So you think you are going to get rich quick, eh? Remember what it was like to get tangled up in Amway or any other multi-level marketing scheme? They are designed in such a way that the more work you put into it, the more money you make for someone else further up the food chain than you. If that’s what you think Forex trading is all about, think again. Forex trading has moments of excitement and can assist you in earning some extra cash but it’s not quick and it isn’t going to be a cake walk, either. And you are working only for yourself, not some ‘sponsor’ you never see once they sign you up to the program.
In order to be better prepared for the Forex world, you need to do a few things. You can’t just jump into a pool and start swimming if you’ve never done it before. The same thing applies to Forex trading. So, to give you a bit of a head start, here are some handy tips to get you in the right head space for some trading.
1 – The Wheel of Fortune
Are you a gambler? If so, you probably are not the right kind of person for Forex trading. If you are looking at long term growth through proper investing strategies, then Forex could be a good fit. There is no Wheel of Fortune in Forex trading. Nor is Pat Sajak or Vanna White going to meet you at the door.
2 – Go For Broke(r)
There is nothing wrong with going solo in something you are good at. But really, you increase your odds of success when you have a Wingman. It works when cruising for chicks so it must be a good method. When you are just new to Forex trading you also need a Wingman. He’s better known as a Broker.
3 – Be A Little Trendy
Any idea why something that has a particular pattern to it is called a trend? That’s because it has proven results. When you are a Forex newbie one of the most important things you should do is follow trends. They happen for a reason. Hint: don’t sell when the trend is up. Don’t buy when the trend is down.
4 – Don’t Overdose On Data
Sure, it’s fun to look at graphs, charts and oodles of pages of numbers. But unless you truly understand them and happen to have a photographic memory, all of that data is just going to clog your brain. When your brain is clogged something strange can happen – you will make some mistakes. Don’t be that guy.
5 – Chill, Dude!
The Forex has been around for quite some time now. You plan to be part of it for a fair amount of time as well. In order to enjoy your time trading you need to look at the big picture and relax. Take. Your. Time. Never rush into anything. Trust your Wingman and you should do just fine as a Forex trading beginner.