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Forex Trading – Is It For You?

Interested in the world of Forex trading? The exciting profession that can offer relatively unlimited profit opportunities? Then welcome to this site where you can get to know the intricacies of Forex trading. Discover the knowledge, jargon, aptitudes and personal qualities necessary to be successful. The Australian Forex market is considered the largest market in the world where more than 5,000 billion dollars are traded daily. You will find no guarantees of making easy money on here, but guidelines built on years of experience to assist you in successful trading.

Have you done enough research? Do you know why the forex market is one of the largest markets in the world? Why is it the go-to choice for hedge funds and institutional investors? You need to understand the history of Forex trading before you start to move forward in this fast, competitive arena. Our guides are designed to explain how it has exploded over the past few years, and why the Forex spot market has become more advantageous than the more traditional equities and futures markets. On this site, we will explore how some traders have become successful and why others have failed.

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How Can You Start Forex Trading?

You have decided you want to be a currency trader, but the first step is to do some research. Do you know what currency pairs are? Which method of analysis suits you better, fundamental or technical? If you have the answers to these and other relevant questions, then you might be ready to start trading. If the answer is no, then you need to spend some more time broadening your knowledge and experience before risking your money.

Selecting A Forex Broker

To start trading, you need a reliable and trustworthy Forex broker. There are many brokers available, and for new traders, it may be hard to select the best one. You could start by checking with our Forex Brokers section. Remember, the best ones will offer a demo account, where you can test their trading platform and your strategies. Usually, registration is quick, and you need only to provide some recent bills to prove your address is valid. A point to take note of is to consider and test the services offered by the Forex broker very carefully before making any decision.

Installing Trading Software

A trading platform is essential, and you may need to download the trading software to your PC or mobile device. MetaTrader4 is currently the favoured platform, but technology is always on the move, so keep your eyes open for future developments. Some brokers use their own specifically designed platform, which of course can be amongst the best! We will monitor the regular and custom platforms and keep you updated with all that is happening, so you can make informed choices.

No matter how experienced you think you are, always test out a platform that is new to you. This is especially true for those just about to dip their toe in the currency market. On these demo accounts, you will have virtual money to test out how to order, and how to place stop, loss etc. They are a great learning opportunity without having to use your own cash.

Trading And Psychology

While the demo platforms are a great learning tool, they often do not allow new traders to explore the emotional aspects of trading, and the effect this can have on you both as a person and your trades. As soon as you move to your cash deposits, you will begin to experience the psychological aspects of trading. This can include how hesitation or fear of losing money can create wrong decision making. If you are making a profit, greed can also influence you to stay in a position, because it may go higher, instead of closing the position and enjoying the gains made. To trade successfully, you need to be disciplined and not allow your emotional responses to dictate your trading. Learn in these guides how to create a functioning trading plan, one that will minimise the impact of your emotional state, and recognise the state of mind you are in and its positive or negative effects on your trading.

Forex Trading – Practice, Practice And More Practice

There is a saying that ‘You don’t have to be great to start. But, you have to start to be great!’

Making a profit is not as simple as some make out, but it can be straightforward. Everyone needs to learn their craft. You don’t think Robert Murdoch, John Ilhan or Katie Page, some of the wealthiest entrepreneurs in Australia were just lucky, do you? Luck plays a small part, but it is practice and experience gained from that learning that is the way forward in Forex trading.

Use the demo accounts, try a trading simulator, read and explore the basics of trading. Keep up to date on current market activity.

It is hard to make a profit in Forex, and there are risks attached, which is why practice is so important. You have many available options to practice your trading skills and learn to trade successfully. There is no one perfect solution that will suit all traders. Paper trading can be a good way to start – not real paper, but with help of your demo account of course. A famous economist once concluded that 80% of any result comes from 20% of the action we do. The key to being successful is identifying which knowledge and actions make up that 20%.

Forex Trading In Brief

All you need to start making money on Forex trading is a computer or a smart phone, and an Internet connection. Your goals are up to you, although we will help you to identify them and make them work for you. Unlike other finance markets, Forex doesn’t require big savings for you to take part. There are excellent and reliable platforms with minimal deposits as small as $25. Although there are also those for thousands of dollars, the golden rule when you start is to risk only what you can afford to lose!

There are significant risks to Forex trading. Most of these centre around not understanding the Forex trade and not spending enough time to learn the intricacies and analyses of trading tools.

Psychologically, greed, fear and over-confidence are also the downfalls of many trainee and experienced traders. There are many aspects of trading that you will need to learn, including:

  • Analysis of the global markets and the tools to use
  • ADX technical indicators  – (Average Directional Index)  
  • RSI financial indicators – (Relative Strength Indicator)
  • Getting the best out of market movements
  • Pips leverage & lots
  • Market liquidity
  • Forex vs Equities
  • Hedge funds

Risks Associated With Trading

Never go into anything without understanding all the aspects. To make reliable decisions in your Forex trading you need to be constantly aware of the risks.


Leverage is borrowed funds you can trade with. The benefit is in having more money to trade and make more profit, but only when it is used correctly. If you don’t do your homework on market volatility and borrow too much, then the loss can be devastating.

Interest Rates

Interest rates can dramatically change Forex prices, as a country’s exchange rate can be affected by the interest rates. If the rates rise, the currency strengthens due to an influx of investments that a strong economy initiates. However, if interest rates fall, the currency will weaken, investments are withdrawn, and the currency value falls. Understanding the key factors that affect a country’s interest rate is essential for traders.


The counterpart in a financial transaction is the company or brokerage used. The risk refers to the company defaulting on the contract due to any number of unexpected factors.


A traders state of mind is one of the most critical factors governing success. A positive psychological state allows them to make good trading decisions. A bad psychological state, like depression, greed or fear, will result in traders hesitating or making bad choices with the resulting loss of profits or worse.


Forex markets are profoundly affected by large-scale political and economic events that may cause huge fluctuations, leading to substantial losses. For example, when Britain emerged from the European Union, traders lost tens of billions of dollars in just one hour.

How To Manage The Risk

Successful traders can avoid previous risks in the first place if they are aware of them and their negative results.

  • Do not risk full capital in a single transaction or one pair of currency pairs. Always be careful to diversify and use no more than 20% of the capital.
  • Do use leverage not exceeding five times the capital and comply with stop-loss orders.
  • Stay away from trading in a negative mood and do not open any transactions, especially in times of loss.
  • Do not enter into any deals at the time of major political and economic events that could cause unexpected fluctuations.

If you still think Forex trading is for you, then you will find our ongoing posts, articles and free Forex trading course extremely useful. Continue to check in on us as we keep you updated on the tools and know-how necessary to become a successful Forex trader.