Think of Forex as the juiciest piece of pie that is offered on the financial market. On a daily basis, Forex cuts a generous and delicious 3 trillion dollar slice to the market. Who wouldn't be interested in being part of that daily avalanche of money! How can you be part of all that? First of all, learn Forex basics.
If you are a beginner in Forex trading, need to know the Forex Basics, and don't even know where to start, here's a step-by-step path to Forex Trading:
- Read as much information as you possibly can to make an informed decision on weather or not you think Forex Trading is for you.
- Once you think you have a real interest in the foreign currency exchange market, put the time and effort into learning Forex by taking a Forex course.
- Open a demo account - put your Beginner Forex Training wheels on.
- Watch a Forex Successful Trader do trades in a Live Trading Room.
- Join a Forex Community that will share all their knowledge with you and help you analyze your trades.
- Follow the Forex Traders who are Successful
- Open a real account and Start Trading
Choose a Forex Training Course that will answer all your basic questions right from the start. How much money do I need to start trading? How much money can I make? What's a pip? What currencies are there to trade? When can I start trading?
Do not fall for the "get rich overnight scheme!" If someone is promising amounts of money that are too good to be true, to be made in a very short period of time, then my guess is that's a scam.
When you pick a trader to train you, be aware of what type of trader he or she is. You are looking for a FxMastery Trader who has high Forex knowledge and high investment IQ - meaning a high knowledge of managing money (maybe someone who has traded other financial instruments before).
There are 4 types of Forex Traders:
- FxNewborn - a newbie in the world of Forex and the world of investment in general. The majority of Forex traders start their career at this level.
- FxMindset - someone who doesn't know much about Forex, but is a very good investor - be it in real estate, gold or other financial instruments.
- FxMechanic - the ones who have a really good running knowledge of Forex, but are not too good at investing their money.
- FxMastery - The Forex Successful Trader - with not only a high knowledge of Forex, but a very keen sense when it comes to investments.
You can skip a stage or two, but you are sure to go through most of those stages on your way to Mastery. Every stage is important and will teach you important lessons that will take you to the next level. If you feel like you are stuck at any one level, ask for help from the Forex Traders Community you have joined, and especially from a Forex Successful Trader.
All Forex traders follow a system, but only the FxMastery ones use a powerful Profit Protection System that has proven not only to make substantial and consistent profits, but to shelter all that money from the damaging risks that exist in every market on a daily basis.
It's very important to remember that once you found a system that has been proven to be successful, that you follow it and never deviate from it, not even for a single trade. Trust your system and go with it.
Forex Trading is very exciting. You will never get bored; just think about the 3 trillion dollars that are being traded on the market daily, always ready to be placed into someone's account. But in order to be part of the 3% of Forex Traders who succeed in this business, you have to put the time, money and effort into learning Forex from a Forex Successful Trader. Do it right from the start!
Remember the golden rule! Always avoid the Sucker Profit and Junkie Profit trades; they only make your Forex broker rich!