Your Mother Could Make Money In Forex Trading

[mikeyjerou]

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:

 

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.

 

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.

 

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.

 

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.

 

Source: by Wayne Watson: Earnforex.com

[Dab1493]

sure!!!!!!!!!!!!!!

[Mets]

Good lessons mate! Now, I just need to teach my mum how to use a computer!

[kaito kid]

everyone could make money in forex trading :)

[Mang_Ncep]

everyone could make money in forex trading :)

 

everyone could make money in forex trading, but they must learn about forex trading before they do trade and they must choose broker who give them comfortable service, like my broker, FBS...

[Fxheaven]

All are saying that everyone should learn forex trading. Any recomendation from hundreds of courses available.

[Kristianto]

as they always say: if only it were that easy!

[alify]

Everyone can make money in forex, but they must learn and understand about forex, we must remember that forex is risky business. :)

[watchdaride]

the hardest part is taking a loss . Clicking the button and taking the loss .

[Edward25]

thanks for the teaching,i'll try out.

[SamuraiTrader]

This simply isn't true, I'm afraid. Everyone can learn about forex trading, sure. But can everyone make money at it? Nope. Some people quite simply don't have the mental tools necessary to deal with an uncertain arena like trading and are unwilling/unable to develop them.

 

However I would say that *almost* anyone who is willing to put in the effort and who has considerable dedication over the long term can eventually make consistent money. The question really is how long are those learning curves going to be, and for some people it can be very, very long (prohibitively so).