So you hear your friends or your colleagues talking about trading and telling you how you can make a lot of money working from home, you read about it on social media, you join every group of Forex traders on Facebook, you are now thinking you can actually be a millionaire by next year if you can start as soon as possible, wait!!! let me give you a lesson or two on this subject.
WHO CAN TRADE FOREX:
Whether you have a full-time job, you are a stay at home mom with no degree, whether you are male or female, you can. The flexibility of financial markets will meet your needs allowing you to trade at the set time that suits you as an individual since Forex market has 4 trading sessions. The age has caught up with markets and trading has now shifted from the floor to the computer network. It is very important to set yourself realistic goals when it comes to this business, asking yourself what you really want out of it, is it an income or wealth. Learning while you earn is also a good idea, as it is said that “THE BEST WAY TO LEARN TO RIDE A BICYCLE IS TO RIDE A BICYCLE“.
IS THERE ANY RISK INVOLVED IN TRADING?
A big YES, there is a risk in trading, risk is everywhere but as with every other business, risk should always be calculated. That is why one needs to acquire proper knowledge and education. Attending seminars is good as you will get to know what trading is all about, but it is just a general explanation, I am saying explanation because that is all you can get on one of those and how to sign up for their training which is usually too expensive to afford. You can attend thousands of those seminars, it is OK, after all you are looking for information on what exactly is this trading thing. But it becomes dangerous to think you can just go start trading now that you have attended 1000 seminars and you even have a list of top Forex gurus you have met and you are now familiar with the jargon used, believe me, you will crush, you need proper education, seminar is more like awareness. Truth is, you are not ready yet, seminar was step one, step two is to get that proper training.
I am writing all this from my own experience, if your experience differs from mine, I am not implying that I know best, but my wish is for this post to reach everyone who is targeted. Who exactly is this post targeted to?, it is for those who are thinking of venturing into trading whether as a career or just to make that extra income.
Maybe you are reading this now and you have been trading for a while, you know exactly what I am talking about. But if you are reading this and you were still thinking about it or you were just about to sign on the dotted line, wait!!! the paragraph below is just for you. It is the dos and don’ts, now let’s go read…
DO’S :
- Do go to those seminars for awareness of what Forex trading is all about.
- Do your own research on google, try to find as much as you can about trading and how financial markets in general work. It is also important to know if it is really the kind of business or career you would like to follow because I also believe when you do what you like, chances of succeeding are higher, so please DO find out if you like it.
DONT’S:
- Do not sign any contracts the very first time you go to a seminar, I am saying this because I know, I’ve been there done that. The presenters are mostly well spoken guys dressed in nice suits, well-groomed, professional and presentable, using all the jargon on you displaying how”smart” they are, they never reveal the truth, they make it sound and look like it is very easy to accomplish, they never share the bad side, the losses, the fact that it is NOT going to work if you don’t put an effort to it, they only show the good side. I am here to reveal to you my dear reader who is looking forward to be a trader. It is not going to happen overnight. I know you are mostly moved by emotions of what the brilliant presenter is telling you, plus all the testimonies, it becomes too much and yes that presenter’s big machine (car) parked outside the fancy venue where the event is held, you are just overwhelmed, wait!! DO NOT SIGN YET, go back home and think before you find yourself with that unpleasant debit order deducting your money for some software.
- Do not register with any trading company that comes to visit your workplace promising you that you could fire your boss in 6 months because you will be a millionaire by then, THINK and don’t allow yourself to be taken for a “ride”. I am not implying that the trading companies out there are fake, most of them are very legit they are registered and they are in very good standing as far as the law is concerned.
- DO not even believe in someone who is going around showing off flashy lifestyle on SOCIAL media groups, remember that could be from a demo account or downloaded somewhere from the internet, some traders go to an extent to post cars that they do not even own, be smart and do not be misled, unfortunately if you are easily enticed by material things, you are their number one target. I have never seen anyone posting their payslips or any business person showing off their statements on social media, only traders do.
- DO not spend your hard-earned cash purchasing software/robots, I am telling you, there is no magic pill in this, education, education and more education. You do not just register and purchase a software and “VOILA”you are ”rolling” in dollars. I also find it odd to meet people who call themselves traders but they have absolutely no interest in the economy itself.
- DO not rely on information found all over internet to trade your real money, find someone who can mentor you. I see Many “traders” saying trading is easy, you can self teach and make money. I Tell you now, they are not telling you the truth, no one just makes it in this business, commitment is essential, it is not as they make it out to be, again it is my own personal experience, I am just sharing what I feel has to be said and someone out there needs to hear.
- DO not believe what you see on many sites showing a pretty lady sitting on the beach with the laptop, portraying trading as one of the easiest way of making money online, it is not, believe me, one needs to have good internet connection which I doubt can be found in that beach, trading is good money, but learn first, proper training is essential.
Thank you so much for stopping by and reading here, I hope this post will be some kind of an eye opener, if you find value in this post kindly share it with your friends using the share buttons below.
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