Forex is actually a shortened version of foreign exchange. This is a market where traders around the world trade one type of currency for others. As an example, an American trader previously bought Japanese yen, but now feels that the yen will become weaker than the dollar. If investors properly predict the market, then they can make a lot of money off such trades.

Emotion has no place in your successful Forex trading decisions. This will reduce your risk level and prevent you from making poor decisions based on spur of the moment impulses. While it is not entirely possible to eliminate emotions from trading, trading decisions should be as logical as you can make them.

Dual accounts for trading are highly recommended. The test account allows for you to check your market decisions and the other one will be where you make legitimate trades.

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