Making The First Forex Trade
Now that you have completed the first three lessons of this course, you have the basic information you need to make your first forex trade. Before you take that first step and commit your money to a trade, there is something more you can do to help prepare yourself for the real world of trading:
Open a practice forex trading account.
Most online forex brokers offer practice accounts that simulate the real trading experience. Instead of risking your hard-earned cash, you can trade using virtual money. The lessons you learn using a practice account are immediately transferable to live accounts, so to receive the greatest benefit, you must treat the practice account seriously and trade as if you were trading real money.
Do this for at least a few weeks and then make an honest assessment of your performance. If you have more losing trades than winning trades, you must adjust your strategies and continue practicing before you open and fund an actual trading account.
Open a practice forex trading account.
Most online forex brokers offer practice accounts that simulate the real trading experience. Instead of risking your hard-earned cash, you can trade using virtual money. The lessons you learn using a practice account are immediately transferable to live accounts, so to receive the greatest benefit, you must treat the practice account seriously and trade as if you were trading real money.
Do this for at least a few weeks and then make an honest assessment of your performance. If you have more losing trades than winning trades, you must adjust your strategies and continue practicing before you open and fund an actual trading account.
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