Trading in the forex market is a new experience for most people. I, like many people, worked a regular day job before I ever started into this. Trading currency offered a challenge, but I persevered and learned.
Should I Approach My Trades Cautiously?
Yes, to a degree. Being cautious is important because it protects you from losing what is in your wallet, but like most things, overprotecting yourself can be detrimental to progress. You should definitely approach cautiously, but don't be overcautious. You don't want to get stuck in the paralysis of analyzing a trade to death. Often when you hesitate you miss out on the opportunity. You need to find a healthy balance between overcautious and overambitious.
What is this margin trading?
Margin trading is trading with leveraged money. Basically you put in a deposit at your broker and they let you trade with 10x or 100x more money. This isn't free money though because if you start to lose your deposit they'll do a margin call and cut you off. It's basically away to leverage more profit out of a trade, but the down side is that it also leverages losses and you can lose much faster.
Should I be using software?
Yes. Software like forex Killer serves as an excellent tool to help you succeed. It will process currency graphs, searching for trends that you can use to make profitable trades. It also acts an automatic trader. You can set it up to make trades when you're away from the computer.
