Day trading the foreign currency market is definitely one of the more challenging endeavors an aspiring trader can pursue. The higher degree of leverage available in this market can increase profits, but it equally accelerates losses as well.
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This makes the issue of trade timing, selection, and mental attitude that much more critical to success. This also makes newbie trader get very confused.
I wrote this short article to make that confusion away. Before entering the market, lets look at four building blocks that I believe to be foundations to your trading.
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#1st Foundation
Always follow and understand the daily forex news and analysis of the professional currency analysts. Even though your trading system is based solely on technical analysis of charts, it is very important to get a birds-eye view of the markets and the news that affects the price. Knowing what the key technical support and resistance levels in the currency pair that you want to trade are also valuable. Fortunately, all the best forex news and analysis is available for free on the internet. For example, take a look at dailyfx.com, forexnews.com, fxstreet.com, currencypro.com, or do Google search on forex news keywords.
#2nd Foundation
I highly recommend you to follow 1 or 2 major currency pairs only. Why? It gets far too complicated to keep tabs on all four. I also recommend that traders choose one of the majors because the spread is the best and they are the most liquid. For example, USD/CHF is one of the most liquid fairs that move every day.
#3rd Foundation
Only enter the market when you are ready and when the technical/fundamental indicators say when. Never get into trade without stop losses. It is important to be disciplined and to stick to a plan. Dont just trade based on your gut feeling. Use technical indicators outlined and always enter in stop losses on every trade.
#4th Foundation
Practice made perfect. As old Wiseman say, there is no substitute for hard work and diligence. It is recommended to practice on a demo account and pretend the virtual money is your own real money. Do not open a live trading account until you are really confident and make some profit on a demo account. Stick to the plan and you will be successful.
Last but not least, remember, caution is the best way forward in trading. Dont risk money you cant afford to lose, dont trade with live cash until you have paper traded for at least three months and control your emotions.
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Forex Building Blocks that Works