I'm Ready to Enter Forex Market

In the prior topic, we’ve already disscussed about the reason to invest in Forex. Now we’re going to disscuss about something you need to know before you start to trade. Please answer the questions below:

1. I'm a Beginner Trader
Why do you want to be a trader? What’s your trading goals? Of course, to make some money. Maybe it’s an opportunity to get financial freedom. Or maybe you are a trader and you wanna quit from your college or job because u’ve already been a trader and see probability of success here. Do u think it’s a right decision by being a forex trader? First I wanna tell you that we cannot predict the future and control the markets. Forex Market is too risky although we have enough knowledge and skill to reduce the risk (we can’t eliminate the risk). Have you answered the questions? I know it’s not easy. You should really find out the answer because it will influence your future much, and also your psychological while doing trading as well.

2. Money Management
Don’t invest money which will annoy your life. It means that if you lost that money, it won’t disturb your financial stability. Maybe you’ve already had a family, then don’t let it annoys the stability of your family financial. Don’t let it disturbs your job, your study and of course your family, unless you’ve got the success. we'll learn about that further later.

3. Do I Have Enough Knowledge?
Do you have enough knowledge to join forex trading? Absolutely, you can find in this blog.

4. My Trading Technic Have Been Completely Reliable

What technic will you use to gain profit? Obviously you can find here. The success key is you must take initial testing of technics that you will use. Choose demo account to do testing. Based on the experiences of many success traders, a certain technic only appropriate with certain pairs and certain setting. For a newbie, use broker who provides demo account, use knowledge and skill you have now, along with your technic to train for months before invest your money. It’s better to invest time to study than loss your money. I have heard so many loser trader stories because of their hurries, their lost their money. Their skills and knowledges are not adequate to do trading.

5. My Pips Journal
Arrange trading journey which include your trading activity plans. The plans consist of rules you have to obey, profit and loss you will gain. The idea is to watch over the progress of your trading activity. Once you fail, then because you have the history, you can evaluate the technic you used. Because trading is similar with generating a company, you must have track record from the company that you organize. Start from the cost to profit or loss which your company gain, and also evaluations to company provisions.

OK, how do you think so far? Have you taken a decision to invest your time to study forex? The next step, I will guide you to invest your time.
  1. You will need a personal computer (PC) or laptop, for further information, please refer Read further here
  2. Search broker who offers demo account with platforms and facilities you think conveniencely to use, reasonable spread, ease of deposit and withdrawal process, and with the affordable cost.
  3. Arrange trading journey, trading journey is a must! Click Pips Journey for details.
  4. Start with practicing theory you have learned and do testing. Please read (underconstruction) to enrich your knowledge about tricks I have done.
  5. Do step 4 within 2-3 months and review your trading journey daily, weekly, and monthly.
  6. If you have found the appropriate and reliable technic within several months (at least 2-3 month), and if you feel ready, you can join to real or live account.

Welcome to real forex world. Good luck!