Forex trading has increased to a great extent in the recent years and the tendency among the common people to invest money in forex trading has also multiplied.

1. WAYS THAT LEAD TO BECOME A SUCCESSFUL FOREX TRADER
Forex trading has increased to a great extent in the recent years and the tendency among
the common people to invest money in forex trading has also multiplied. Forex is the short
form of foreign exchange market. It is the world’s the most liquid market. It allows currency
changing for the international trade. Foreign exchange market works continuously. In shot it
works for 24*7. It is responsible for changing the values of different currencies. Most of the
forex trading takes place in UK which is about 36.7% of the whole market. USA comes
second with a percentage of 17.9% and Japan comes third with percentage of 6.2%. The
foreign exchange trading has been increased by 20 %. Before starting forex trading it is
important for the first time traders to have considerable knowledge about forex trading.
Finding a good and experienced forex broker can make the whole process much easier.
Some qualities like having a trusted forex broker, analyzing power and practical
expectations, courage and power to learn from experience can pave the way for a common
man to be a successful forex trader.
Before zeroing a broker one should read his profile properly and also read the reviews. A
detailed study of different brokers will make the client understand whether they are reliable
or not and the type of service and opportunities provided by them. Another important thing
while going for a financial broker is their reputation about customer service because many
situations can arise when the client needs to communicate with the forex broker. For
example there may be problem in the statement. In such a condition one should first
contact the forex broker or the firm. A lack of communication can lead to losing a good
amount of money as well. It is very important to look for the policy of money deposit and
withdrawal. Many brokers set a standard for the minimum and maximum amount of money.
Some individual brokers and firms sometimes offer different unique offers which can be of
great importance.
The ability of analyzing the condition of the market is one of the basic conditions of
becoming a successful trader. For a novice it may seem very difficult but actually the thing
is not that much difficult? A novice forex trader should start with learning some particular
terminology associated with forex trading like currency pairs, STP, charts, PIPS and so on. It
will make the learning process much easier. There are generally two kinds of analysis –
technical and fundamental. Technical analysis is used to study the condition of the market
from the information of a particular period. By analyzing the past movement of the shares
predictions can be made about their future movements. Fundamental analysis shows the
possibility of the particular way in the share can react. Another thing which should keep in
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2. mind before investing in the forex trade that a risk factor is always there in this field.
Therefore, the approach and expectations must be realistic. The condition of the market
should be studied properly.
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