7 Tips to become a Master Forex Trader

1- Learn the basics before you start trading.

2 - Make sure you paper trade for at least 6 months before you trade on a demo account.

3 - Ignore all the hype about miracle systems especially those who promise to work without any work at all. Successful traders work hard to reach success.

4 - Read everything you can about Forex. Education is power especially on a challenging market like this.

5 - No matter how good you think you are, keep learning all the time. Forex changes fast and you need to be prepared to face the unexpected.

6 - Start by trading just 1 or 2 currencies at a time. Most professional traders are just trading a couple of currencies at a time, so don’t try to trade 10 or 20 currencies at once.

7 - Make sure you give your best to control risk. Every trader has losing trades and lousy weeks. Make sure you have good risk management rules in place to avoid lose your entire account. Day Trading Vs Swing Trading Which is the best way to make money on Forex? Day trading or swing trading? Both methods have advantages and disadvantages. Usually beginners think they can day trade or swing trade, but they can trade both. Day trading takes much more time and dedication than swing trading. Day traders need to be highly informed and stay on top of the markets all the time. They need to trade for at least 4 hours a day, so if you have a full time job, it would be difficult to master day trading. Swing traders usually base their trades on daily charts. So, they can trade on part time. Swing traders tend to trade for the larger movements on the market, so on a single trade they can make good profits. Day trade and Swing trade can be highly profitable. You simply need to decide what best suits your personality and schedule and then do it. My Tips Trading Here is a quick answer about how I trade. I use true support and resistance, Fibonacci's and Dynamic Trendlines. For day trading I only use the 15 minute and 1 hour charts. For my swing trading I only use the 4 hour and daily charts. When day trading I do not think about or use my swing trading rules and when swing trading I don't think about my day trading at all. In fact I have two separate accounts. Everyone who does both types of trading should have two accounts