The FOREX market is riddled with traps for aspiring traders.
Stay Away From Forex Forums
The first thing that people should do is stay away from FOREX forums. There are 3 types of people who post on FOREX forums, firstly the EGOtistical losing traders. Secondly, you have the newbies, and finally, the diamonds in the rough who will drop a little bit of information.
Whilst the diamonds in the rough are very helpful, its’ best to avoid the egotistical traders and newbies until you have found your footing in the FOREX market. That way you will be able to filter out all the misinformation and falsities that exist in the market.
Oh, did I mention that brokers own most of the forums? About 3-4 years ago brokers started buying up the forums due to the shift in advertising cost.
Find a Forex Broker
The next thing you should do is find a broker that suits your needs, with a demo account. The demo account is what you will be doing for the next few months. So make sure you intend on pursuing a career using your broker of choice, rather than jumping from condition to condition. Every forex broker has different conditions, and you need to find conditions that suit you.
Don’t Pay for Trading Software or Indicators
Finally, make sure, make so sure, that you don’t pay for trading software or indicators. The reason they are being sold is because they simply don’t work. No one sells the golden goose, and for sure aren’t giving away golden eggs. Remember, if it sounds too good to be true. Then it probably is.
Most traders you will encounter are losing money, prepare yourself for that.