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Your Mother Could Make Money In Forex Trading
The question would be not whether she could but rather would
she enter the Forex trading market. The Forex day trading arena
is a veritable snake pit ripe for scam artists to bilk money out
of unwary investors. On the other hand, it is a forum for
educated traders with the correct education, tools, and trading
strategy to make a handsome income.
Becoming a successful Forex trader basically comes down to
four things; 1) attaining the correct education, 2) using Forex
tools which 3) use your own personal trading strategy, and 4)
finding the correct Forex broker to fulfill your requirements.
Let's look at these individually:
1) Attaining the correct education. Your Mother may not know
the difference between a Forex PIP and one of the backup singers
for Gladys Knight. So would you send her to one of those
infomercial Forex riches classes to find out? We hope not! There
are literally hundreds of training courses and materials out
there for proper training. Word of mouth recommendations might be
the best path to follow here.
2) Forex tools can also do many things like send trading
signals and various buy/sell alerts to your desktop or mobile
device based on what your personal trading philosophy dictates.
Many of these tools are software based and some are provided via
your favorite Forex trading sites. Not all people base decisions
based on these signals though and use things like technical and
fundamental analysis to determine when to buy or sell.
3) It also is essential to develop your own personal trading
strategy. Your ability to assume certain risks might not exactly
be what other traders or your broker recommends. A Forex trading
strategy is not something generic and involves your personal game
plan.
4) Before trading FOREX you need to set up an account with a
FOREX broker. You may feel overwhelmed by the number of brokers
who offer their services online. Deciding on a broker requires a
little bit of research on your part, but the time spent will give
you insight into the services that are available and fees charged
by various brokers.
One of the most important ways to make the greatest return
(and, also carry a greater loss risk) in Forex trading is with
the use of a margin account. These accounts may let you trade as
much as $100k in currency for as little as $1000. Margin accounts
are the lifeblood of FOREX trading, so be sure you understand the
broker's margin terms before setting up an account. You need to
know the margin requirements and how margin is calculated. Does
margin change according to the currency traded? Is it the same
every day of the week? Some brokers may offer different margins
for mini and standard accounts.
Used correctly and together, the above items can lead to a
comfortable part or full time income. If you don't use all the
information available to you, though, you may as well let Mom
take the weekend visit to Vegas with her money to see Gladys
Knight. Make sure that she has developed her own Forex trading
strategy and has used "paper trades" many times before actually
beginning trading for real. Better that ole Mom is equipped to
make some real money rather than throwing it away on the gaming
tables.
Wayne Watson is editor and publisher of Forex Market
Explained, a site dedicated to beginning Forex traders. This site
is one of many development projects that he has created or
contributed to in the past.
http://www.forexmarketexplained.com
MORE RESOURCES updated Fri. March / 29 / 2024
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