In this article I wanted to post out some of my personal tips in order to achieve higher success in online forex trading. The reason for this is that forex trading seem to be getting really popular within the last couple of months, and with so many beginners coming on to the scene, I figured it would be helpful to get to now some basic things in order to get going.

First of all, choosing the right broker is one of the most important things in your whole forex trading career. I’m not only talking about avoiding scam sites here, as you can probably figure out yourself. Although many forex trading sites look the same, they can actually differ quite a lot. Always pick a forex broker that is licensed, and has a stable support team. Other things to look for are the spreads. You want the spreads to be as low as possible! Although it might not seem like a lot if they differ just a pip from site to site, these numbers can really grow when you start making a lot of trades on the fast paced forex market.

Another tip I have for beginners is to visit forex trading centrals. These website were extremely helpful to me in the beginning, as they provide pretty much everything you need to know when you are starting out. Sites like forextrading.pm have everything from beginner’s guides, strategies for both new and advanced traders, as well as a huge section of reviews over different trading websites so that you can easily build an understanding over which trading websites are good and which aren’t. Another good thing about these trading centrals is that they often can offer you better deals at certain brokers than you would have gotten if you went to the brokers site straight away!

Another big key to forex trading is to not let your emotions to take over. That is why I never advise people to trade money they can’t afford to lose. I can promise you that this is pretty much a recipe for disaster in the trading world. The reason it’s so important to detach yourself from your emotions is that they tend to affect your decision making. Say you have got all your money on a single trade. Now, you know the right decision is most likely to wait as the currency goes down initially, as you have predicted it to go up soon again, but regardless of that you chose to sell your currency at a loss as your emotions won’t let you take the risk of losing.

I would also advise that you straight away choose a broker which offers a large selection of currencies to trade with! Although you might initially only trade with the popular currency pairs, such as EUR, GBP and USD, you will soon notice as how you get more skilled you get more and more interested in trading with other less well known currencies. You can read more about currency trading on this page!