Before You Start Forex Trading, Read This

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what to know about forex trading

I know you are eager to start trading a live account.

You have read about the 16 years old boy who turned a £150 to over £60,000 in 8 months and you are saying to yourself; “if this little boy can do that, I’ll definitely turn this my $100 account to $100,000 in 5 months only.

Or you read about the youngest Forex millionaire in South Africa, “Prince Shezi”, who recently turned a $2.3Million account to over $113million in 6 months and then went ahead to lose the money as he allowed greed get the best of him and began trading against his own rules… And you think “I can’t be that dumb, why… I wouldn’t compound that high, I’ll start pulling out money once I double my initial investment”…

You probably already have butterflies in your stomach just thinking about all the big money you are going to make in Forex, trading on your smart device from the comfort of your home…

It is all just natural to feel excited about the huge potential available to you in the world’s largest financial market.

However, before you dive into the market, I have this simple questions for you….

  • Do you have your trading plan ready?
  • Have you determined your WHY?
  • Do you know the exact ‘why’ you want to take up Forex trading in the first place?
  • Do you want to do this full time or part-time?
  • Have you taken a full professional training or you are depending on some trading tricks you came across while surfing the web?
  • Have you determined your favorite currency pairs?
  • Do you have a proven trading system/ strategy?
  • Have you practiced your strategy on demo and achieved consistent results over there?
  • Have you mapped out your money management strategy yet?
  • What quantity of trades would you take per week, month…?
  • Do you currently have a source of income?

You see, many people have got their ears tickled just by the idea of making lot of money in trading that they have not sat back to count the cost before jumping into the market with their real money…. And this is why we have many people crying foul on the loss of their hard-earned money to the currency market.

We have too many amateurs jumping into the market every single day and this is the reason behind the huge percentage of losers amongst retail currency traders.
Understand that; whatever is worth doing at all, is worth doing well.

Therefore;
✅Take time to learn the art of currency trading
✅Get yourself a mentor, read books, research…
✅Practice your strategies well enough on demo before trading live account.
✅Build a solid trading plan and follow it religiously.
✅ Ensure your money/ risk management is tight.

Forex trading is not a get rich quick scheme. It requires systematic, business savvy approach.

Remember, you are just one out of millions of retail traders around the world, yet the total sum of all retail traders only contribute 20% of the over $7trillion average daily transaction in this market. Commercial banks, Central banks, Hedgers, Stipulators, big Conglomerates etc are all trading in this world’s largest financial market. Thus, this is not the market where you go to work unprepared.

Be sure to sharpen your tools (skills) well enough before you take your space as a money seller.

Did you get value from these forex trading tips?
Do you have any trading questions?
Ask away…
Grab a space in the comment session.

To your success.

by OluGbemi

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