Even if you master every possible rubric of market analysis and will make very accurate predictions for future Forex market behavior, you won ' t make any money without a becoming money management strategy. Money management in Forex ( as well as in other financial markets ) is a conglomerate set of rules which you develop to felicitous your own trading style and profit of money you have for trading. Money management play very important role in getting profits out of Forex; do not underestimate it. To get more information on money management you can read these books: Risk Control and Money Management Money Management ( A chapter from The Mathematics of Gambling ) Forex Trading Psychology While erudition a lot about market analysis and money management is an obvious and necessary shift to be a successful Forex traders, you besides need to master your makeup to maintain your trading performance under strict control of mind and avowal. Controlling your morale in Forex trading is regularly a balancing between greed and cautiousness. Almost any known psychology practices and techniques can work for Forex traders to support them keep to their trading strategies reasonably to their untaught emotions. Problems you ' ll have to deal while because a professional Forex trader: Your greed Overtrading Lack of restraint Deficiency of confidence Blind following others ' forecasts These are very professional books on psychology written specially for financial traders: Calming The Mind So That Body Can Perform Emotion Free Trading The Miracle of Discipline Forex Brokerage Every Forex trader like slab other professional needs tools to trade. One of these tools, which is necessary to be in market, is a Forex broker and specifically for Internet - on - line Forex broker - a company which will provide real - time market information to trader and bring his orders to Forex market. Era choosing a right Forex broker things to look for are the following: Being a professional company you can trust Provide you with real - time quotes Close your orders quickly and accurately Don ' t take a lot of commissions Support the withdraw / deposit methods that you can use For beginning Forex traders I advance these four brokerage companies that are probably the best Forex brokers to start with: FXOpen — one of the most popular and progressive brokers with MetaTrader platform and comfortable trading conditions for all charitable of traders. InstaForex — a reputable MetaTrader 4 brokers, allows Islamic Forex trading accounts, age you can deposit and withdraw money via WebMoney. FXcast — good because you can start trading Forex with as little as 10$, need MetaTrader 4 platform and the dozoen of various deal in and withdraw methods, including WebMoney, e - Bullion and wire bear. LiteForex — broker that supports MetaTrader 4 Forex trading angle and doesn ' t need a lot of money to start with.
