1. FOREX Market - FOREX, also known as the FX market or the foreign exchange market, is largest and oldest financial market in the world.  It is also the biggest and most liquid market in the world, a market that runs 24 hours a day, five days a week, circling the globe with financial transactions.

2. FOREX Pros - But one of the main advantages of the FOREX market is margin. In this market, a trader's money can play with 5-times as much value of product as a futures trader's, or 50 times more than a stock trader's.

Just like futures and stock speculation, a FOREX trader has the ability to control a large amount of currency by putting up a small amount of margin.

3. Currency Pairs - There are five major currency pairs that are trades on the FOREX market, and they account for about 85% of all daily transactions. They are: Euro against US dollar, US dollar against Japanese yen, British pound against US dollar, US dollar against Swiss franc, and US dollar against Canadian dollar

4. Bids, Asks & Spreads - Once you are comfortable with the concept of currency pairs, you are ready to consider the composition of a FOREX quote. These quotes are generally two-sided. The two sides of the quote are the bid and ask, which is can also be called the bid and offer.

5. Finding a Broker - It’s not always easy to know what to look for in a broker in any market, much less a market as complex as the FOREX. But, if you want to trade in FOREX you need a broker. While it might be tempting to simply ask the brokers what they can do for you, you can’t always depend on them to give you a straight answer.

6. Brokers to Avoid - A broker that meets all of these needs should be a good broker for you, but you still need to be certain that they are honest. Dishonest brokers can be prone to prematurely buying or selling near preset points (commonly referred to as sniping and hunting) or may indulge in other habits that will cost you money.

7. Margin Wisely - Any broker you consider will likely have a minimum account size, also known as account margin or initial margin available to traders. Once you have deposited your money into the account you will be able to begin trading. The broker will also stipulate how much equity they require per position, or lot, traded.

8. Strategy & Analysis - All successful traders have a carefully thought out system that they follow to make profitable trades. This system is generally based on a strategy that allows them to find good trades. And the strategy is based on some form of market analysis.

9. Fundamental Analysis - In fundamental analysis, you are basically valuing either a business, for equity markets, or a country, for FOREX. If you think it's hard enough to value one company, you should try valuing a whole country. It can be quite difficult to do, but there are indicators that can be studied to give insight into how the country works.

10. Technical Analysis - Just like their counterparts in the equity markets, technical analysts in the FOREX market analyze price trends. The only real difference between technical analysis in FOREX and technical analysis in equities is the time frame. FOREX markets are open 24 hours a day.

11. Trading Tools - Whether you choose to use fundamental analysis, or technical analysis, you will need a way to access and interpret information about the market. The Internet is filled with websites that offer you unique insight into the FOREX market, and it’s often difficult to know which ones to consider. Here is a roundup of some the more useful tools available.

12. Analytical Tools - Elliot Wave – This is considered by most experienced traders to be the purest form of technical analysis, since Elliott Wave analysis measures investor psychology. The Wave shows how the psychology of traders, en masse, moves from pessimism to optimism on a stock. This shift occurs in a specific and measurable.

13. Tutorials - The Forex Edge is an instructional CD that tries to teach FOREX traders how to use the different trading tools. It demonstrates how to identify unique trading formations and how to structure your own indicators and generate your own trading signals.

14. Your System - Before you start trading, you need to design your trading system. And the basis for any well-designed system is to know what you want to achieve. Without specific goals and objectives, it’s difficult to succeed at any enterprise.

15. Being Prepared - With a trading system you are prepared for every situation you may face in your trading. This ensures you’ll be consistent in your trading no matter what happens. To make sure you cover everything, your system should have:

• Rules for entering, adding to, and getting out of your positions.

16. Profits Run - Once you’ve design and tested your system, there are a few trading fundamentals you will want to become familiar with. The first one is to always let your profits run. Let your trade go as long as it can and then take your profits once it moves back a bit from it’s high.

17. Cut Losses - When you’ve figured out how to let your profits run, you need to start on the other end of the equation, and keep your losses short. This can be just as difficult to do as letting your profits run, even though it seems just as logical. Keeping your losses short preserves your capital.

18. Manage Risk - No matter how carefully you plan to manage your losses and profits, trading is inherently risky. There is no way around this fact, but you can protect yourself from the worst aspects of risk, if you are aware of the ways to do so.

Another rule that you should always follow is to never add to a losing trade. If a trade has started moving against you, adding to your position on that trade will be extremely risky.

19. Eighteen Tips - You can never have too many tips or tricks up your sleeve when you are trading. Most of the tips I’m including here are received wisdom, trading truisms that you should remember. They apply to all markets, but are particularly useful in a volatile and technical market like the FOREX...

20. Start Trading - I recommend that traders with small accounts ($25,000 and under), always trade with the trend. Many beginners look for trades that flow in any direction, which can be somewhat unreliable. While FOREX trading easily permits bi-directional trades, trading in the direction of the trend will improve your odds over the long run.

21. Trade FOREX? - Many traders find the FOREX market intimidating – but they don’t have to be intimidated. Any trader that is willing to spend some time getting to understand the FOREX market, and who is willing to become familiar with its unique characteristics, can adapt their trading strategies so that they fit this market. Then, instead of being wary of the market, they will be able to take part in the profits available in the FOREX market.

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