If manual trading is your choice, do not waste your time and effort looking for a forex for dummies theory that can works because you won’t find any. Your aim is growing from being a dummy in forex trading into an expert who can make steady profits from the forex market. The changes will not happen in just a couple days or weeks, nevertheless, you can shorten the time needed by realizing these important facts:
1.Learn how the game is being played
You won’t go anywhere without first understanding how forex trading works and how people make a living out of it. I recommend you to get free lessons at forex trading course where you’ll get step by step tutorial to master the basis of forex trading. After you finished studying the trader, study the broker and how they gain their money; this is important for later step when you have to choose an online forex broker to put your money.
2. Stay away from short term trading or scalping
“Keep trading at low risk” may sounds like a convenient forex strategy for dummies, but this is a misleading idea. While it appears like a low risk trading strategy due to the tight take profit and stop loss placement, you need to win multiple trades throughout the day to gain reasonable profits. Not only that, you’ll also bound to lose a couple of trades, so your winning trades must be able to cover the loss too.
3. Do not fill your head with unnecessary strategies
Trying to master all trading strategies known to men is simply stupid. Look for just a couple proven and trusted strategies and test them in a demo account. If you can obtain reasonable profits by utilizing those strategies, open a mini live account and continue the test there. Keep testing the strategies for the next few months to make sure it can survive against various market conditions. I suggest you read a review of forex wealth builder for details about profitable swing trading strategies.
As a manual trader, there isn’t any forex for dummies solution for you apart from step by step learning. The real forex for dummies method is getting an expert trade for you (simple isn’t it?). An easy solution for this is getting an EA with proven trading system guiding it to manage your trades; read more about using an EA at automated trading software .