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When it comes to trading it can be tempting to reach for the stars and make foolish forex trading decisions on a whim. But this can be disastrous. To avoid catastrophic losses and protect your capital, it’s essential to respect the volatility of the markets and implement good risk management techniques. So, with this in mind, here’s a cheeky little preview of how to trade forex like a Jedi.
“Much to learn, you still have” –Yoda
Whether you’re a trading newbie or have years of experience, there’s always something to learn. Make forex education your favorite pastime. Read e-books and tutorials, check out video courses and webinars and even visit the education section of your broker’s website. If you have a question, don’t hesitate to ask for support as the answer could influence your future trading decisions.
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“Your focus determines your reality” –Qui-Gon Jinn
One of the best ways to stay focused on the markets and to practice your trading skills is to open a demo account. This allows you to trade in real market conditions with real-time trading situations. It’s an awesome way to get familiar with a particular trading platform as well as the dynamics of the Forex market. What’s more, a demo account is not just for newbies. Experienced traders can also use this type of account to test a strategy before implementing it using real money.
“Many of the truths we cling to depend greatly on our point of view” –Obi-Wan Kenobi