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If you’ve looked into trading forex online and feel it’s a potential opportunity to make money, you may be wondering about the best way to get your feet wet and learn how to get started in forex trading.

It’s important to have an understanding of the markets and methods for forex trading so that you can more effectively manage your risk, make winning trades, and set yourself up for success in your new venture.

The importance of “TIME”

Novice investors buoyed by their success with paper trading simulations may take the leap of faith and decide that they’re going to earn their living from the forex market. Some make it, but the vast majority just blow their accounts up. Studies on trader performance have shown that most lose money over the long term.

The most important thing you can invest in as a forex trader is your TIME!

Spend some serious time educating yourself about everything you can relate to trading. Take into account how much time it will take you to learn the basics. Then consider how much time it will take in your daily routine to read charts, news reports, record your trades, and be in the markets. 

Each day requires your time to analyze the market. Because news makes the market move, it’s important to consider the economic developments going on around the world and to make it part of your daily routine.

Four things to consider in your market analysis:

1. Focus on the news releases and current events