FX – Trade Smart

FX Trade Smart

So you want to be an FX trader?  You have two options: you can either trade smart or you can trade dumb. 

FX – trade smart trader

The trade smart trader wants to learn as much as he can about FX.  He’s interested in the inter-relationship between countries and currencies, and he learns about overseas trading markets.  He understands that putting in an FX trade means that he is essentially committing his money as an investment in another country.  He knows that JPY means Japanese Yen, and GBP means Great British Pound and AUD is the acronym for the Australian Dollar. 

FX – trade dumb trader

The trade dumb trader thought FX stood for effects (as in special/sound).  He’s not all that sure how FX trading really works, and truly he couldn’t care less about what is happening on the other side of the earth, but he’s heard good things about FX and he’s willing to give it a go.  He knows USD and that’s good enough for him.

FX – trade smart trader

The trade smart trader is planning to download the platform’s demo program just to see if it fits his requirements.  He’s not all that sure that he will get all he can out of this FX platform and figures that he’ll go through a couple of paper trades, then verify the outcome using good old fashioned paper and pen and a little mathematical expertise.  He’ll trade in the same manner with the demo money as he would with his own money, because he’s a conservative sort of fellow.

FX – trade dumb trader

The FX trade dumb trader doesn’t even think twice about downloading the FX demo platform – he doesn’t need it.  Hey, he figured out how to work the DVR without reading the manual so he should be alright with trading FX.  How hard could it be?

FX – trade smart trader

The FX trade smart trader is contemplating opening up an account on a new FX platform, so he’s doing a little investigation.  He’s taking a good, hard, unbiased look at their website, and he’s carefully reading the fine print on the sign-up page.  He’s a little worried about online FX trading scams, so he’s very cautious about the firm he’s considering.  He’s also looking on the internet to find reviews and critiques from other users.  He’s not all that concerned that there’s a signing bonus if he joins, because he’s carefully checked the fees and spreads to determine whether or not it will fit in with his plans.

FX – trade dumb trader

The trade dumb trader thinks, “Bonus?  Where do I sign?”

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