When the forex market first originated, it was strictly for the money elite who had very deep pockets. It was for successful traders who were prepared to trade with a large sum of capital, and equipped and qualified to compete with large institutional banks, wall street brokerages, and specialty trading firms.
Today, if you want to trade the forex (foreign exchange) market, you are welcome to do so for very little money and directly from your home computer. You can now rub shoulders with the same gigantic institutions with forex “mini accounts”, or dollar accounts with starting capital as little as $100US. This way, you can get a real taste and experience the sensation of trading live with real money. Trading with real money allows you as a trader to get your feet wet and really find out if you have the intestinal fortitude to trade the forex market, before making a decision to pursue a full-time trading career.
These “Mini dollar” accounts allow you to earn or lose $1US per point or PIP, for every traded contract currency pair (called a lot). After a while, if you are successful and have developed confidence in your trading system and ability, you may even decide to open a “standard account” with a brokerage firm and participate with the big boys. These full fledged accounts earn or lose an average of $10USD (PIP) or per point per contract.
So How Do You Learn To Trade The Forex?
Instead, it is better to learn from a forex expert or mentor. Its better to learn the basis procedures and nuances of the forex market properly rather than attempting to learn on your own. This way, you will pick up the proper habits and discipline required, if you mimic and follow an instructor or forex course. So once you’ve learned the proper basic techniques of trading, then and only then as a new forex trader, your focus should be based on refining your discipline, attitude, and skill development. This will take time, patience, and maybe a bit of hope along the way.
So it is suggested you learn the basic fundamentals of forex trading and also learn some intermediate to advanced methods of system trading from a certified course, program or mentor.
Why Join The ForexClub?