There are winners and losers in the game of foreign currency exchange, which has a daily trading volume of about one trillion and a half dollars (thirty times greater than all of the volume of the U.S. equities markets put together). A winner's circle is something you wish to understand how to achieve.
To succeed in this game, knowledge of the rules is essential. Fundamental knowledge of the game and how it's played is required for entry into the sport; however, you do not have to be a professional. This information may be obtained for free from online brokerage firms that also provide you with free trading software so you can practice the game and build your confidence and abilities before investing real money.
Preparation is key in every sport, and it's no different for a game of baseball. That's critical, and I can't emphasize that enough. Perfect practice necessitates endless repetition. It will just take a few minutes of your time. Get your feet wet by starting small when you're ready to enter the game. Most brokers will let you open a micro account with as little as $300 and start trading right away.
What you've been waiting for is now here: the key to being a successful trader in the Forex market. A trading plan is essential. That is to say, if you want to make money, you need to know where to look and how to trade. Decide on an overarching trading strategy and never allow your emotions to get in the way. The first rule is to never trade with money that is worth more than 2% of your account balance. Then you won't lose all of your money if you experience a run of poor luck.
In case you have five consecutive losses, stop trading with real money and go back to demo trading until you have successfully traded for at least one week, says rule number two. Then you may start trading for real money again. The third criterion is to follow rigorous trading guidelines at all times and to avoid trading irrationally. It is possible to allow your wealth to expand regularly and continuously over time if you protect it from major threats. Avoid trying to make a killing quickly, and you may expect to see your account increase by 10% or more each month.
Have fun with it, and try to learn something new every day. This has the potential to become a long-term vocation!