Thousands are asking’ How can I make a living online? ‘ This could be due to redundancy or the necessity to get an alternative source of income in the light of tough economic times.
One popular opportunity is currency trading, or as it is generally known, the Forex (Foreign Exchange).
High risk free online forex trading tutorials
Does the Forex make money? A resounding yes. The daily turnover by some estimates is around $1.8 Trillion. Anyone with a computer and internet connection can go online and get involved in the marketplace.
According to other estimates however, the majority, maybe as high as 95 %, lose money and blow their account during the first 2 or 3 months.
High risk free online forex trading tutorials
Is making a living online through the Forex just a pipedream then? No, thousands are. There are so many advantages! Working from home you have an income opportunity that can yield a huge return on a limited investment once you pass the learning curve. However, you need a realistic approach.
D0N’T, repeat, DON’T, signup with an online broker and sink thousands of dollars into your account thinking you’ll make a killing. You will ended up getting slaughtered, almost guaranteed. And if you’re currently out of work you have even added reason to proceed very, very cautiously.
At one seminar I attended I overheard one participant casually stating he opened his first account with $15, 000. That disappeared within a few months and he was contemplating re-funding the account using the same amount. You may not have anywhere near $15, 000 at present, but even $1, 000 is too much for a novice.
Research online and get FREE information on the means to trade the Forex. There is no shortage of educational materials. Just enter’ Forex tutorials’ or any similar phrase into Google and start reading.
Then open a demo account (which will not cost you anything) at a popular broker and start getting used to the trading platform.
Open a mini account with a broker that enables you to trade micro trading units (called pips) after a reasonably short period of practice.
I am not an affiliate of this company so I am not promoting them for any personal advantage but I do have an account with FXSolutions and find they’re as good as any. You have the possibility of trading at the 10 cent (micro) level. At time of writing, the minimum initial deposit is $250. Regard it as money you do not need. That will be the maximum you’ll risk.
Now, why do I recommend opening a ‘live’ account as quickly as possible rather than trading in a demo account for months and years? Because from experience, I have found there is a great mental shift when you start trading live, even if each pip is only worth 10 cents.
Trading in a demo account can tempt a person to be like a gun, shooting at every trading possibility they see. It can be very hard to maintain a strict mental discipline when you’re just trading paper money. But with live trading, even at 10 cents per pip, you tend to take things much more seriously.
You have a very big room for error also at the 10 cent entry level. You would need to have a consecutive run of over 50 losing trades to blow your account with reasonable risk perimeters. The chances are, long before you reach that stage, you would gain experience in risk management and mental discipline and take only high probability trades.
At 10 cents per trading unit you can be forgiven for thinking it’ll take some time to get into steady income. ‘ You will be surprised! Start off cautiously, and when you have mastered the necessary knowledge and compounding kicks in, your account can begin to grow at an amazingly fast rate.
Critical Factor No. 2 is: When it comes to distributing your time, developing mental disciplines and studying risk management should adopt the lion’s share rather than looking for the ever elusive perfect trading system.
Getting a trading system that makes money isn’t a problem. There are lots of trading systems out here on the internet you can buy for one or two hundred dollars or less. Choose one that fits your available time and pocketbook.
Once you have a trading system, you need to draw up the discipline to keep to it and not be swayed by emotion. Additionally, you MUST operate within strict risk management levels or your account will disappear pretty quickly.
Now, if all that sounds daunting it is with good reason. If you’re currently looking to make a living online, you need to be cautious when considering Forex trading. Many brokers and systems promise easy money. Don’t be fooled.
If however, you want to investigate a little more and see if it’s for you, why not try the step by step plan outlined above and make a decision. Forex trading could well be the solution you’re looking for in securing employment by making a living online.