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How to become a forex trading star

Kate Wright, client services executive at mahifx.com, gives her insight into making money from forex trading

TRY BEFORE YOU BUY

Demo accounts offer a certain kind of security when you’re learning to trade; mainly the kind that reassures you that the $2,000 you just lost (whoops) isn’t actually real money. They’re also a useful way to take a look around a platform and get comfortable before you commit to diving in. It’s a bit like when you shop for a new bed – it’s absolutely imperative that you take a five-minute nap at the very least on every mattress in the store. Get yourself comfortable and enjoy.

STAY CURRENT

Make sure you keep up to date with what is happening in the market. Whether it’s financial news, new strategies, popular traders… the list is endless and as the old saying goes, you can never be too prepared. Always remember: money buys dinner, and nothing gets in the way of dinner.

HAVE FUN

It might be hard to believe but learning to trade can be fun. The basics of trading are applicable to a range of activities (and no, we're not thinking poker), and there are even Facebook trading games that challenge you to buy and sell your friends (and persuade your boss that you're doing work if you get caught, too). Games like these teach you not to worry about small things going wrong. The indignant outrage when a loss is first made is understandable and natural but turn this into motivation and get back out there – you won't regret it.

Kate Wright is a client services executive at mahifx.com.

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