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What advice would you give someone going into forex trading?
Don’t do it.
- But if you do it, study all online sources intensively until you have a grasp of what the 2% do right. If you understand what the 2% successful traders do, you will form an idea where you make mistakes and what you could do to become successful.
- Read as many books as you can afford by writers who have been successful.
- Collect trading strategies but don’t trade any of them unless you know why they are successful.
- Trade the smallest size and amount your broker allows and trade it repeatedly until you can trade the strategy in your sleep.
- Only increase lot sizes and amounts when you have proven that you can keep to your strategy and your trading plan through wins and losses (draw-downs)