Six years of FX Online Trading later, I have gone through almost all the pitfalls, traps and drawbacks this industry provides, so be careful. However, what if you’d rather not undergo all of this personally? What is it that makes the big difference between the five percent of people (or fewer) who make great profits and the ninety-five percent who just can’t seem to make a go of it no matter how many times they try?

To be successful in a swimming pool of sharks, you must digest and own some key concepts. So here we go:

How to become a successfully Currency Forex Online Trading Expert
Here are the guidelines: To optimize your Currency Forex Online Trading experience and become a master trader, the eight most important considerations are:

1. If you cannot afford to lose the money you spend on the trade, then don’t do it. When you are in a trade, you don’t want to be on pins and needles in front of your computer. Just say no!

2. At no time, you should be invested with more than 3% of your trading account balance. Your Stop/Loss has to secure this under all circumstances.

3. Always begin with a trial or demo account for one month if you are trying out something new. Most  Automated FX Trading Software Systems require a minimum of 3-6 month testing time to get familiar with the software and the trading “habits” of it.

4. Only switch to real or live trading after a minimum of one month profitable trading. It should be at least 20 trades, the more, the better. Don’t forget, the requirements are minimum ones.

5. If you manage to find a good FX Trading Software that allows you to be consitently profitable, be sure to take a part of the profits out of the market and then trade along with the rest. It is recommended that you take 50% of each months earnings.

6. Maintain a log of trades. Make sure to track your trades by using a spreadsheet or other software. Most MT4 brokers provide you with a log file anyways.

7. Review and critique the trades made with the system. That’s one of the most important parts to improve your understanding of the automated fx trading software. Often enough you will notice similarities/patterns in the trading and this will give you a deeper understanding of the systems weaknesses and strengths. Your whole tradng will profit from it.

8. Follow the first 7 rules. Take my word for it, this is the most difficult aspect. I have seen too many traders losing all their money only because they were not able to follow these simple basic rules.

This is all that is needed in terms of the fundamentals to begin. If you manage to follow these rules, you will do far better than most other traders struggling in the currency market. Get your homework done, stick to the basics and you are on your way to the top 5% who are making serious money with fx online trading.