Presented By :- Pam Sotiropoulos
Introduction ď‚—
Forex trading is understandably one of the hottest growing home-business opportunities that people jump into. As people discover the outstanding money making potential of trading currency, the Forex markets keep growing.
Take the Time to Find a Reputable Broker ď‚—
The Forex industry has much less oversight than other markets, so it is possible to end up doing business with a less-than-reputable Forex broker.
Use a Practice Account ď‚—
Nearly all trading platforms come with a practice account, sometimes called a simulated account or demo account. These accounts allow traders to place hypothetical trades without a funded account. Perhaps the most important benefit of a practice account is that it allows a trader to become adept at order entry techniques.
Protect Your Trading Account ď‚—
Part of this is knowing when to accept your losses and move on. Always using a protective stop loss is an effective way to make sure that losses remain reasonable. Traders can also consider using a maximum daily loss amount beyond which all positions would be closed and no new trades initiated until the next trading session.
Use Reasonable Leverage ď‚—
Forex trading is unique in the amount of leverage that is afforded to its participants. One of the reasons forex is so attractive is that traders have the opportunity to make potentially large profits with a very small investment – sometimes as little as $50.
Understand Tax Implications and Treatment ď‚—
Consulting with a qualified accountant or tax specialist can help avoid any surprises at tax time, and can help individuals take advantage of various tax laws, such as the marked-to-market accounting.
Treat Trading As a Business ď‚—
As with any business, Forex trading incurs expenses, losses, taxes, risk and uncertainty. Also, just as small businesses rarely become successful overnight, neither do most Forex traders. Planning, setting realistic goals, staying organized and learning from both successes and failures will help ensure a long, successful career as a Forex trader.
Who I Am? ď‚—
Pam Sotiropoulos is a successful trader who provides the powerful strategies of Forex trading so that you can build a successful trading career and get more profits.