Forex is a market in which traders get to exchange one country’s currency for another. For example, an investor in the United States purchased Japanese yen, but now believes the yen is becoming weaker than the U.S. dollar. If he is correct he will make more profit by trading yen for dollars.

Pay attention to what is on the news, especially in the financial world, including the currencies you are trading. Money will go up and down when people talk about it and it begins with media reports. Set up alerts to your e-mail and internet browser, as well as text message alerts, that will update you on what is going on with the markets you follow.

Always discuss your opinions with other traders, but keep your own judgment as the final decision maker. Although others advice is important, you need to make your own investment decisions at the end …