By Chase T. Barberian
Forex currency exchange is a lucrative but volatile business where your capital can either multiply several times in a short span of time or drag you down into financial ruin. Before the onset of online trading, Forex trade can only be done through brokers, who give expert advice as well as act as you representative.But now, anybody can get into the Forex market. All they need to do is have a computer with an internet connection and a Forex trading software and they can trade or let the software trade for them. Now, the question is how long are they able to stay in the game before they go bankrupt.
If a trader does not have a broker who can give expert advise, there are things that he needs to do to be able to survive the Forex currency exchange market:
• Train how to trade foreign currencies. There are courses in schools and universities that can teach you how. If you do not have the time, you can look for a mentor or you can enroll online and train either via software or through sessions. Here you will learn the basics as well as utilizing the tools and indicators to make a good trade.
• Learn how to trade using dummy accounts and paper money. You will be able to experience how to trade without anything at stake. But these do not mean that you can take this training lightly. You should be serious and treat this as a live account. The trends and movements in dummy accounts is a simulation of the actual market movement so it is almost as good as real.
• Look for reliable soft wares that will be your platform in trading. There are two main types of Forex software and these are either fully automated or the Forex robot and the other comes in the form of signals and EA or expert advisers which are called signal generators.
• After making sure the software works with dummy accounts, try doing trade using mini Forex accounts. You will get the actual feel of live accounts as well as minimize losses. Then you can eventually increase your capital and go for big time trading.
• Because there are a lot of Forex soft wares available, you should look for the features that are sure to give you high profit and low risks such as it should be designed by a reputable trader who has an impressive track record. At the same time, it should be verified by outside sources as reliable, not to mention that the manufacturer should be able to make you understand the principle of how the software makes a trade or generates a signal.
• Lastly, it should be tested and proven to have a stop-loss mechanism that will be able to minimize your losses as well as ensure you of a good risk-reward ratio. Also, do not forget to check if there is an EA feature that can tell you if a trade is going to be good or not. Make sure as well to ask about whether they have tech support through phone, chat or email. And most important of all, the Forex currency exchange software should be applicable to all continents that include Asian and European market.
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