Forex is trading in foreign markets; anyone can be a Forex trader. Trading successfully is another story. Read on to find out how you can get a successful start in forex trading.

After choosing a currency pair, do all of the research you can about it. When you try to understand every single pair, you will probably fail at learning enough about any of them. Choose one pair and read up on them. Keep it simple.

Forex is directly tied to economic conditions, therefore you'll need to take current events into consideration more heavily than you would with the stock market. It is crucial to do your homework, familiarizing yourself with basic tenants of the trade such as how interest is calculated, current deficit standards, trade balances and sound policy procedures. If you don't understand these things, you will surely meet with disaster when you begin trading.

If you keep changing your stop losses, hoping that the market will rebound, chances are you'll just lose even more money. Stay on plan to see the greatest level of success.

Because the values of some currencies seem to gravitate to a price just below the prevailing stop loss markers, it appears that the marker must be visible to some people in the market itself. This is a fallacy. You need to have a stop loss order in place when trading.

Do not rely on other traders' positions to select your own. Many forex investors prefer to play up their successes and downplay their failures. A forex trader, no matter how successful, may be wrong. Do not follow the lead of other traders, follow your plan.

It is important to not bite off more than you can chew, because you will only hurt yourself in the end. You need to be realistic and acknowledge your limitations. Becoming a success in the market does not happen overnight. It is generally accepted that a lower leverage is better in regards to account types. If you're a beginner, use a mini practice account, which doesn't have much risk. Dip your toe in the wat