Brian Dolan

No question about it, forex markets can be one of the fastest and most volatile financial markets to trade. Money can be made or lost in a matter of seconds or minutes.

At the same time, currencies can display significant trends lasting several days to weeks and even years. Most importantly, forex markets are always moving, providing an accessible and target-rich trading environment.

Focusing on risk management to minimize losses and keep more of your gains

The leveraged nature of forex trading means that any market movement will have an equally proportional effect on your deposited funds; this may work against you as well as for you. (To manage exposure, employ risk-reducing strategies such as stop-loss or limit orders.)

Using an Internet-based trading system also involves risks, including, but not limited to, the failure of hardware, software, and Internet connection

being a weekend golfer and being disappointed when your play doesn’t reach pro-level scores. But when you think about it, why should it? The pros are out there practicing and playing all day, every day — it’s their full-time job. Most people can only hope to get a round in on the weekend or get to the driving range for a few hours a week. Keep your perspective about what’s realistic for you, and you’ll be in a much better position to profit from actively trading.

The military has an old saying: “Proper planning prevents piss-poor performance.”

In my experience, many newcomers to the forex market enter it too lightly and don’t appreciate the patience and diligence required to be successful. I hope you’ll take to heart the following attributes I think define a successful trader in any market

Dedication (time and energy)

Resources (technological and financial)