Forex trading online, some things in the business world are done with emotion — a 'gut feeling', as it were.
Many business leaders have been quoted as saying that the only thing they trust is their gut. It's the hallmark of obscenely rich real estate tycoons, investors and even "reality" TV show hosts like Donald Trump.
He famously said: "Experience has taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you're generally better off sticking with what you know."
If listening to your gut means making decisions based on emotion, that may work in Mr. Trump's field, but you won't find anyone who's ever made money in the Forex trading online world that way. He was, however, dead-on about one thing — sticking with what you know.
In the forex realm, that means DO YOUR HOMEWORK before depositing a dime in a real trading account. If you're serious about becoming a real trader, you need to become obsessed with reading as much material as you can get your hands on. Sign up for online webinars and take courses on Forex trading online in theory and in practice. Educated yourself. Get to know every aspect of the business from top to bottom.
Another good idea is to open a Demo or Practice Account with a few different brokers and try your hand at trading with theoretical money before going at it with the real thing. Try out different strategies and time-frames that you've learned. Hone your skills and develop a blend of strategies and make them your own.
The beautiful thing about a Practice Account is that you can try anything at all with the comfort of knowing that if you mess up and lose everything, you can go back and see what went wrong and learn from it — without having lost a real dime.
Only then, after all the reading, studying, speaking with professionals and practicing on your own will you be truly ready to open a Trading Account and Forex trading online with real money.
The last thing you'll need to do is to shop around for different brokers before you open a real trading account and deposit your money with them. There are literally thousands of online brokers out there, some are very reputable, others not so much, and still other "brokers" are outright scams.
The best rule of thumb to remember it to always check to see if the firm is registered to some official regulatory body, and to read trader comments about a particular brokers on forex trading forums.