Forex is a financial industry term that refers to derivatives, or financial contracts, to provide short-term liquidity and stability in markets. The practice was first popularized by market-making firms in the 1970s and 1980s when investors became interested in creating “addiction” to long-term returns by exploiting native media reports of how investing shades an investment house could never be successful. Nowadays, forex trading can be done through a digital platform like Bitcoin or Ethereum.
Forex trading was not possible for a regular person. Only the big banks and multinationals could speculate their client’s money while offering absolutely nothing in return to their investors. This process is still going on. The banks keep all the money and give themselves huge bonuses. We hear all about it, yet we still rely on the banks because it is a safe option.
Even though we only make 1 or 2% a year, we still convince ourselves that little is better than nothing. It is about time we take a look at the options available to us through online trading companies and say ‘No’ to the bank.
Investing Money in Trading
Let’s look at this example. 10,000.00 at 2.5% a year, the taxable interest would be 250.00 a year. Let’s take 1,000.00 from this fund and invest this money into our own trading account.
Starting at just 1.00 per stake and daily 20 pips target (which I recommend); this would add 400.00 per month into your trading account. You can then increase your stake to say 2.00 per pip and double your trading bank in month two. By the end of the year, you would have 1,200.00 for trading!
This is not too bad for a 500.00 investment and a return of 800.00 in return per month. You can now increase your stake to double your trading bank in month two until you have reached 4,000.00 in your trading account.
You will be able to diversify into other currencies and other investments by putting money into different currency funds or stock funds that offer higher returns on their investments than what you earn from your forex account alone. They offer much better returns than forex while still offering the same amount of risk to the investor, and giving them access to other investment opportunities.
Knowledge of Currency Trading
if you lost a few trades along the way, you would still be better off than 250.00 on your 10,000 investment. By learning to trade yourself and being courageous, you can overcome your fear of going it alone.
Before you get all excited about bitcoin prime trading, learning a few basic things is very important. For example, you need to have a basic knowledge of computers, upload and download files, and navigate around your online broker’s Forex trading charts and trading platform. Many sites offer free education, and you must take advantage of what is available. It will not make you an expert, but at least get you started on the right path.
If you want to bypass your own research and learn from an expert, then make sure you select the right mentor who can guide you through the process. A mentor has a good knowledge of the markets and actively trades regularly. A big question to ask is ‘are they prepared to trade with you during the live trading hours? It would help if you determined from the beginning what support is provided and how often you will be able to communicate with your mentor.
In the beginning, you may not know how much time you need and when, but if your mentor is not available when you need them, you should stay well clear from their training program.