You might have heard or seen the word FOREX which is an acronym for foreign exchange and may have thought of how you too can start making money from trading it.
If you want a path for you to follow to start trading FOREX and succeed I’ll recommend you continue reading.
Below I have outlined a clear path on how you can venture into FOREX trading and succeed.
1- Learn the fundamentals of FOREX and trading:
Before you can learn properly learn any subject it’s good you know the scope and fundamentals of the subject.
Understand the foreign exchange system and it’s used then understand trading which is basically commerce i.e. buying and selling.
FOREX trading has some terms which you can learn about for free online just use your search engine.
2- Get a broker:
Now that you understand the fundamentals and scope of FOREX trading, it’s time to get a FOREX trading broker.
As a retail trader, you don’t have direct access to the interbank market, you can only trade with a retail broker.
Look for a good broker and set up an account with them for free. I have a post I made on how to do that which I’ll link in the comment section.
3- Open a demo account:
Now you have a broker, I’ll recommend you don’t deposit any cash to a live account, rather you should open a demo account.
The reason you need to open a demo account is for you to understand how your broker’s trading platform works and for you to pre-test a strategy you plan to use in making money.
4- Follow authorities in the business:
Now you have a basic fundamental knowledge of FOREX trading, a broker and a risk-free demo account.
The next thing I’ll recommend is for you to start following authorities in the business. No, I am not talking of those guys screenshotting profits to lure you to buy their courses oh! (buy courses are not bad but buy from the right people)
If I should list a few, Ray Dalio, George Soros, Paul Tudor Jones, Peter Borish, Anton Kreil, Niki Puri (Duomo initiative), Joshua Eriaborosan OFOMAJA (ME! 😊), etc.
Listen to both what they say and don’t say. There is an old saying that says “action speaks louder than words”.
“Practice makes perfect”. Trading is a skill and as with the development of most skills, the learning is in the doing.
Find a strategy and just practice first with the demo, then as you understand how your trading platform works then try trying a small live account to learn how having real money in the market works.
If you read this you have in your head a good way to start your trading journey. Just understand what I said and both the coded messages.
Promo: If you want to have a jumpstart, I’ll be hosting a live FOREX trading webinar on my group on Sunday!
Much love from me to you. Have a great 2020!
ABOUT THE WRITER
My name is Joshua Eriaborosan OFOMAJA (JEO), I solve investment and marketing/business problems for individuals and businesses.
All the content of this post is for educational purposes only and it’s not in any way giving any investment advice. Trading and Investing carry the risk of financial loss.