Canadian dollars are a very safe, stable investment. If you are going to trade in a foreign currency, you want to stick with one that you can easily track. Canadian money usually follows the ebbs and flows of the U. S. dollar, which is a sound investment. Many trading strategies require different amounts of attention; you should pick one that suits the amount of time you’re devoting to forex. If you don’t have much time for trading, try doing long term trades, like weekly or even monthly.
After you have selected an initial currency pairing, study everything you can about it. If you try to learn about all of the different pairings and their interactions, you will be learning and not trading for quite some time. Choose one pair and read up on them. Be sure to keep your processes as simple as possible. Forex is about taking risks, but it is not about going into debt. You may have read before that you shouldn’t invest money that you can’t afford to lose. Well, this causes some people to take out loans just to play the Forex game. This is a seriously bad idea. If you cannot afford it, stay out of it. Analysis is important, but the proper attitude about risks is essential. By taking the time to become educated about the techniques and fundamentals of the market, you will have the ability to develop a plan that will help you succeed in analyzing the market. Beware of schemes within the forex trading system. Many Forex traders use dirty methods in their trading practices, which require lots of tricks to properly maintain. Look up the terms slippage, draggy filling, and stop-hunting, and be ready to counter these tricks and more. Do not worry about the central forex market being wiped out; there isn’t one. Unless the entire world suffers from a disaster, the forex market will be fine. If something substantial happens, you needn’t panic or feel you must sell everything. While major world events will affect the market, it may not affect the pair in which you do most of your trading.