Forex trading for beginners – Forex experts tips for beginners

Forex trading for beginners tips and techniques come in handy for the increasing amount of people that see forex as a way to put their financial knowledge to good use while hoping to make a profit in the midst of a difficult financial situation.   
 
And experienced brokers want to contribute to this new trend by giving out years and years of experience in the currency market in simple yet useful tips. 

“This might sound like a self-help book kind of advice, but you have to understand your needs and why you are here”, says Mitchell Choudhury, a 10 year veteran and a regular in forex trading for beginners forums. ““The problem with people going into forex is that they sometimes go for the wrong reasons. Understanding your inner motives will help you establish better strategies, realize what you CAN expect from the market and of course, determine your risk factor, which is immensely important in the currency market. It’s all about the risk you are willing to take”, says Choudhury. 
Mike Song, a forex consultant for a financial firm in Boston agrees. “People think they are going to become rich going into Forex, and that is the biggest misconception I have seen with beginners. They go blind with these Wall St. images of rich people with suits, and this could not be further from the truth, especially in this economy.”
While it is true that there are very financial successful traders in Forex, good profits come with experience and discipline, and this should be written in every forex trading for beginners manual. 
“Once you know why you are here, surround yourself with people that know more about the market than yourself”, says Choudhury. “Also, open up a demo account and start practicing everything you are learning”. 
“Educating yourself is always a good advice”, says Tom Sutton, a forex broker from New York City. “There are countless sources of online information you can use to prepare yourself for the market. Open a demo account and practice what you are learning”, adds Sutton. 
Of course, forex trading for beginners also implies looking for a good broker. “That a bad broker invalidates all the gains acquired through hard work is obvious, but is equally important that your expertise level matches the broker you choose”, says Choudhury. 
“What kind of client profile does the broker aim at reaching? Does the trading software suit your expectations? Is the broker interested in your questions or is he eager to have you as a client without knowing a whole lot about your situation?”
All these questions must be carefully asked before even considering picking out a broker. “The best way to know what you are dealing with is doing a background check on the broker. There are websites that specialize in doing just that: screen the best offers in the online brokerage business and set a list of efficient brokers for the users”, says Choudhury.   
There is still more expert advice for beginners which will be covered in the next article of forex trading for beginners. In the meantime start exercising your forex muscle and prepare yourself for opening day!