is typically a sound investment since it trends along with the U.S. dollar. S. dollar, which indicates that it is a very good investment. Relying heavily on software can make you more likely to completely automate your trading. This can result in big losses. TIP! Although analysis is important, no trade is going to be assured of success. You must evaluate your specific risk profile, and decide how much risk you are comfortable taking. You may find that the most useful forex charts are the ones for daily and four-hour intervals. Because of communication advancements, trades can be tracked in 15-minute intervals. Shorter cycles like these have wide fluctuations due to randomness. Longer cycles will result in less stress and unnecessarily false excitement. Foreign Exchange Trading As a small trader, maintaining your mini account for a period of at least one year is the best strategy to becoming successful at foreign exchange trading. Success in foreign exchange trading is quite impossible for the neophyte who cannot tell the difference between a smart position and a foolish one. This is the kind of instinct you can cultivate with an extensive training period. Do not get greedy when your trades go well, and after you lose a trade, you should not attempt to get your vengeance. Forex trading requires that you stay patient and rational, or you could make poor decisions that will cost you dearly. TIP! Start by using a mini account. With this practice account, you trade real money. Your