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• There are two basic trading methods for buying and selling currencies. Reactive trading means the trader responds to changes in the political or economic climate. Speculative trading means the trader makes buying decisions based on predictions on how the market will respond to current events.
  
  
• Many beginning traders are captivated by the allure of easy money. Forex websites offer 'risk-free' trading, 'high returns' 'low investment' these claims have a grain of truth in them, but the reality of Forex is a bit more complex.
  
  
• Use automated orders such as limits and stops, allow you to walk away from your computer with the knowledge that your losses will be kept to a minimum. However, you may miss out on potential profits because your limit order kicks in too soon.
  
  
• When entering a position try to limit risk to 1% to 3% of each trade. This means that if you are trading a standard FOREX lot of $100,000 you should limit your risk to $1000 to $3000 preferably $1000. You do this by placing a stop loss order 100 pips (when 1 pip = $10) above or below your entry position.
  
  
• Learning about technical analysis can help you become a successful FOREX trader.
  
  

To succeed in forex trading, you should learn from Forex Mentor. Working with a master trader can provide valuable insight into the psychology of Forex Trading.

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