Question: I’ve heard you can make a lot of money in the Forex market and all you need is a computer with internet access and a mouse. Is this true? How do I get started?
Answer: It is true that those are all the resources you need, but that’s like saying the only things you need to get started learning how to swim is to put on a swim suit and jump in the ocean.
More likely, you’ll get scared, maybe even get in trouble, and might end up with a phobia of water for the rest of your life. That’s what usually happens to traders dazzled by the bright lights of potential profits from investing, try it out, get burnt, and contribute to the 95% failure rate. The Forex market isn’t the Marina Bay Sands casino and it’s not for you if you want to go in and “try your luck” to get rich quick.
The beginning “swimmer” needs to start off with floats, goggles, and even a coach. So, if you’re serious about trading and making Forex training a RELIABLE source of income, you need to be equipped with the right tools. Here are the proper steps to get started in Forex Trading:
1. Visit Good Forex Resource Sites
Do a search on Google for forex trading tutorial and you will most probably get hundreds of sites offering free tutorials. One of the better sites for beginners is Babypips. They have level from pre-school to graduation and by the time you finish the tutorials, you will get a better idea of what Forex trading is about.
2. Download and Register for a DEMO Trading Account
There are many brokers which offer demo trading accounts – just do a quick search on Google. These serve as a “baby pool” for new traders to get their feet wet, splash around, get a feel of trading, and have fun, without paying the price for making costly mistakes. Once you experience CONSISTENT success wading around in these trades, feel you actually have a knack for it, and feel you’re ready, you might want to start a live account with the minimum account of capital you are prepared to lose.
3. Find a Good Forex Education School
How are you going to pay for your investment property? Small properties are usually paid for completely, but bigger properties typically require investors or a major loan from a bank. There are banks that will even loan you the money for smaller properties as long as the real estate has a proven record of profitability.
To accelerate learning and get on-track in the shortest time, you will have to attend some form of formal training. You could be reading all the available books you can get hold of in the library or scour the internet for information but without a good coach or mentor to take you by the hand, you might be wasting a lot of unnecessary time, money, and effort trying to figure things out for yourself. I would recommend a local Forex trainer like Jimmy Wong and there’s an opportunity to hear directly from him how you can get started in the Forex market at the National Achiever’s Congress 2012.
This article is based on the teachings of Jimmy Wong. Jimmy will be speaking at this year’s National Achievers Congress in Singapore and Malaysia. For more information about the event, visit www.nationalachieverscongress.com