Learn and Earn In order to succeed in the forex markets, learning about the forex is an important aspect. The slightest of details can’t be neglected even if getting into forex is easy. Most of the learning in forex can only be done through indulging in live trading and gaining experience. But that doesn’t mean that any trader should not learn anything else regarding the forex market. A trader should also learn the money based factors that can have a significant amount of effect on traders preferred money types, including the geographical factors that can change the countries’ rules and political relations. The trader needs to be flexible according to the market rules, conditions and the events taking place in the world, and that needs learning as the development of a trading system and designed planning is the aspect of this research process. Practice Account- Gain Experience Practice Accounts are the demo accounts or the simulated accounts that are provided by the trading platforms in order to let the users gain some experience by trading without paying for the account. Maybe the best advantage of the Practice Account is that it helps the trader to learn and be good at initiating the new way of doing things. When entering or leaving a particular position, a push of the wrong button can severely affect the confidence of the trade and the trading account as well. Unsurprising and usual at the same time, a new trader for example, instead of closing the trade can unintentionally lead themselves to a losing position. Unsafe trades can be lost due to a number of errors in the order entry during the trading and the situation is more than just a handful of financial loss, even leading to a stressful environment ad tensions. It is well said that practice makes a man perfect, so a trader should practice, trial, test and investigate before putting financial inputs on the line. Well Maintained Charts Getting a new account can lead to a temptation that can result in overuse of the features and tools provided by the trading platform. Even if the indicators and tools are good for the forex market, one should keep in mind that analysis ways of doing things should be kept least if you want them to be effective. For example, using the two volatility indicators or oscillators can lead to a negative impression and have a negative influence on the trade and should be avoided. Any unusual or unexpected ways used to improve the performance trading should be avoided from the chart. Apart from the tools used, the charts and the workspace should be well maintained with the fonts, colors and the bars should be kept in an easy to read manner and should be easy to explain and understand. This helps the trader to adjust and react easily to the varying market circumstances. Trading Account Security Since the main motto in forex trading is to earn money, losing money at the same time can be a setback and should be avoided. One of the best and the experienced trader agree that you can enter a position at any rate or amount of the sum and still be successful in making money; it’s the way to exit from a trade with significance. For a successful trading, proper money management is also an important aspect that a trader needs to take care of. Also, accepting the losses and moving on is the part of forex trading. Always losses should be kept logical and rational by using the effective protection with your trades. The one-way traders can carry this out is by the means of setting a maximum amount of loss a trader can take in which all the positions can be closed until the next trading session will be started. Apart from limiting the loss, the traders should also consider that protecting the profits is equally essential as limiting losses. Trailing stops and money management techniques can be used to secure the profits while giving the trade to extend and grow at the same time. Go with Small Start When the trader thinks that he’s fully prepared and can handle every situation, it is the time to go live, i.e. starting the trade with the real money at disposal. After practicing with a demo account, the trader may think he’s ready but there are unpredicted situations in real life trading that can’t be simulated and hence, it’s better and smart to go with a small amount at the start. Certain factors can be decisive when you’re going live out there in the field that cannot be predicted or be prepared for until you practice trading live in the market. Also, the predicted situations and results can go head-on in the market trading that was expected to be the best during the simulation. But, if the trader smartly starts small, it can help to assess and estimate his/her plans and mindset in order to gain experience in carrying out the order entries, keeping away the potential threats to the trading account at the same time. Small Leverage One of the reasons that forex is so unique and appealing is that it provides the traders with the opportunity to make huge profits with only a minimum investments, even as low as $50, making it distinctive as it provides the low leverages afforded by the investors. Used in making huge profits and extend for growth, forex can also easily intensify the losses. The leverage sum can be commanded by the trader by using the base position amount on the balance account. If a trader has $100,000 in his or her forex account, for example, then a $1,000,000 position would use 10:1 of the leverage. A trader can even access a much larger position if wanting to maximize leverage but the low position will be the less exploited as it will limit the risk. Trading Journal A trading journal is the documentation of all the losses and gains the trader had overseen in the trading. It is an effective way to keep the record containing the dates, profits, losses and most distinctively the own performance by the trader and the journal can be helpful from learning from the experiences in the forex trading. And as the journal is documented, it can be an effective way to learn from the forex market and the feedback that will eventually help in becoming an eminent trader. Serve Trading like Business Individual losses and profits are just a part of the business. They should not be handled emotionally but smartly. And so is just how the trading works. It is essential to treat forex trading just like how you treat like a business. In the short run, profits and losses need to be avoided with the emotional attachments as the forex trading comes with unpredicted situations and conditions that cannot be simulated at any platform. Hence, risks, profits, and losses come with a certain amount of variability and dubiety that needs to be overlooked in short run. Neither the business nor the forex trading can be successful in the short run but the trader needs to keep patience regarding the trading. Is the trader needs to have an eminent career, he or she needs to learn from not just their losses, but also from their profits. They should keep their mind open to ideas and goals, planning the system and organizing it at different levels will keep them on the right path in the right direction to eventually be a successful trader.