No question about it, forex markets can be one of the fastest and most volatile financial markets to trade. Money can be made or lost in a matter of seconds or minutes.
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At the same time, currencies can display significant trends lasting several days to weeks and even years. Most importantly, forex markets are always moving, providing an accessible and target-rich trading environment.
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Focusing on risk management to minimize losses and keep more of your gains
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The leveraged nature of forex trading means that any market movement will have an equally proportional effect on your deposited funds; this may work against you as well as for you. (To manage exposure, employ risk-reducing strategies such as stop-loss or limit orders.)
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Using an Internet-based trading system also involves risks, including, but not limited to, the failure of hardware, software, and Internet connection
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being a weekend golfer and being disappointed when your play doesn’t reach pro-level scores. But when you think about it, why should it? The pros are out there practicing and playing all day, every day — it’s their full-time job. Most people can only hope to get a round in on the weekend or get to the driving range for a few hours a week. Keep your perspective about what’s realistic for you, and you’ll be in a much better position to profit from actively trading.
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The military has an old saying: “Proper planning prevents piss-poor performance.”
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In my experience, many newcomers to the forex market enter it too lightly and don’t appreciate the patience and diligence required to be successful. I hope you’ll take to heart the following attributes I think define a successful trader in any market