All these pictures are credit of mine
WHAT IS FOREX TRADING:
Forex (FX) Trading is a decentralized market where we trade two currencies against
each other, traded 24 hours a day and 5 days a week predicting using laid down rules
and plans that reduces and eliminate risk to determine whether a particular currency
pair will go up or down. This simply means we speculate the direction the market will go in the future by closing monitoring and checking your trade map steady.
WHO CAN TRADE FOREX?
Basically, everyone can trade forex today and be guaranteed of making money. With
as little as $5, you can begin trading. Some brokerage firm can even give you real
money to trade with and you can withdraw the profits you make
There is basically no specific gender, age or social status that is only allowed to trade
forex.
ONE BENEFITS OF FOREX TRADING:
YOU CAN WORK FROM HOME: this is the most important advantage of
forex trading? Maybe! Just Maybe!! However, you don’t need to take a foot
outside your home to make money from forex trading. You can simply trade
form the comfort of your home and get paid any day, anytime and again You answer to nobody as a forex trader. Once you learn and master how trading works,you don't need to ask anybody for help again unless you have a mentorship with someone who helps to coach you more in the field.
HOW DO I MAKE MONEY IN FOREX TRADING?
Money is simply made when your predictions or speculations are correct. This
means if you buy the currency pair and it goes up, then you make money. If you sell
the currency pair and it goes down, then you also make money.
Now, the amount you make is directly proportional to the number of pips; lot size and
account type you use.
For instance,if EURUSD is currently at 1.0769 and you buy. It then
moves up to 1.0869, then that’s 100-pip difference.
For a standard account with a lot size of 1.0, then that’s $1000 made; with that little
movement.
HOW DO YOU BEGIN?
You start forex trade by learning all the basics and rules attached to trading so that you won't waste your money in trades. You need to find a mentor who will actually put you through and educate you more in the important things about forex trade.
MANY PEOPLE HAVE ASKED IF ONE CAN ACTUALLY LOSE MONEY IN FOREX TRADE
The answer to the above question is YES
THOSE WHO FAILED TO LEARN WELL: I have met beginner traders
who lose money simply because they believe the information, they get from
google or YouTube is enough to get started. Maybe on a demo it is enough.
But for live trading, you need to learn properly from a well experienced forex
Trader.
THOSE WHO DON’T GET ADEQUATE MENTORSHIP:
The psychology of a forex trader is most important. You cannot trade forex
properly and make money with a weak mindset. A mentor will hold you by
the hand and guide your steps in the forex world. I have met tons of traders
who made these mistakes of trying to go in by themselves. It’s possible to get
adequate training and go by yourself but it’s difficult. 90% of the traders I
have met who moved without mentorship blew their accounts. They lost their
capital.
Discipline is another aspect of
forex trading that is crucial to every forex trader. It is seen as the bedrock of
forex trading. Basically, you need to be disciplined to your Trading plan,
Risk Management, Psychology and the likes. Without discipline, you are a
weak trader who will definitely have issues when you go into forex trading.
