A New Trader Does Not Need to Start Big
When deciding to take investing into your own hands, it is important that you begin with a solid foundation. It may sound trite, but you truly need the correct tools and skills to be a successful Forex trader.
Education and training are important, yet we find one of the biggest mistakes new Forex traders make is spending thousands of dollars on software, robots and so-called systems; leaving themselves nothing to trade with. Under those circumstances, if you begin with $5,000 to invest, and spend 75% of it on a software, you’ll need a 400% return to break even.
Instead, use position-sizing to grow your account.
A New Trader Must Take Small Steps
Other common mistakes made by many a Forex traders include over-leveraging, failing to properly use stop loss orders, and not taking advantage of demo accounts as a practice tool before going live with real money. We encourage you to begin with a demo account and use a service like ours that will provide you with ongoing education and training while charging the broker instead of you.
A New Trader Should Spend Less, Trade More
You’ve worked hard to earn your money, so don’t give it away. Learn from a company that hands you trades daily while educating you on how to find them.