Research and analysis should be the foundation.

[Marian Median]

Research and analysis should be the foundation for your trading endeavors. Without these, you’re operating largely on emotion. This doesn’t typically end well. When you first start researching, you’ll find a wide wealth of Forex resources which may seem overwhelming at first. But as you research a currency, you’ll find valuable resources that stand out from the rest. You should regularly look at current and historical charts, monitor the news for economic announcements, consult indicators and perform other analysis activities.

 

[mlawson71]

That is true. Forex trading has an enormous potential for profit, but is also the source of the biggest financial scams out there, so if you don't know how to trade, and if you don't research the companies you work with, you can end up losing a lot of money.