I'm going to share with you some of my favorite currency trading tips. I hope these will help you improve your bottom line by having you think differently about trading. There is an enormous opportunity for individuals to become very profitable in the market and that is what I hope for you.
- What is on the news?: That is the first question you should ask yourself when you are looking to make trades. The news doesn't talk about the currency market, but it does talk about the economy and the economy is what holds up the value of a currency. This is why it is one of my favorite currency trading tips. You want to pay particular attention to news related to economic growth, economic policies and economic fears. All three of these will have an affect. News on the GDP or unemployment rates will greatly affect a currency. If it is positive news, it's typically positive for the price of currency.
- Use A Demo: Demos are a great pieces of software to learn and develop the way you work as a trader, without actually having to risk any money. I often hear “gurus" saying that demos are useless and I suppose for them, they are. Expert traders don't need demos, but people that are new and growing to this business can really benefit from them. They allow you to learn the software without risk and they also allow you to test out strategies without risk.
- Simplicity: I'm sure you've heard of KISS: Keep is simple, stupid. You can't let yourself build this up into a big monster. There is just no point to that. You're only hurting yourself that way. Keep everything simple: simple tasks, simple analysis and simple trading methods.
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.