Page 169 - Ultimate Guide to Currency Trading

to program automated trading programs right onto the software using C++ or another computer

language. If you plan on getting into this type of currency trading, you should inquire if the broker you
are looking into can accommodate you in the future.

Lastly, you will need to have some sort of reporting of your trades. It might be a simplified
version of a profit and loss statement that can be carried forward throughout the year, or it can be a

more complex record of each trade. Either way you will need to have a record of how much you make
and lose over the months and years. Providing these records will greatly add to the value of your

broker come tax time.

Build Up Your Account
Whether you are going to trade in a conservative manner or a more aggressive manner, you will

eventually have to have enough money in your account to make it worth your while to spend the days
and nights reading about the currency markets. Smaller accounts are good to start with, as they are

much easier to stomach when a trade goes against you. Trades that go against you are a normal thing
in currency trading.

It takes some getting used to in order to learn how to build up trades and then learn how to
figure out what to do with them once they are at a profit. It takes a certain amount of skill to know

how to work with money. It is best learned by starting with smaller amounts. In that way you can look

at your wins and loses with an educational slant, somewhat free of the negative feelings such as fear,
greed, and guilt. These feelings can run rampant when you have an FX account; the best way to deal
with the feelings is to learn how to trade with small amounts and build up the size of your account at

periodic intervals.

It might be best for you to add money into your account on twice a week, once a week, or
once a month. The idea is that you will be gaining experience with the money level that you have, and
you will have that account size mastered by the time you deposit more money into the account at a

later date. This is the best way to learn how to work with money, a skill that includes learning how to

deal with the emotions that come with bigger and bigger wins and the occasional, inevitable loss.
Learning how to handle money can be a quickly learned task. Once you are successful at

currency trading you will undoubtedly want to add more and more to your account in order to reap
the rewards of your currency trading skills. The best way to do this is to add funds regularly.