Nowadays Forex market and other financial markets are the best place to achieve income, get rich and reach our dreams. Forex income is the easiest way to get income, it’s up to you.
story of an outstanding trader with huge Forex income
Let’s start with an example of a successful trader. Brayan William, I think you don’t know him. But you have to know. Five years ago, William was married with a beautiful girl who loved her. but after several months, He couldn’t pay their cost of life, and his wife was compelled to work and help his husband.
They lived in London, it’s really expensive city. William worked 15 hours a day, in 2 place. First in a brokerage as an accountant, and second in restaurant as a servant. His wife couldn’t endure this situation, and she divorced. She adored to luxury life, luxury travel, brands, cars and etc… She didn’t love William’s poor life. And she left him forever. But he desired to change everything. Not in one night, in a process. step by step.
Start to change and get forex income
One day, he decided to speak with his boss, a successful business man whose name is Robert, with wonderful income and millions$ wealth. he set a meeting with him and told his story. And ask one question HOW CAN I CHANGE ALL OF MY LIFE?
-Robert said: Good, stop working.
-What? Stop working
-Yes, stop working for me. You must work for yourself.
– But How? I don’t have any money.
– you can…
And after that Robert told him some crucial things for Forex trading that I have not never heard. You can get Forex income.
Learn basic terms to make money in Forex
‘ if you want to change everything in your life, you must stop now. Consider your situation. if you don’t invest money to work it for you, you must work whole of life for it. It’s a rule.’ He said.
– What do you mean dear Robert?
– I mean you must invest your money, and work with it.
– In financial markets, like Forex or stock market
– But I don’t know anything about them
– You have to know.
To know How to trade in Forex market read this article
– But which one do you prefer? Forex or stock?
– Stock is riskier that Forex, start with Forex.
– Good , What should I do now?
– Open a demo account.
– What’s it?
– You can trade real market without any risk, with virtual money. It’s the best way to trade and get forex income.
– And you must learn about forex and forex trading.
– Read book.
What is Forex?
William exited from room and went to home. His mind is filled of excitement and questions. Is it possible? Can I become successful? Is it my destiny? And he started to read about Forex market
How can I become successful in Forex trading?
First, learn analysis to get forex income. When you learn about how to trade ,how to buy and sell. It’s time to learn analysis for raising your income. How? I tell you.
1 – Technical analysis
Technical analysis can help you to find more about market trends, market sentiment and trader’s emotion. If you want to become successful in Forex and other financial markets. It’s necessary to become adroit in technical analysis. It’s not hard. You can read this article and aware of technical analysis secrets.
What is Technical Analysis?
2 – Fundamental analysis
If technical analysis is the appearance of Forex market, fundamental is the depth of Forex market. But what’s really fundamental analysis of Forex market? Is it vital to know? Yes actually. For example, we analyze the economic data, like inflation and interest rates, political issue, global economy and trades and etc.. It’s fundamental analysis. Fundamental analysis helps us to:
- Predict future with data analysis
- Recognize the best asset to trade and get Forex income.
Sometimes, prices increase or fall down with out any reason. In this case we can use fundamental analysis and find out the reason of this issue.
- Analyze Correlations among markets
For example, Usually with Gold uptrend, there is a down trend in stock indices like DowJones and vice versa. Fundamental analysis helps us to forecast future and manage our portfolio with among markets analysis. These analysis help you to become more successful in Forex market.
How to use leverage?
In Forex market there is an outstanding potential of income, why? Because leverage. What is leverage? Leverage is a credit that brokers give you and you can trade with it. For example, you deposit 10000$, and you can trade 1 million$. It’s breathtaking. No?
But you should learn how to use your leverage, because if you don’t use leverage wisely. It can works against you. Then, please think about it and write a plan for this issue. After reading something about Forex trading, William was confused. Because he didn’t understand anything. But he decided to start and open a demo account
Learn risk management
After several days, he lose his account and money, why? He tried to find a reason for his failure. And the answer is: Risk management. He used highest leverage in one position, and market devour his money with a small fluctuation. How to manage risk? William asked himself.
He decided to start again, but this time he never did his last fault. he perceived, sometimes markets don’t act as our analysis. But it’s important to manage our money and our risk. It’s probability. And in all of his trade he considered this probability , and he never traded all of his money in one position. It’s suicide. Now He learned three thing:
- Technical analysis
- Fundamental analysis
- Risk management
Stop loss or take profit
One of the main reason that causes of loss in Forex trading is volume. In other words over volume, use highest leverage. For example, when you trade 100000$ with your 1000$ in your account, you are betting now. And another world, you will lose all of your money. William figure out to become successful in trading, he must to stop his loss. How?
Traders lose their money, because they trade against trend. Then they wait market to come back and give them money. It’s ridiculous. No? But how can we manage it? First thing is volume. You must not use highest volume. Second is trend. Be friend with trends. And third, use stop loss to be safe.
Successful traders don’t wish and don’t tell God, please rescue me. Please change the trend of Gold, or, please make profit for me. They work carefully, rationally, and reasonable. They trade on trends of market, and stop their loss. If market doesn’t agree with them. Now, William set a stop loss lever for each trade, it can help him to be safe, because markets some times are unreasonable, and irrational, but you can be. When you use stop loss level, as If you use a shield to protect yourself against some difficult situation. But how to use stop level and set it? Please read this article.
Now after 5 years, William can’t tell you I know everything. I recognize market, I can forecast all symbols well, I’m hero. It’s nonsense. Why? Because the biggest traders around the world don’t tell this, they lose yet. they can’t predict well. But they can control themselves, their emotions, their greed, their fears. It’s more important than market analysis and forecast. Why?
Because if you can’t control yourself, and present in the market over times and learn from your mistakes. You can’t become the best. Then, please work on yourself, be patient, be rational, and present in market over time. When you be in the market always, you can get money, if not, you lose.
Long term vision
do you know the best traders? Can you tell me their name? Ray Dalio? Jessy Livermore? Paul Jones? Warren Buffet? Good, can you tell me, How long they work in market? 1 years, 2,5,10,20. More than 30. More than 30 years, and now they are successful.
t’s the power of long term vision. You can be a millionaire, but you have to grow constantly, step by step. And struggle for your dreams. Don’t afraid from failure, don’t afraid from loss, it is a game. Sometimes you win, sometimes you lose. But it’s important to achieve more over time. Not now. Everything has a process, and we can make it short with our efforts, learning from mistakes, studying books, learning from the bests.
It’s possible, but if we want it, like it, and adore it. Then, let’s start, and do the best efforts that you can. Success is not far, just have a goal, have a vision , and work constantly. Any one can’t stop you, instead of you.
Live your dreams.