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Open forex demo account.Every trading strategy needs to take into account the upcoming news and data releases before the position is opened. You should know the schedule of all data releases and news events most likely to occur during the anticipated time horizon of your trading strategy. forex market reacts violently to surprise news.

Your success depends on your forex trading system.You should have a good understanding of what the market is expecting in terms of event outcomes to anticipate how the market is most likely to react. One important thing that you should not lose sight of is that forex markets are highly integrated with the other financial markets.

You need to develop the habit of looking at what’s going on in other markets and trying to anticipate the fall out on the forex market. Forex markets function alongside other major financial markets like stocks, bonds, futures, commodities (particularly gold and oil). There are important and psychological relationships between these markets and the currency market.

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After each trade, regardless of the outcome, evaluate your trading results. Look back over the whole process to understand what you did right and what you did wrong. How did you identify the trade opportunity? Was it based on technical analysis, fundamental analysis or a combination of the two?

Looking at your trade this way will help you identify your strengths and weaknesses as a fundamental trader or a technical trader. For example, if your winning trades are more as a technical trader, you should probably devote more energy to that approach.

What tools you might have used to improve your entry timing? Were you patient enough in your trade or did you rush to make hasty decisions? You should also ask yourself was the position size sufficient to match the risk and reward scenario or was it too large or too small. Could you have entered at a better level?

Were you effectively able to monitor your trade after it was open and active? If so how? If not, why not? The answers to these questions will reveal a lot about how much time and dedication you are able to devote to your trading.

Currency trading is all about getting out of it what you put into it. Evaluating your trading results on a regular basis is an essential step in improving your trading results. This will help you in refining your trading style, maximizing your trading strengths and minimizing your trading weaknesses. These questions and the answer to them will reveal the role emotions play in trading. Controlling your emotions in trading is crucial to your long term success.

Now you can learn all these things on your real account by trading live and going through the roller coaster of trying to control your emotions while blowing it repeatedly. But in my opinion, the best place to learn and experience all these things is on your demo account. I keep on repeating myself; first double your demo account three times in a row, only then trade live.

You cannot double your demo account three times in a row without going through all the above that I have pointed out. Doubling your demo account three times in arrow will give you the level of confidence and belief in you to make it big in the forex market.

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