Forex is sort of like an investment in yourself. Saving money takes a long time. It requires a lot of discipline and dedication. When we get our paycheck, most of our money goes to our daily expenses such as food, transport and bills. And then there’s the expense for gift shopping, clothes and grocery. It’s like a natural reflex. Or think of it this way, a ritual. That said, there’s little cash left for our savings account. Nowadays, there are many people investing their savings. These aspiring forex traders are also getting younger. It’s already a norm to see a 16 year old making his mark in the forex industry. So the thing is, the competition is getting stiffer.
Before We Move On
Before you ask yourself how should you invest, here are some considerations for you to ponder on. First of all, you need to understand that in the forex market, you are basically making a bet with someone else about whether a currency will rise or fall. The common sense ones know that when there’s a winner, there’s bound to be a loser. Most of the people in forex trade are highly experienced and professional. And these are the people you’re competing with. Not to be a sour grape here, but it’s highly impossible for you to beat them.
On a slight brighter note, there will be some times where you make money. Most people call this a lucky streak. Do not ever get the foolish idea that you’re Donald Trump. This is the part where most newbies make mistakes. They get the misconception that they’re ready to take the deeper plunge. If you want to be a successful forex trader in this world, it’s going to take a lot more than the lady luck herself, pal.
To Start Off
If you’re still here, I salute you for your bravery. Maybe you’re determined to make this work as a forex trader. In that case, try demo trading to the feel of the forex industry. When it’s all successful, you may then try to open a micro account with brokers like Oanda. Before doing this, make sure to do your homework and evaluate which broker suits your needs the most. By the time you’re all set, build up your account until you can trade standard lot. I now quote the famous expression from The Hunger Games, ‘May the odds be ever in your favor’.
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