Have you ever dreamed for a job when you can work whenever you want to? Without any needy boss that keep your neck strain? And you can take vacation whenever you want to, wherever you want to?
Become a forex trader may become an answer to your dream. Look it is not exaggeration, there are people who really live that kind of lifestyle.
Some of them making billions of dollars, trading from the comfort of their bedroom, using nothing but their pajamas! Can you believe that?
Knowing Your Self
So what is the first step to become successful forex trader? No it is not about reading hundreds of pages of investment book or academic literature, it is far simpler than that.
There is an old adage "know yourself before you know your enemy". This old adage holds more truth especially in forex trading. Knowing what kind of trader you are, and what kind of risk you can afford to take is far more important than knowing zillions of indicators.
Too many people failed because they don't know what kind of risk they can afford to take. Can you risk 5%, 10%, 20% or more of your initial capital without affecting your current lifestyle?
Think about the answer can differentiate between success and failure in your forex venture.
Knowing Your Chart
Next lesson is about knowing how to read chart. Don't put your hard earned money listening to what so-called "Wallstreet Pros" or "The Next Big Tip from Financial Network".
If they are so great, they don't need to share those stuffs about which one to buy, when to buy, and when to sell. I mean they can make millions of dollars silently, so why they need to share those stuffs if they are that great?
It is better to put your hard-earned money at your own discretion, rather than following someone advice and losing it all.
Learning how to read chart may become the best investment you ever made in your investment education. Because what all is said and done, one picture can explain more truth than thousands of words.
Knowing Good Money Management
Good money management will always be crucial component in wealth creation. Learning good money management can separate between rich people that live in condo at Trump Tower and average people that struggling to pay paycheck after paycheck.
Simply to say, good money management is knowing about how much risk you can take to afford, and how much money you need to re-invest again to make your money nest grow.
Know those 3 stuffs and you are on your way to life you always dream of. But this time it will no longer dream, it will become reality.
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Date Published :
May 4 2008