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To make huge profits, traders need to trade with larger lot sizes and leverage. However, if traders don't know how to handle the risk, they can become losers in a few hours. After all, it is a very risky market. Traders often lose money even blow their accounts. So, it is best to start with a demo account. There are many brokers like Eurotrader that offer it.
Traders must have a journal that specifically records all trade, including the strategy used and the reason for execution. The journal must contain the entry date and time, price, stop loss, and profit level. Trade Results are also important. So, snapshots of charts when entering and exiting the trade. I trade with Forex4you. I also add my journal to the reason for taking the trade and feelings after witnessing it.
A broker is an important element in forex trading. Without broker a trader cannot trade in forex market. It is the main duty as a trader is to choose a good broker or him. There are a lot of fake or scam brokers in the market. So, it is really difficult to choose the best one from all of the brokers in forex market. I had faced same problem while i was choosing a broker for me to trade.
At last I found TP Global FX. They are really great in all sectors. They give low spreads start from 0.01 pips. They also give maximum leverage of 1:500. They also provide 24X5 customer service to their account holder. They also have diverse tradable instrument. There are 56 pairs of FX in their site. So, overall it is the best broker for me. I am still trading with them.