Forex trader tips
Never invest money into a real Forex account until you practice on a Forex Demo account! Allow at least 2 months for demo trading. A good demo account to start practicing with could be, for example, FXGame from Oanda. Trade with the trend to maximize your chances to succeed. Trading against the trend won’t “kill” a trader, but will definitely require more attention, nerves and sharp skills to rich trading goals. When a trend is up you don’t want to be selling.
When a trend is down, you don’t want to be buying. Always take a look at the time frame larger than the one you’ve chosen to trade with. It gives the bigger picture of market price movements and thus helps to clearly define the trend. For example, when trading with 15 minute time frame, take a look at 1 hour charts. In the same way: trading with 1 hour charts would require obtaining a picture of daily, weekly price movements. If a trend in Forex is hard to spot — choose a bigger time frame. Up and down market patterns are always present.