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Getting Started In Forex - Staying Safe In Shark Infested Waters
Introduction
Many beginner Forex traders are attracted to getting started in Forex because it's represented as an easy and safe way to earn an additional income, but the truth is that trading Forex is a dangerous environment. There is a very real risk that you may lose your entire starting capital if you don't know what you're doing, and statistics show that 90% of beginner Forex traders give up on trading entirely within a year of starting. Clearly, successful Forex trading requires more than just a Forex broker and a basic system for trading. By the end of this article, you'll know how to stay safe in the shark infested Forex waters, and make the Forex trading profits you deserve.
The Dangers Beginner Forex Traders Face
Most beginner Forex traders start out without a proven Forex trading system, and that's the source of many of their initial losses. If you're just getting started in Forex, don't even attempt to trade without a tried and tested method for deriving Forex trading profits, otherwise you'll end up losing money. When you're new to Forex, it will take you a long time to gather the necessary knowledge and experience to develop your own method or system, so you're much better off buying a proven system if you want to start making profits quickly.
Even with a proven Forex trading system, there's still a considerable risk if you don't practice good money management. In Forex, your trading system tells you what trades you take, but your money management system is even more important because it tells you how many to take. You can take the right trades, but risk too much on them and still end up with a loss. Good money management in Forex is all about staying safe so that you can profit from your proven Forex trading system in the long run.
Staying Safe In The Shark Infested Forex Waters
In Forex, there are many "sharks" that would try to convince you that their system is the answer to all of your problems, but many of them are only trying to con you out of your money. To tell the scams from the real deal, you only need to apply common sense when you're making your decision. If it sounds too good to be true, it probably is, and in Forex you're not going to double or triple your money in a matter of weeks no matter how "good" the system is supposed to be. A more realistic expectation is 5-10% return each month, and if you can find a system that delivers that on a consistent basis, you've got a winner in your hands.
Even more important is your Forex money management system. The best practice is to limit your risk per trade to 2-4% of your total trading capital, because this will increase your size when your system is on a good run, and reduce your size when your system in on a losing streak. You should allow your profits to compound as you go, and make additional investments at regular intervals to further increase your Forex trading profits.
Staying safe in the dangerous waters of Forex is easy if you have a proven Forex trading system, and practice good money management. The key is to focus on protecting your capital and surviving for the long term, and your profits will come in for sure.
I've been a full time Professional Forex Systems Developer since 2007. Forex trading is my passion, which is why I really love helping anyone to overcome their challenges and become profitable in their own Forex trading. If you're just getting started in trading Forex, or if you'd like to take your trading to the next level, I'd love to help!
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