Money management.
There is nothing more that you need to have as a base to your money making experience than a way to track the money you are putting in, losing and winning on the Forex market.
You need to have the fundamentals of money management to assess and support the strategies that you are employing on the Forex market. There is no point just investing and not being able to track your performance.
Your money diary is one of the key ways you are going to be able to track your progress and see where the mistakes are being made. Having a holistic time table and juxtaposing your money matters right next to it is one key ways that you are going to see if you are taking the right steps and the right direction towards the Forex market. If you are losing money, especially within a certain week, then you know that the current strategies that you are employing are not working for that time frame. The other thing is, it will alert you the different conditions that had been going on for that week alone.
This means that you can then investigate exactly what happened during that time that has actually made your tactics irrelevant and from there you can tweak or even overhaul the tactics on your own. With these little micro management abilities, you can have a holistic attack on the market and get the different perspectives and different conditions added into the market analysis.
The next thing you need to do is to choose the right brokerage and the right broker to work this and this is sometimes the most overlooked fact that most retail investors will not consider., Your broker should not only be based on how good he or she is or what their track record is like, you need to be able to communicate with the broker and form a good relationship with them and once you can do this, you will be able to gain a leverage on the market.
Also, you should check against the company that they are working with and you can do this quite easily actually. Never go in blind and this is the mistake that so many people are making. You cannot trust a company with your money just on the basis on how well they have done in the past. You need be able to trust them and know all there is to know about them.
Transparency in the market is one of the most important things to know. The last thing you need to have to formulate a good Forex strategy is as much information as you can on the market, the trends, the technical analysis and the fundamental analysis you need to be able to form a strategy. Making money on the commodities market is not hard, but staying there and making your presence felt is something different completely. Before you can formulate a proper Forex strategy you need all of these elements.
