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Instant Momentum as a Forex Trader


There is to be a temptation among people learning forex trading to want to feel like they understand trading before they start trading. This isn’t the best way to learn to trade.

Learn Trading by Doing

The FEAR that most people have is that when they begin trading, they don’t want to lose money. Nobody wants to lose money, we become forex traders so we can make money.

If you haven’t traded any real money yet, it seems logical to want to have a winning system in place before putting real money on the line…this is why demo trading (trading in a practice account with pretend money) is typically advocated.

The PROBLEM with Demo Trading

Demo trading is a good thing to do. It does have a major disadvantage. People tend to get bored with demo accounts. We know it’s pretend money, so we don’t take our trading seriously.

I recommend that you open a tiny trading account with REAL money. You can open an account with as little as $50. I recommend opening an account with at least $100.

Allow this account to be your “learning” account.

Although your goal will be to make money from the account, consider this first account as part of your forex trading education. Give yourself permission to trade this account even down to ZERO in order to learn forex trading.

Making Forex Trading REAL

Approximately $4 TRILLION is traded every day on the forex market. This is ALOT of money, and a huge opportunity for you to live a fantastic life & to do the kinds of things you want to do in life.

I’m recommending you start trading with real money for an important psychological reason:

If you trade with REAL money, forex trading is REAL for you.

When you start making trades that earn you $1.73, $2.11 or even $0.12 something magical will start to happen. You’ll start seeing FOREX as a REAL way to make money for you.

When you see your $100 account grow to $110, you may choose to throw in another $20. Then that $130 account will grow to $150. Then you may toss in another $50. As you see the small account grow, you’ll naturally want to invest a little more in it at a time.

Since your account is already setup, it’s easy to invest another $10, $20, $50, or more  because you can simply add it to your account. If you don’t have a live forex trading account setup, you’ll tend to procrastinate.

Expanding Confidence

You’ll learn lessons along the way. You’ll lose money at times. Even though you don’t want to lose money (nobody want to), you’ll also learn VALUABLE lessons from the money you lose.

Whether you take a profit or a loss from a trade, the fact that it’s REAL MONEY will spark an interest in you that simply isn’t there with a demo account.

The SOONER you can overcome fear that you’re going to lose money, the CLOSER you are to becoming a PROFITABLE forex trader. The longer you wait to open a REAL account, the longer you’re postponing your success.

Think about this honestly for a moment…“How many things have you spent $100 or more on that were pure WASTES of the money…money that you spent that doesn’t have any OPPORTUNITY of earning you an income”

After you answer that question honestly…ask yourself this question “How much is it worth to INVEST in learning this VALUABLE skill that will benefit me for life?”

By making a decision to open a real forex account and start trading NOW, you’re on the true path to opening up a tremendous new REAL opportunity for yourself.

Many times I wished I started trading earlier than I did. I’m GLAD that I trade NOW ;) Make this commitment to START NOW and I’ll continue to show you the next step!

 

 

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Posted in Forex Trading Mindset

Trade Forex for only $25!


FXCM is now offering a micro forex trading account that allows you to trade with only $25! Now there’s no excuse for not experiencing the real world feel of trading in a live trading environment.

The micro account allows you to trade micro sized $1K sized lots as opposed to the traditional $10K lot sizes. This means pips are approximately $0.10 instead of the normal $1. The benefit is that you can trade with less money and less overall risk.

The spreads on the micro account are also pretty good:

  • USD/JPY 1.1 pips
  • GBP/USD 1.8 pips
  • EUR/JPY 1.2 pips
  • EUR/GBP 2.3 pips
  • EUR/USD 1.3 pips
  • USD/CAD 2.3 pips
  • AUD/USD 1.4 pips
  • NZD/USD 2.5 pips
  • USD/CHF 1.7 pips
  • GBP/JPY 4.1 pips

If you’re interested in the Forex market, you’ve probably registered for a demo (practice) account with one of the forex brokers. After experimenting with a demo account, many would be forex traders lose interest and stop trading.

Demo trading lacks the true real life feeling of risking your money and getting a reward for that risk in the form of profits. With a micro forex account, you can have the thrill of risking a few cents per trade.

Skip The Movies & Start Trading

The average cost of going to the movies for two people is about $40 (USD). Considering that you’d probably easily blow the $40 having fun – why not put $40 into a forex micro account and see what you can do with it?

Forex trading is one of the most valuable skills that you can develop. The sooner you start trading with real money, the sooner you can start to benefit financially from forex trading. Play it safe and only trade with money you can afford to lose.

If you want to learn to trade the forex market successfully, putting a few dollars into a micro forex trading account is a great idea. If you don’t consider $40 to be a ton of money, you may want to set up a real mcro account and trade it instead of a demo account.

For the total beginner, I would recommend a demo account to allow you to make mistakes. Making mistakes is one of the ways you learn to trade the forex market. The mistakes point out things that you don’t yet understand.

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Posted in Forex Brokers