So you want to be an FX trader? You have two options: you can either trade smart or you can trade dumb.

FX trade smart trader

The trade smart trader wants to learn as much as he can about FX. Hes interested in the inter-relationship between countries and currencies, and he learns about overseas trading markets. He understands that putting in an FX trade means that he is essentially committing his money as an investment in another country. He knows that JPY means Japanese Yen, and GBP means Great British Pound and AUD is the acronym for the Australian Dollar.

FX trade dumb trader

The trade dumb trader thought FX stood for effects (as in special/sound). Hes not all that sure how FX trading really works, and truly he couldnt care less about what is happening on the other side of the earth, but hes heard good things about FX and hes willing to give it a go. He knows USD and thats good enough for him.

FX trade smart trader

The trade smart trader is planning to download the platforms demo program just to see if it fits his requirements. Hes not all that sure that he will get all he can out of this FX platform and figures that hell go through a couple of paper trades, then verify the outcome using good old fashioned paper and pen and a little mathematical expertise. Hell trade in the same manner with the demo money as he would with his own money, because hes a conservative sort of fellow.

FX trade dumb trader

The FX trade dumb trader doesnt even think twice about downloading the FX demo platform he doesnt need it. Hey, he figured out how to work the DVR without reading the manual so he should be alright with trading FX. How hard could it be?

FX trade smart trader

The FX trade smart trader is contemplating opening up an account on a new FX platform, so hes doing a little investigation. Hes taking a good, hard, unbiased look at their website, and hes carefully reading the fine print on the sign-up page. Hes a little worried about online FX trading scams, so hes very cautious about the firm hes considering. Hes also looking on the internet to find reviews and critiques from other users. Hes not all that concerned that theres a signing bonus if he joins, because hes carefully checked the fees and spreads to determine whether or not it will fit in with his plans.

FX trade dumb trader

The trade dumb trader thinks, Bonus? Where do I sign?