Forex – Where do I Start?

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So you’ve come across the idea of trading forex for a living, but with so many offers, and so many mailshots, so many brokers and so many pairs, where on earth do you begin?

Forex Basics

You need to learn the very basics by yourself, it’s not rocket science, it’s not hard to work out what leverage is and how it works, what a stop loss is or take profit, how to go short and how to go long, these are all basic stuff that you can easily learn yourself just as easy as going to a new web page.

Forex Mentors

There are a large number of forex mentors out there, offering different wares and with differing levels of experience, it is nigh on impossible to work out who is straight up and who is not, after all if you are a successful trader why would you want to go to all the rouble of setting up a website, creating videos, spend endless hours marketing and all for a few hundred bucks a go. But you have to ask yourself, even if these guys aren’t real traders making real money, they must have some extensive experience of Forex to produce these videos and other material. The thing with forex is that, it matters noting how much experience, knowledge and understanding you have, if you don’t have the right frame of mind you won’t succeed, in which case, is it really relevant to yourself if the mentor is profitable or not, if you can draw from a whole wealth of knowledge it may well be worth the investment. You may have heard that those who fail in business go on to teach it, but does that make a bad businessman a bad teacher, not necessarily, just as a good business man would not necessarily make a good business teacher.

Forex Systems

You need to be careful with forex systems, the market varies so much from day to day, and getting a system that will cater competently with all market conditions is very hard if not impossible. It is much better to keep improving your knowledge and understanding  of the forex market so that you understand what strategies and tools to use appropriately. That way you can develop your own strategy that you are happy with and can adapt to varying market conditions, be they ranging or trending, fast or slow or whatever.


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