Stepping into the $5 trillion market- Making your million dollars goal a reality.
Imagine a market with enormous trading volume valued at $5 trillion daily with different levels of participants; from Central banks, multinationals, hedge funds, investors……
You must be thinking this little club is closed off to me, I thought the same some years back. Out of curiosity I typed in the right words in Google search
I clicked on one of the search results. I was overwhelmed by lots of new terminologies, I felt like I was having some headaches. No thanks to Investopedia, I found it hard to comprehend what Forex trading was all about back then. However over the years, I have bookmarked lots of pages on Investopedia.
Prior to google searching Forex trading, I had come across Cryptocurrency( Bitcoin to be precised), this was 2015. I read a book on how Bitcoin was created by Satoshi Nakamoto in 2009 and how the blockchain worked. This was a pretty fascinating one. Ever since I had always wanted to make some bucks from the internet. I would have settled for Bitcoin, but I was almost scammed by a bitcoin mining ponzi scheme.
I got exposed to the right words due to google ads…The headings were usually catchy phrase “make $1000 weekly from trading Forex, click to get started”. These led to more google searches down the line.
I was wowed by the lifestyle of most people in this art — Forex trading. They often had these sets of features; young, multimillionaire and expensive lifestyles. I knew right on from those exposure that I needed to know what Forex trading was all about.
Forex trading is the largest financial market in the world, with a daily trading volume of 5 trillion dollars. It is 10–15 ×bigger than the stocks market combined. It pretty much exposes you to the inner workings of the world economy (macro economy).
Traders make money from Forex by speculating price movements of currency pairs. Currencies are usually quoted in pairs, this allows you to trade in either direction. You can make profit from either selling a currency pair, if it’s falling or buying a currency pair if it’s rising.
Despite the large size of the daily volume, a retail trader can become a participant with as little as $50. Some brokers even give you a funded live account for referring traders to them. Forex is a bit complex at first look of it. It requires getting used to it, either from reading books, webinars, mentoring programs…Nevertheless practice still remains a key component to success in Forex trading.
A staggering number of 90% of traders never make profits. This challenge can be surmounted by taking advantage of demo accounts provided by most brokers. As an amateur trader you can develop your trading strategies by practicing with such accounts before starting off with live account.
Forex trading beats stocks and other financial market, with the opportunity that “leverage” provides. Leverage allows you to control purchasing power in multiples of your account size. Assuming you opened your live account with $1000 and opted for 1:100 leverage, this means you have increased your account size to $100,000. This allows you to buy or sell volume of currency pairs worth of $100,000.
How long does it take to become a Forex trader?
Learning Forex requires commitment from one’s end. You can’t become a doctor by wishful thinking. Jeff Bezos never made those billions without putting so much efforts into his business. Forex trading is a business and should be treated as such. If you want to learn how to trade, you need atleast 6months to a year to get exposed to it, from then on you still need to develop your winning strategies or adapt well with that of successful traders.
Do not be discouraged with how slow your learning process might be. You will definitely feel like quitting especially in those early days of learning Forex, but don’t quit. Remember good things are not easy to come by.
The feeling of making some bucks by clicking my Forex live account and speculating good trades is immensely satisfying. I have made on several occasions, 100% of my account size in less than 24 hours. I have documented my winning strategies in my newly published book Profitable traders, How to Make 1000% Profit Monthly from Forex Trading.
You are not alone in your struggle in learning Forex trading, studies have shown that learning in the company of other students makes learning fun. You remember those group discussions you had while in college, they helped reinforce what you needed to learn within a short space of time. You can speed up your learning process by signing up to my Forex mentoring program and join over 1000 other amateur traders.