One thing you do not want to be doing is paying money on information which you can get for free! So, if you’re serious about Forex use the internet to get a free currency trading strategy.
Yes, you do need a Currency Trading Strategy because without one, don’t even bother starting out in Forex. But, you can find a Free Currency Trading Strategy…do not pay for information which you can get for free! Remember any product that you are spending on, may result on less capital. Could you have used that money on important capital?
At this point I do want to point out, that if you do not have the capital, then do not even bother with a Forex live account. Wait until you can and spend the time researching!
Information overload is a problem when you are searching online for facts and statistics when you start off in currency trading. Finding contradictory views will be easy and many a times the different strategies out on the world wide web will work but it depending on how you digest the information.
One thing you must do is keep it simple, you can apply this to any level of experience that you may have in Forex…do not complicate anything with currency trading.
Money management
One thing that is important to add is that any Currency Strategy that you do employ must have a good insight into money management. In many ways money management is key if you can survive or not. Once again only use money that you can afford to trade. If you do not have this do not bother starting out, instead wait until you are in a position to start out.
Do not use all of you capital per trade, instead risk a very, very small percentage. Money management is your lifeline! You should employ stops which will allow you to manage your losses.
Paper Trade
Before deciding you have the correct strategy in place, test it. Paper trade, write down when you would enter the trade and when you would come out. Even better open a demo account that so many brokers offer. Do not risk any money until you are sure what you are doing.