Where to start forex trading
Welcome to your forex trading course in five minutes. Where I will attempt to answer your trading questions in five minutes or less.
My name is Martin Cole and with twenty years as a professional trader under my belt I probably have at least some of the answers you’re looking for.
So..lets get to it..
In this video I will answer the question
Where to start forex trading
By the way, make sure you stay to end of the video as I will bring it together into something of value that you can take and use today.
So, Where to start forex trading
What a minefield question that is. I say that because today you are without doubt bombarded with choices. Most wanting to learn how to trade will unfortunately have to navigate through a lot of the blind leading the blind. Because of the initial lack of knowledge many would be traders default to measuring the value of information on the logic if it cost more it must be worth more.
Let me be honest with you right now. Imagine you have hold of a deadly snake by the tail and you have to get it into a sack. I am sure you have seen this on TV being done before. With your left hand you hold the sack open as you guide the head of the snake into the sack without it biting your left hand.
Well, that snake is symbolic of what you have to navigate to find the right way of trading successfully that is applicable to YOU.
And this is a very important point. There is no SINGLE way for you to do this. When you are looking for where to start forex trading you would be wise to first back up and think about what you want to accomplish.
It’s a lovely thought you can just buy a trading robot (we will look at robots in the next video) and indeed the idea of a trading robot is lovely.
If you are new to trading, you are highly likely to be soon spending money on these robots and listening to the promises the sellers of them make.
The reason for looking for robot and trading tips etc is just down to the confusion and conflicting opinions.
The truth is there are no secrets in trading. Where to start forex trading will come down to you and how you want to approach this.
Let’s try to bring this together for you here.
Look at what you want to achieve from trading. If you are currently working or only have a limited time available, then you might be better looking for a trading method that might be based over a two or three day trend.
It will be extremely stressful for you if you have limited time and you are trying to check what is happening to your open trades every ten minutes. This will make for stressful trading and ultimately cost you money.
If on the other hand you have time and you want to make this a full-time occupation, you can tailor your trading in a more active way. Here you might look to take one or two trades a day that you can monitor progress on.
Word of warning! Don’t set yourself up to be chained to your trading computer all day. There is little point in trying to create freedom in your life if it chains you to a desk.
Much of my former trading career involved 14 plus hours a day sitting at a desk staring at trading monitors. This had a serious impact on my health and today many years on I am still paying the price for that.
Looking back had I have known early on what I know now I would have only been spending 2-3 hours a day and the rest of the time I could have spent with family and getting out and about.
OK, that should at least answer a few questions about where to start trading forex.
Make sure you subscribe and click the small bell icon as I have some more videos coming out soon that will answer many of your trading question. As a subscriber who has clicked the bell, you will get notified before anyone else.
In the next video we are going to look at: Are forex trading robots real
Catch up with you soon.