Contrary to popular belief, setting up a home forex business is not limited to those who have large amounts of disposable income. Yes, it certainly helps, however, there is a lot of to be said for following one of the basic commandments of forex trading, "Thou shalt start small and grow." There is a temptation to jump into setting up a Home Forex Business head first, to jump in the deep end.
I have always adopted a "fortune favours the brave" mentality. I must admit when I started, I was willing to invest all my savings into creating a large account with which to trade. Fortunately, when it comes to investments, my wife and I have an agreement not to invest in anything with at least running the idea past each other. In this case, she advised caution and despite all my desires to place a large amount into the bank, I conceded and only entered a nominal amount. That was a good decision. It would seem that when you read the many statement about the possibilities offered you would be a fool not to! Or so it would seem
Reader beware, the forex market does not take prisoners, it will win unless you learn how to master it.
Like a good sailor in days of old, the market needs to be respected and with fair winds you will reach your goals. Take time to understand and implement the benefits of compounding as part of your trading strategy.
Someone may say, however, that they had a friend who made enormous amounts of money in a short space of time. Are they lying? Maybe not. I also heard of people who won millions on a lottery game having played for the very first time! Although the press does not talk about the tens of millions who play regularly and have not won much it anything at all.
It is therefore useful to use a broker who:
Allows people new to trading to trade with a small bank and
Allows a small amount to be placed on each pip.
Both these are prerequisites to starting trading in a Home Forex Business.
For many people the prospect of putting say 5,000 of any currency is a big step especially when the minimum amount per pip also has restrictions. The first few months are important to ensure that you
Learn the technical basics of trading (bearing in mind that once mastered, the trader does not need more skills when trading at 1 unit per pip or 100 units) and
Acquire and master the mind skills required in order to be able to trade successfully.
This is a lesson that I learnt the hard way, losing or rather gambling my funds away until I learnt a strategy as I actually watched live traders place their trade. They made over 29,000 pips in just over 19 months. I listened and learnt as they explained not only why they took the trades they did but also the reasons why they did not take certain trades. This for me was the hidden key to achieving a home-forex-business.
Kaz Kowalski has been providing specialist project management support on a number of high profile projects across a variety of industries including Banking, Information Technology, Telecommunications. In his spare time he has been successful in building and running a profitable Home Forex Business which has allowed him the option of reducing the time he spends on providing consultancy services. He has also helped others acquire the basic skills need to be successful traders.
No comments:
Post a Comment