How to Be a Successful Forex Trader in 2019

The forex market is, in fact, the largest financial market in the world. Daily trading value in the forex market surpasses that of the equity and derivative markets. If you want a piece of the cake, it’s not too late to start now in 2019. Here are some tips to help put you in the right direction.

Choose Your Leverage Level Carefully

One of the unique advantages of trading forex is the power of leverage. With stock trading, normally the largest leverage you could get is 6:1. With forex, you could get from 50: 1 up to 400:1. That gives you the ability to control a huge amount of currency with just a small amount of deposited fund. The plus side? You’ll profit a lot if the trend is with you. However, the downside is the contrary if the trend turns against you.

Get Educated First

The forex market trades 24/5, which means there’s always a chance to make money no matter what time of the day it is. Economic, politic news and other major events around the world affect the currency market. If you want to be a successful trader, you need to educate yourself on fundamental and technical factors in the forex market. It takes time and practice, so be patient with the learning curve.

Trade a Demo Account First

The best approach is to trade with a free demo account before committing your hard-earned money. If you cannot trade profitably with a demo account, don’t trade with your real money. Many successful traders trade with a demo account for at least 3 months before they switch to a real one.

Above are some advice to help you get started with forex trading. Remember to pick a trustworthy broker with the right level of leverage so that you don’t have to worry about being scammed.