You should have a suite of strategies in forex.
Forex (or foreign exchange) market is a market where different national currencies are bought and sold. In order to make money in the forex market, you need a good trading strategy extensively backtested on at least 15 years of data. Better yet, you should have a suite of strategies and a strategy for changing strategies…
1) Learn everything you can about Forex and what moves the market. You shouldn’t have to spend money for this education. There are dozens of excellent resources online, most free, that should get you started. There are many others, just start searching the web.
2) Find your own trading system. Again, not necessary to spend money on a system someone else has created. The success of a system has little to do with the system and much to do with the trader of that system. Use the resources online to help you build a good system and then stick with it.
3) Open a demo account and start practicing. Practice your system rules using a free demo account. Spend at least 3-6 months before going live. The balance of the demo account should be equal to what you plan on starting to trade. Don’t open a $1,000,000 demo if you plan to start trading $500. DO NOT go live,until you are successful with your demo account.
4) Learn to be an emotion-free trader. There is a reason 90% of Forex traders lose. Work to become a disciplined, emotion-free Forex trader.
5) Choose the right Forex broker for your system. Choosing the right broker is key. Every broker is different, and depending on the system you trade, one may be better than another.
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