Trading Forex can be an extremely rewarding experience, both personally and financially yet, as any experienced trader will tell you, it’s the small things that make big differences.
Such as that one extra tool that allowed you to find that great trade, the efficient execution by the broker which got you in & out at the right price, or the right risk-management tools that helped you avoid taking too big of a hit to your trading account on a trade that went the wrong way.
These are just a few of the many factors that come into play on each and every trade.
So when you start thinking about placing several trades per week or per day (or even per hour, for some people)- it’s easy to imagine how getting set up, in the right way, will have considerable impact on your success & profitability as a trader.
And so on and so on….
Quite simply- it’s hard to even know which questions to ask, let alone being able to gauge the accuracy of the answers, you simply don’t know what you don’t yet know.
The following Key Focus Areas are explained in order to dispel some myths about trading the FX markets and help you decide what’s important to you, in order to give you your best chance of having a long and successful trading career.
Before thinking about the markets and brokers, you should take some time to think about how you actually want to trade.
Trading is very much a personal venture and therefore trading-styles can vary greatly. Ranging from the day-trader who spends several hours in front of his multiple monitors each day, looking for opportunities and trying to catch the most from every move, to the more passive trader who places a few trades every few weeks and simply reads his reports & checks his charts every now and then.
Of course, there is also everyone in-between. But, regardless of your intended trading style, you should take some time to think about the following key criteria:
One of the major benefits of trading is the flexibility of time that it affords. For this reason, just because you have a job, a spouse, children, hobbies or anything else that takes up your time doesn’t mean you can’t trade successfully. However it does mean that you have to pick a style of trading that you can manage as trading does take a clear & concentrated mind.
Fortunately, the FX market is open 24 hours per day (from early Monday to Saturday morning). Furthermore, the Australian evenings are usually better to trade than the days as the European session is a larger market and is active at these times.
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