Buy foreign money when exchange rate is low, sell it when exchange rate is high?
Is this a legit way to make money? In Australia, for every $1 Australian, you get $0.93 American. It used to be for every one Aussie dollar, you'd get like 50 US cents. If I were to buy American money now, before the exchange rate rises, could I sell it and make money? Is this illegal? Tell me your thoughts. 
1. You need not work hard. You need to be Smart.
Forex trading is a bit different kind of business. Working hard and trying to stay in the market round the clock will not make you successful in this business. You need to be smart in this business. Here you need to catch the movement at the right time and exit from it at right time.
2. There is no scientific formula to predict future movements in currency market.
It is no way possible to predict the future movements in currency market. If you have any experience in this market you know for sure that all big theories available in the market go wrong many times. Instead for trying to predict the future based on data derived from previous records it is more important to analyze the present condition through technical and fundamental analysis.
3. Simple systems work better than complex ones.
Complex systems involve too many elements. It is very difficult to keep track of all elements all the time. As a result complex systems break easily. Simple systems always work best as they are more robust and easy to manage.
4. You need to have courage to catch big moves.
It is very difficult to continue holding even after seeing profits. You need to have courage to wait, if you want to make huge profits. This can be gained only after vast experience and clear understanding of the system.
5. Confidence, discipline and patience are the secret keys for success in this market.
If you implement and execute a simple and robust plan with confidence and discipline there is no reason for you to fail. You need to learn to be patient if you want to be successful in this business.
For some excellent resources about online currency trading please visit this website: http://www.commodityforex-onlinetrading.com
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