* Always practise using a demo account before you go live and start risking your own money. Much like in an online casino, many Forex sites offer ‘fun money’ accounts to newcomers and it’s a good idea to play around with these for a while, until you find your feet and learn the rules of the game. It may take you several weeks or even months until you’re ready to invest your hard-earned cash in the market – but it’s worth waiting.
* Get the knowledge. Aside from practicing on a demo account, it’s essential to read up all you can about Forex gambling. There is a lot of useful information available on the internet, and you might find a user’s guide comes in handy. It’s worth investing in Forex training if you’re serious about making money.
* Keep a cool head. Just like in poker, Forex trading requires a calm personality. Don’t let emotions get the better of you, especially after you have suffered a loss. The best advice is to take a step away from the market, before you go back to gambling.
* Only risk 2 – 3% of your total balance on each Forex trade. This way, you won’t end up losing it all in one go.
* Read the papers. Forex exchange is all about what is happening in the world. Read up on current affairs at home and abroad so you can spot trends and make informed judgments about where the dollar is headed next.
* Look ahead – you can choose to trade in different time windows – hourly, daily or weekly. Always look at the bigger picture before you invest.
* Stick to one pair. Forex trading is about speculating on pairs of currencies, and how they affect each other. If you stick with one pair, you will learn the trends and get a feel for them, which is likely to make you more successful than picking a different currency each time.
* Trading is stressful. Accept that once you’ve made a trade, the result is out of your hands. There’s nothing you can do now. Don’t blame others if you lose – markets go up and down and you take the risk when you enter the Forex exchange. This is also what gives Forex gambling the adrenalin rush that so many people seek.
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