The foreign currency trading market, or forex, is the largest market in theworld. Many forex traders believe that they must have the top forex trading course in order to make money in the forex. There is a huge industry that has developed in order to “teach” people how to trade the forex.
Just because there is a forex course available does not mean that this forex course will teach you how to trade the forex profitably. Unfortunately, people are paying thousands of dollars for forex seminars, forex courses, and hundredsfor forex signals each month and not learning how to profit in the forex market.
The agency that is the guardian of the forex market, the CFTC, requires thatanyone who produces a product on trading the forex, place a disclaimer that the forex is risky and promises of profits are unsubstantiated.
Over 95% of first-time forex traders lose their account because they are not ready to trade the forex. The good news is that you can open up a free forext rading account and practice before you invest your money.
It is recommended that the forex trader start with an inexpensive forex e-book and test out the trading methods from the book in their practice demo accountbefore trying the trading method in a live forex account.
Another way to test the particular forex method recommended is to backtest it.You can kill two birds with one stone by going here to sign up for a free demo account and get access to a good set of free forex charts: http://www.cbfx.com/charts/chartsDemo.htm
Another way to trade the forex is to receive forex trades by e-mail. Signal companies can charge hundreds monthly for these, but there are free forexs ignals that can make you money. Again, trade these signals in your demo account before you invest your money.
Will you make money every month? This is one of the biggest misconceptions about the forex market that people make. Making money in the forex is notlinear. A top forex trading course will make money for you almost every month and in the long run, will give you profits. Many forex traders jump from system to system because they lose money one month only to find that the next forex trading system makes them money, but not every month. The exponential power ofthe forex will make you money like no other investment. The more money you earn,the more money you will make.
When you are ready to begin trading forex in a live account, many forex brokerswill tell you that you can begin in a mini account for only $250. While it is true that you can open a forex account with that amount of money, it really does not give you the leverage to see your trade move up and down and giveyou profit. I recommend you start trading in a forex mini account with at least a thousand dollars. If you wish to open a regular forex account, it is suggested that you begin with at least ten thousand dollars to minimize your risk.
In summary, look for a forex e-book that is under a hundred dollars. Trade the forex system in your free forex demo account. Backtest it with your free forex charts moving back in time with the charts to see how the trade holds up. Begin with a mini account and watch your forex account grow from there. Don’t be discouraged and discard your forex trading system because you have one month where you don’t profit. Do rethink your forex trading system if itdoes not give you profits over the long run.
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Key Bank offered me 2.9% if I opened an account with them for $50,000. See why I am laughing all of the way to the bank with my net monthly average of 8.44% using automated forex trading at http://www.forexmoneyonline.com/automatedforexsystemtrading
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