Selective Forex Trading:

Final Thoughts

LAST-MINUTE ADVICE

• Make sure you trade demo or play money successfully before moving into the world of live trading.

• Once you are ready to trade live, then consider trading on a live mini account with a very small amount of deposited margin to ease into the world of live trading.

• It is not only an emotional learning experience to gain control of but sometimes a very stressful event in your life to move from trading demo money to live money.

• Once you have achieved success with a small live mini account, then move on to the larger standard accounts where risk becomes greater as well as potential profits.

• Consider focusing on one currency combo and become a specialist at that before spreading yourself thin trying to learn about other combinations. Yen combinations are interesting. Starting with the $Yen and then moving on to the EURJPY, and so on, may offer more benefits in terms of gradual skill development than you can imagine. This type of approach can intensify your focus and increase the odds of your success as a trader.

• When and if you become extremely successful, people may appear in your life offering you a lot of money to trade for them, and if you accept and are not properly licensed with all the necessary extended schooling, then you may find yourself going on a free federal vacation: to prison.

• In other words, you are learning to trade your own money and not someone else's.

I feel that great traders have often found a simple trade and have had the discipline to stick ...