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It is possible to take up Forex as a full time profession with an investment of just USD 1500. In 20 days you will be making more than USD 200 per day with this strategy, but it takes time and patience. This is one strategy that has worked for me over the last 2 years. Why, should it not work for you?

No matter how careful or experienced a forex trader one may be, the whipsaw is always a clear and present danger. This is one event that can and will catch one off guard, literally knocking even the most able forex manager off his feet.

If you are a relatively inexperienced trader, you should never make trades against trends. Another mistake is going against the market in regards to highs and lows. Following the trends makes it easier to trade, since you can just move with the market. Fighting the market can make trading difficult and stressful.

Understand how the market works. It is inevitable that you will suffer money loss at some point while trading in the market. Nine out of ten traders exit Forex entirely without having ever profited. Make sure that you know this going in so that you will be prepared for the downturns and be able to stick to it long enough come out ahead.

Make sure your account is tailored to your knowledge as well as your expectations. Know how much you can do and keep it real. You are not going to get good at trading overnight. A widely accepted rule of thumb is that lower leverage is the better account type. Setting up a smaller practice account can serve as a light-risk beginning. start small and learn the basics of trading.

You will develop the skill to know the best time to sell or buy by the use of the exchange market signals. Your software should be able to be personalized to work with your trading. Have your entrance and exit strategies already in place before you make the trade.

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Study the financial news, and stay informed about anything happening in your currency markets. Speculation has a heavy hand in driving the direction of currency, and the news is usually responsible for speculative diatribe. Try setting up a system that will send you a text when something happens in the markets you’re involved in.