Hello friends! 🙂 Hope everyone having a prosperous week, we’re halfway through the workweek and in the Forex markets, we’ve got 2 more full days of trading left.
Ok so, let’s get down to business here. Glance upward and reread the subject line of this post. If your answer is yes…HIP HIP HOORAY! If you’re skeptical, I ask you to still read on, it won’t be painful, I promise.
As I have mentioned in my first blog, I am new to Forex but let me tell you that, and it is the 100% truth, this business has completely changed my life. I know it sounds kind of cliché but my outlook on life has definitely evolved. A year ago, I couldn’t be bothered to care about interest rates, what a pip was, GDP figures, trade balances…the list goes on. I thought to myself “why is understanding this kind of information even important…does it even matter?” The answer is, it does, even if you don’t go into complete analysis(which I haven’t, I admit), you will still come out thinking differently about how economies work, how finances work. Most of us think along the lines of ” If I have a job, I do my work and at the end of the week, I get a paycheck.” and that is that.
Yesterday, I wrote about the definition of a recession. As we know, the US in a the middle of a very deep recession and with employment plummeting, it seems like there is no end in sight. I remain confident that over time, the situation will improve, but today, it’s hard for so many people to meet their ends. I’m sure you guys know what I’m talking about. Foods prices aren’t coming down, gas isn’t so bad these days but it will surely go back up, can’t pay your bills…everyone’s trying to find other avenues to generate cash.
This comes down to the whole point of my post(finally!) is that if you are looking to increase your income, Forex is the perfect way of doing so. Yes, it takes time and much practice to perfect this skill but it is well worth it. This business will NEVER EVER go away, and having the knowledge to make money through Forex is literally priceless. I have seen it’s worth, I didn’t immediately but now, I understand its power. This is a skill that you will never regret learning, it will forever be useful.
Are you a college student with thousands of loans to pay off? Imagine being able to pay off it all off in about 1/2 the time(or even less than that) it would take you with just a 9-5 job post-college. Does that sound wonderful? Forex is no get-rich-quick scheme, it is absolutely the real deal. I’ve mentioned before that it doesn’t take much money to get started in Forex, some companies offer micro mini accounts opening for as low as $25! I have one of these accounts with I started with $100 4 weeks ago. As of today, I have increased my account by a little over 70%(you do that math ;)) of what I began with. Can you imagine building upon your investment by 70% or even more within a month’s time? Isn’t it amazing? With each transaction, I put up $2.50, which is the cost per lot, depending on how many pips I gain, I can double/triple/quadruple my investment. Isn’t that cool? Sounds like mere peanuts to some but if you keep making successful trades, your account will build. With the more money you invest, you can trade an increased number of lots but it is always best of be aware of how you’re managing your money. I would not trade more than 2 lots with an account size of $200. I would not invest 20 lots at $2.50 a piece with an account of $200…I would be risking 1/4 of my account in one trade that could suddenly go awry. Nothing is guaranteed in Forex but as I keep on stressing: with a proper system and methodology and waiting for a great trade(timing is key), you will be successful. It is not as hard as it seems, you just have to believe in what you are doing, have the drive…the hunger to succeed in this business, but in life in general.
I hope that this post has given those of you who have not traded Forex before or are straddling the fence on whether you should or not, some food for thought. If more people knew the wonderful opportunities that are just waiting out there to be grabbed, then we all would be so much better off. Forex is most definitely one of the best out there. The best of luck you you all! 😀