In my opinion, you start forex trading by first of all opening a demo account and practicing with it until you are proficient and then you go ahead and open a real account with little amount. Dont invest all you money in forex
There are many ways to learn forex trading these days. They include:
Brokers educational materials
youtube forex training videos
forex forums and many more
The importance of trading with demo cannot be over emphasized. I didn't know how to trade forex until i used demo account. it is through using demo that i can trade successfully today. it is important that newbies learn with demo.
In my opinion, knowledge is continual.you can never exhaust all information available. The best thing to do is take it one step at a time and see yourself acquiring more and more knowledge of forex trading.
In my opinion, working days are the best time to trade. This is because the level of liquidity reduces during the holiday period but it is high during working days.
Forex learning is now easy in that the resources are easily reachable and affordable. it is easily accessable at little or no cost. Anyone can get these materials on the internet. Apart from this the most important part of forex is studying which help you profit.
I will suggest that if a trader can use the news to trade. That will be good. There are quite some new traders who cannot read the news to determine how to trade.
In my opinion, forex trading is not a get rich quick business. It is a business that you study and train for. Once you have the knowledge, profiting is easy.
Yes widely traded currencies are the best but sometimes there are other exotic currencies that can give you good profit. While trading widely traded currencies, it is important to look out for these exotic currencies also.
In my opinion, you can be perfect to some extent after you have reached a level of confidence in your trading. You have been able to overcome psychological effects through learning and studying.
Yes this is exactly what you need to do in choosing a good broker. Certain things to take note of are:
Low spread
Good execution
Low deposit
This is best for new traders.
Yes you will loose big time if you don't study and acquire the necessary knowledge needed to trade forex. The best thing to do is open and practice with demo account lay sufficiently until you're ready to open a real account.