Most Active Forex Trading Times
The thing that makes forex distinctly different than other markets is the easy availability of forex trading leverage. Trading with leverage means that you can deposit some money in your account, but you can control a much larger amount on the actual market.
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This is definitely an advantage, but it's just
as much of a disadvantage. You can make large gains relative to your
deposit, but you can also lose a large amount of money relative to your
deposit.
The thing about this type of set up is that it causes
either fear for losing money, or the greed of trying to get every last
pip of a move. You wouldn't think this is a problem, but the size of
account fluctuation when using leverage will either inspire one emotion
or the other depending on whether you are winning or losing.How to Win
The best way to win at forex is actually to use low leverage, or even no leverage at all. Sure there are professionals out there getting in and getting out, and using tons of leverage, and making money. They have been trading for years and understand the ins and outs of forex risk management. Most forex traders never make it that far because they get careless with their leverage and risk and destroy their accounts before they have a chance to learn anything. This is just a reality of trading the forex markets.
You could also considering opening a forex micro account. Using a micro account you can trade for 10 cents a pip. It's a little more than trading for strictly pennies, but you might have more forex brokerage options if you are looking for a micro account.
Why Not use a Demo Account First?
Demo accounts are great for getting to know your forex trading platform, or test out some strategies, but they don't teach you to deal with your emotions. You can be a perfect technical forex trading making money in a demo and move to a real account and start losing money like crazy. The difference is your emotions. When you trade on a demo account, the money is not your hard earned money, and there are no consequences if you lose it. Sure you might feel annoyed if you lose $1000 on a demo account, but if you lost your own $1000 the reaction is much different. Not to mention, there is usually an offshoot reaction that causes other bad trading behavior.
A demo account is indeed a good place to start, but no substitute for live trading to get a handle on what it feels like to make and lose money and figure out how you will handle the effects of forex trading psychology.
I'm Trading, Now What?
Forex trading is hard, no one starts out winning all the time. Take your time, accept your losses and move on when they happen, and try to learn from your mistakes. Also, keep on learning. Getting a forex trading education is important. There are many systems and methods of trading out there, it's good to educate yourself as much as possible. Read up on forums, tutorials, economic news releases, etc. Don't worry if someone has an opinion different from yours, this is an industry where you will find strong opinions everywhere. The important thing is that you understand your own opinion and have something to back it up.
Professional forex traders do exist, but it takes work to get there. As the saying goes, there are old traders, and there are bold traders, but there are no old and bold traders. It's a marathon rather than a sprint. Be patient with yourself and watch your risk, and you can succeed at this.
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