The first thing you need to do is get well acquainted with basic forex trading strategies.  This is very important for two reasons.  First, you will eventually need to pick one of them to use when you start out.  Secondly, you need to look at a broad spectrum of them so you can find one that’s the best fit for your personality and skill set as a trader.

Whatever strategy you pick, you will need to learn it well.  You need to understand it clearly, inside and out.  You need to know it like the back of your hand.  This is vitally important because when you’re in the middle of a trade, there are no room for errors and there is no time to ask questions.  You have to know it solidly before you venture out.

It’s similar to an emergency responder.  He needs to understand clearly exactly what he will do in every emergency scenario before he goes out.  When he approaches a scene, he does not have time to ask questions or go back and do research.  It’s time for action, not learning.

Secondly, once you have picked and learned a forex strategy, make sure you practice it.  Don’t just fool around with a forex demo.  I’m saying, really practice it until you get good and consistently make money.  If you don’t have a track record on a practice trading account, there is no reason to believe that you will make money with real trading.

There is a pressure and stress that is involved in real trading that is only hinted at when you are practicing.  If you don’t perform well in practice, you will not perform well under the immense pressures of real trading.  It’s your hard earned money, don’t mess around with it.

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