategy. This is the most critical element of the trading plan because if you don't have a profitable system in place, you will struggle to make any money at all.
So you need to first of all decide which time frames you are going to trade, and then start testing out various different strategies until you find one that appears to be profitable. You will only find this out by doing a lot of back-tests on historical price charts on the various different currency pairs.
It's not easy but if you do come up with a decent system, you can then test it out on a demo account to see how it stands up when applied to live charts. If your system passes this final test, then you can obviously start trading it with real money, although you should risk no more than around 3% of your capital per trade, however profitable it appears to be.
The great thing about forex trading is that it's open to pretty much anyone nowadays. So there's no reason why you cannot become a successful full-time forex trader in 2010 if you learn the basics and spend some time coming up with a profitable trading system.
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