Monday, August 3, 2009

Three Important Things before you get involved in world of Forex.

Probability of earning on Foreign Exchange Currency is based on the fact that every national currency is a good, as well as wheat or sugar, and a medium of exchange, as gold or silver. As the world is changing so fast, economic conditions of every country (production, inflation, unemployment etc) are getting more and more dependent on each other, as a result, the rate of a currency changes against other currencies. This is the main reason of the process of rate fluctuations.

There are 3 thing that newbies or the freshman in the world of forex to excellent in this fragile industry:

  1. First thing first, you must have a great teacher or more specific successful mentor. To guide you, to train you every time you get lost in direction and he will be there for you to take you be in the right pathway. Many traders and fall because there are doing this dangerous job by himself or by herself. Please, I am begging you. Find the mentor and ready to yourself to be coached and pay maximum effort. Don’t think about money first, Money will come later when you are excellent in this job.
  2. Secondly, please gain the maximum knowledge about this industry as much as you can. Why? Because the market are not as you expect, the market are always changing, day by day, every second, they never be the same, same as while you at sea. You are never come out at the same spot where you get in the sea. More you know, more u will success in this arena. Follow the global news of your favorites country currency because the bidder and asker are the human and they always affect by the news and the emotion. So you are.
  3. And the most important part. Choose the right system and stick with your system and never get lack of it. Many successful person use the one system and stick to the system. How to create the system? As usual trader will be playing around with demo account. Use it maximally to find your system. There many system out there. But there were no perfect system yet. Don’t play with your emotion. As many traders always said. Plan your trade and trade your plan.

May God Bless us all.

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