Your Goal: One Million Dollars (USD) currency trading in the foreign exchange (FOREX) market begining with only Fifty Dollars (USD)!
Why Currency Trading?
If you seriously want to shed your job and become a Professional Currency Trader in the Foreign Exchange (Forex) Market - A Forex Day trader - or if you just want to dabble and see if you can make any money trading Forex - read on. Trading Forex requires that you apply what you learn on a constant basis. That is how you get good at it. I am simply a trader providing some insight. Have fun.
Maybe you will learn your way to a Million Dollars day trading in the Forex market.
(or maybe not!)
While I speak of making a Million Dollars from Fifty I really don't know if it has ever been accomplished. Forex trading is extremely risky which is why I recommend begining very small. Here is an impartial booklet discussing currency trading basics including the RISK put out by the Futures Trading Association of America. This is a .pdf document: Click Here
Websites for regulating bodies of the United States concerning Forex are:
www.cftc.gov and www.nfa.futures.org
I am going to give it a shot anyway! I will begin with a $50.00 Forex account and you can follow along. I am posting my weekly results on this website. Can we make a million dollars from $50.00?
Preliminaries:
Forex Education:
I don't provide you with a comprehensive education on the what - where - why and how of the Forex Market but I will give you the who. You that's who. My whole point is that you too can simply teach yourself how to trade Forex. For starters you can search the internet on the terms: Forex and currency trading. You will get plenty of information. Additionally, here is a book that is a must read unless you are already an expert. While there are many entry level Forex books this is the only one I will suggest you buy if you are new to Forex trading. It is also the only book I have found which isn't trying to sell you something inside of the book. Don't let the title of this book fool you. This the only pitch I will make to you as I believe it would be in your best interest as someone new to this. It is a great book and is even of value for experienced traders. I highly recommend this book:
Do not throw your money away on paid: seminars, e-books, trading methods that come in fancy boxes with lots of videos for you to view, or other stuff. You don't need it. You can find plenty of free currency trading information on the net. Later as an experienced trader if you wish to spend some money to enhance your skills go ahead, but even then I have yet to see any of this stuff actually be worth the money. So don't waste your money. You have probably also seen a great deal about automated systems, EA's or Robots. These are systems that are designed to allow you to simply fire and forget. You just turn it on and set it up and then you can go watch TV. What will you learn using a system like that? You will learn how to talk about how you set it up and what your parameters were and how much you made or lost. You will not really learn how to do this at all. You also will be placing all of your trust in a black box that you bought and I would be very very wary about trading this market in that manner. What about buying signals? If you are doing this right, you will know when to trade, and won't need to get your signals from anyone. There are some information packages that do analysis of Forex fundamentals that are offered on a purchase basis and some are very good but this is not something for you to buy until the size of your account merits such a purchase. This information is really a time saver rather than anything new.
Forex Brokers:
There are numerous Forex currency brokers out there. I suggest you check your broker out thoroughly with the Regulatory body of your country. As I am in the United States I mention our regulating body above but I don't wish to slight my friends who reside outside of the United States. I do not mean to place any great importance on the United States over any other country so by all means please choose a broker that is highly regarded in your own country.
Half of the hits to this website come from outside of the United States. One Love. One World!
Who I trade with and why?
My Forex broker is in the top ten in (1) size of assets and (2) the number of transactions they perform. A new trader can open an account with a very small amount. To take my advice and open a small account you will need to choose a broker that allows you to trade a micro-lot or smaller. What is a micro lot? Well you will need to do a bit of studying to find out but it means that you would be trading currency lots of 1000. To put that in perspective I began trading lots the size of 500 on the account that I opened with $50.00 which we are following on this website. Most brokers of this type will allow you to open an account with minimums as little as $25.00 or as high as $250.00 (USD). If you chose to begin with a bit more because you have chosen a broker that requires a larger minimum that is fine. My broker also has a Demo Forex trading platform which allows me to test out new Currency trading strategies or trade other currency pairs before you go live. There are many brokers to choose from and if you do a bit of research you should be okay. Feel free to ask me if you need any guidance. I will point you in the right direction of sources where you can check out a broker if you have not found out how to do so already. I make no recommendations. That is up to you to determine. It is wise to open demo accounts with more than one. Some platforms feel better than others based only on personal preference.
After you have an understanding of the trading platform you are using (hopefully you have listened to my advice) it is time to get down to trying to make that One Million Dollars. So the first thing I am going to do is set up some trading rules.
My Forex Trading Rules!
My BLOG:
www.ForexPipAddict.blogspot.com
My YouTube Channel:
www.youtube.com/ragstorichesforex
I would love to have you check out my youtube channel, comment my videos or my channel (good or bad). Introduce me to your videos, become friends whatever you would like.
Thank you.
I will gladly answer any direct questions concerning currency trading if you are a subscriber to my newsletter. If you subscribe as a free gift I will send you a detailed pdf on how I set up my charts for trading from the one minute chart. All for free for being a subscriber. I will not trade, give, or sell your email address or name to anyone.
Disclaimers:
1. Unless I specifically give an endorsement in my writings above, I do not endorse any product, broker, or other service. My not giving an endorsement on brokers is simply because I wish to remain impartial.
2. High Risk Warning: Forex trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks before speculating in forex and be willing to accept them in order to trade this market. Forex trading involves substantial risk of loss and is not suitable for everyone. Please do not trade with borrowed money or money you cannot afford to lose. This website is neither a solicitation nor an offer to Buy or Sell currencies. No representation is being made that any account will or is likely to achieve profits or losses simiiar to those discussed on this website. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advise. Website owner or affiliates will not accept liability for any loss or damages, including without limitation to, any loss of profit, which may arise directly or indirectly for the use or reliance on such information. Please remember that past performance of any methodologies put forth on this website is not necessarily indicative of future results.
3. Finally, any endorsements that I give are only an opinion and the website owner takes no responsibily for the performance or liability of any company that has been recommended. I am only an unskilled untrained no-nothing dimwit who thinks like a trained monkey and pushes buttons in accordance with funny lights that appear on a computer screen, and who thinks he knows a few things. Maybe though, I may be someone who gets it right. Follow along.
Privacy Policy
We use third-party advertising companies to serve ads when you visit our website. These companies may use information (not including your name, address, email address, or telephone number) about your visits to this and other websites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here.
Site Map: Forex Currency trading Forex Trading Rules Forex Mechanics Forex Goals
My R2R Trading Account Daily Forex Rant Readers Forex Comments
This website is about Currency trading in the Foreign Exchange (Forex) Market.