I'm here to share with you some of my tips to help you be a terrific forex trader. There has never been an opportunity before for the ordinary Joe to get involved and trade forex. Thirty years ago, only the biggest banks and firms could do this, now people from their home can trade and profit from it.
How do I find the right broker?
Well, the first thing you need to do is assess the characteristics and qualities that YOU need as a trader. We all have different needs that ease our mind. We're talking about a business that holds onto our money, so the integrity of it must be up to your standards. A lot of people require 24hr customer service on the phone. When it comes to their money, they need to know they can talk to a person if there is ever a problem. Other people are fine with email support. You have to know what you want.
The second thing you should do is register at a forex forum. These are easy to find through a search engine. Basically these are communities of forex traders that discuss various things. Brokers happen to be very hot topics, so you will hear everything good or bad. You should pick up that, a lot of brokers are pretty poor, while a few are pretty great.
How important is the news?
The news is free information that will give you a good idea where the market will go. The news never talks about the currency market, but economics are the foundation that hold up a currency and economic news is constantly talked about on the news.
Anything related to the performance of the economy will have an affect on the price of currency. If the news is good for the economy, it is good for the price of currency. If the news is bad for the economy, it is bad for the price of currency.
About the Author
I'm currently giving a 7 day free forex course. Newbies and experienced are all welcome. If you're interested in participating, check out the Casual Forex Trader.
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