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WHAT DO I NEED TO TRADE?
In my opinion, anyone that wants to be successful in this business has to fulfill ALL of these requirements:
1. Full understanding of what the forex market is all about
2. Fundamental and Technical education (it is possible to get good results by being only a fundamental or technical trader, but
for best results it is best to be familiar with both fields)
3. Mental Readiness (very important factor, but often neglected)
4. Proper Trading Capital (under-capitalization is one of the major problems, as well as risking too much of your funds per trade)
3. Reliable Computer Equipment
4. High Speed Internet Connection (best if it is cable)
5. Reliable Broker (do your homework, research, research and again: there are a lot of scams waiting for novice traders)
6. Charting Package (don't under-estimate the importance of it)
7. The following skills are mandatory: patience, self-discipline, basic math skills, basic computer skills and basic research skills.
The stats for retail traders are not very impressive. The majority (about 90% of traders) blow their accounts. Don't be one of the 90% that can't make it.
Prepare yourself well, because is no "easy money" in forex. It is possible to be proficient in this market, but it requires a lot of work to be able to compete with the "sharks" In order to be able to swim with the sharks, you have to become one of these sharks.
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