Introduction
Making Money in Forex Trading
The Forex Market has a daily volume of over $6 trillion per day, dwarfing the equity and futures markets’ volume. Thousands of people all over the world are trading Forex and making tons of money. Why not you?
All you need to start trading Forex is a computer and an internet connection.
All you need to start trading Forex is a computer and an internet connection. You can do it from the comfort of your home, in your spare time without leaving your day job. And you don’t need a large sum of money to start. You can trade initially with a minimal sum, or better off, start practicing with a demo account without the need to deposit any money.
Once you consider starting Forex trading, one of the first things you need to do is choose a broker. Choosing a reliable broker is the single most critical factor to Forex success.
There are dozens of online brokers out there, but your best bet is to go with one of the leaders. Now I would strongly encourage you to visit these broker’s sites right now even if you are not yet decided whether you want to go into Forex trading. Why? Because each provides tons of free education materials, videos, and best of all, a demo account allows you to practice Forex trading for free without the need to deposit any money.
Simply go to each of these brokers, register for a free demo account, and start “trading”- by actually practicing and experiencing it firsthand, you’ll be able to decide whether Forex trading is for you. In any case, before starting to trade for real, you should practice with a demo account. Once you build some skills and feel more comfortable with the system, you can start trading gradually for real money.
What Most People Don’t Know
The Forex market can offer fantastic opportunities for traders from all walks of life. It is possible to make good returns on your investment. Many people successfully manage to turn their trading activity into full-time jobs or good second incomes.
The chance to profit from the relatively small fluctuations and changes in the values of currencies means anyone can have a go at trading. With the vast array of conventional and online tools/applications currently available, it is relatively easy to get started and begin trading.
Designed for Forex beginners, this course aims to provide a comprehensive understanding of how the Forex market works, how it is possible to make profitable returns, and introduce many of the technical terms and tools essential for everyday trading activity.
Early Warning
It is best to get the warnings out of the way to be aware of them and then decide whether Forex trading is right for you. As with any form of financial trading, there are risks involved. It is important to understand these risks, as you can then develop strategies and learn methods to reduce them.
WARNING:
Forex Trading carries a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors. Ensure you fully understand the risk involved and seek independent advice if necessary.
The truth is that there are risks associated with Forex Trading, as with any type of trading, and it is important to understand and accept these risks before progressing. Failure to understand the risks and prepare for what is involved with trading is likely to lead to financial losses. However, taking the necessary time to learn and understand how and why the market works and acquainting yourself with essential trading knowledge will considerably increase success chances.
There are many books and resources available that will try and tell you that they have discovered the perfect trading setup or offer promises of guaranteed returns. This is not one of those books! There is no ‘magic setup’ or ‘guaranteed strategy’ out there- as much as we all wish that there was! Even institutional trading houses with advanced quantification strategies and analysts’ teams will struggle to predict market movements correctly 100% of the time.
Forex trading must be approached in the same way as one would approach any other job. A successful trader is defined as ‘one whose losses over the long-term are overall less than their gains.’ Losses are a fact of life, and every trader at some time or other will experience them. The best tool available for maximizing returns and minimizing losses is ‘market knowledge,’ and it is this that we have tried to encapsulate within this course.
The Forex Market is an anonymous entity that bears many faces. Each individual who participates in it leaves a foot-print that just might change the course of their personal circumstances based on their individual hopes and dreams for success.
This course was written with several purposes in mind. First of all, it is designed to inform and educate the potential Forex trader about a growing field worldwide. It is reaching millions of individuals from all walks of life. It was a market reserved for a select few just a decade ago but now is in the hands of anyone, even those without a formal financial education.
This course is also intended to provide an overview of all the fundamentals of the Forex and the trading process. Any new trader can easily obtain all the tools needed to ensure a quick start. It is also aimed at the intermediate trader who has already started the process but could use some guidance and additional tools, emphasizing the importance of a solid management program and the right mindset to develop a successful trading career.
This course is focused on pointing out the potential hazards that every trader will encounter at some point. You will learn how to mitigate many of the risks involved by centering on dedicated attention to the preliminary preparation, education, and training needed to become a true professional in this field.
The overview includes an introduction to Forex and its basics and a thorough description of all the fundamental, technical, and psychological aspects and how they merge and interact in the market’s behavior.
Finally, some of the preferred trading systems are described in detail and discussed as additional elements to help you practice and build your trading toolbox. (MetaTrader)
I hope you will enjoy this course and its concepts. It may bring you a step closer to becoming a consistent winner and an educated and confident Forex trader.