By James McKee
So many people are concerned with losing money when they begin to take an interest in the Forex currency exchange. This is definitely a valid fear and one that should be addressed constructively and not simply be dismissed. I would suggest that anyone who is entering the Forex market as a potential trader not jump into a live account immediately; this can (and usually will) result in an empty account. Your best bet is to always start out on a demo account and this will enable you to test out new techniques you learn prior to putting up an investment.
Many new comers view demo trading not as saved money but lost revenue, this is not the right way to interpret your training. Forex is an “overall” type of investment and there will be good days and bad days. The professionals who make consistent profit win more often than they lose, but make no mistake they do lose trades…and you will too. You should never let this fact scare you, indeed you should embrace it as the cost of doing business and keep it at the forefront of your mind. Running away from losses is a poor decision because when you incur losses it will be far more of a blow both emotionally and financially.
A lot of people tell me that they have a hard time finding forex books in libraries and I can vouch for this personally. You should be of the fact that a book does not have to have the word Forex on the cover to be useful to a trader. Sun Tzu’s the Art of War and various other books about philosophy, psychology and military strategy can be invaluable to approaching the market with a great mindset which is necessary to succeed in the market.
About the Author
Author is a Forex trader and financial analyst residing in Denver, Colorado. To stay up to date on all the latest developments in the financial world and beyond be sure to check out the forex exchange rates regularly.
