Another Smart Source of Income - Forex Trading

My greatest desire is to find and bring into light every useful strategy that young people can use to realize
their dreams. That makes me happy.

One of such strategies is forex trading. If you’d love to add an extra, reliable source of income, then you may need to consider venturing into this smart online “business”.

What is Forex Trading?

Commonly referred to as Forex Exchange, Forex Trading is
simply an exchange of a given currency against another. It ‘s a worldwide business whereby huge sums of money exchange hands. Various forces make the currency value to fall and rise (fluctuate), very fast.

In Forex trading, you buy a currency at a low price and sell it at a higher price, thus making profit. Consider a cereal businessman. He buys cereals at a low price, stores it waiting for the prices to shoot. When that time come, he sells the cereals and makes a profit. But at times the price may not get up to his expected value. Then he’s got to decide to wait a bit for the price to increase, or sell the produce at a loss, or even eat the cereals, if he can. This is the real scenario with forex trading, only that here you don’t wait for months, nor days, or hours. Changes happen in microseconds.

Forex market is open 24 hours a day for 5 business days a week. The main activity being exchange of currencies, the biggest knowledge you need therefore to succeed is knowing when to buy/sell a currency.

A Demo Account VS Live Account

Forex trading is easy and can be done by anyone who has computer skill. Nevertheless, it’s highly volatile and risky. Thus, it will be required of you to be self disciplined and have understanding on fundamental trading strategy.

This is why the trading companies advice beginners to begin with a demo account. When you open a demo account, you will receive virtual money meant for learning. The deposit, profits and losses will all be virtual, meaning you’ll lose/gain no money, but you’ll learn the required skills since you’ll be trading like any trader, using the same platform. This is a great help, especially if you’re the kind of person whose adrenaline runs a bit faster when you lose money. By the way, controlling your fears and appetites is one big lesson to learn in the process.

A live account means serious business. Here, the deposit, profits and losses are real. You only open a live account when you’re good to go. The beautiful thing with forex trading is, you can reap nicely if you know which button to touch. It’s important to mention here that you can also lose, easily, just like any business.

Where to Open an Account

There are a number of companies you can open an account with, but I recommend you open with MAYZUS, because I’ve seen with my eyes what they can do. They are trusted and reliable.

Whom will you trade with?

When you get into forex trading, then you’ve dived into a sea of worldwide traders. And as you may understand, the sea contains small and big animals. You just started, worry not, you’ll grow big.

Basically, there are 6 participants in the world of forex exchange:
i)  Retail traders, who mainly include anyone like you trading from their computers.
ii) World travelers
iii) Institutional investors (they register as an institution as opposed to an individual)
iv) Brokerage companies like myzus.com
v) Central and Commercial Bank
vi) International Trade companies

What you need to begin

Very simple:
i)   A computer
ii)   Reliable internet
iii)  Yourself

By yourself I mean, availability and a ready-made mind to seriously trade and make money. It’s a requirement in making any serious move in life.

How to go about it   

After getting the above 3 necessities, here are the points to use as a guideline to successful trading:
i)    Learn the terms of trade
Any business or career has its vocabulary. Familiarizing yourself with these terms is the beginning of everything. What’s a base, quote, long/short position; what are the different currencies available; a spread, pip, indirect quote, trend etc. Though it is important to know these terms for easy communication, the most important thing understands your trading strategy; after all, we want to make money.
ii)    Get to know your trading platform – know it well.
The trading platform is like any software and therefore contains tools and commands. It’s freely available for download. Interact enough to understand the terminal, Charts, navigation Window etc. Thank God for a demo account, you’ll learn this for free, and if really interested in succeeding, it’ll take you less than a week to master this platform.
iii)    Know your trading strategy
You need to know when to click the buy/sell button. Using the available tools, there are many strategies available. Not all will work for you, learn and choose what works for you.
iv)    Be cautious and alert!
Use a demo account at first to learn the necessary skills. What you do with a live account is what you successfully did with a demo account.  For instance, if you’re projecting to make $150 profit with a live account, make sure you do the same with a demo account first.
Learn how to make losses, literally, to the amount you’d love to make as profit. After making the losses, now start making the profits. When you’re through with this, you’ll be good to open a live account.


3 types of trades

i)  Manual Trade: this is when you are present to implement and execute the trading strategy.
ii) Semi-automated Trade: In this system, you have an Expert Adviser, commonly referred to as EA, to help   you implement the strategy, but you have control over the EA since you decide whether to make a buy/sell and when.
iii) Automated Trade: This is when you allow the EA to run every aspect of your trade and you only wait for the results. At this point, the EA must have enough filters and controls.


My Final Word

Forex is a bit wide and in a single article I may not be able to exhaust all that you need to be an icon in this field. But it’s truly am exciting story.

 One thing I know for sure, it is very important to get somebody to hold your hand. It’s true there are a lot of materials online you can use to learn, but it may take longer to implement. On top of that, you’d love to be sure you’re doing the right thing when it comes to investing your money. This is where youngxtian comes in.

Do you feel you need a step-by-step guide to successful forex trading?
Learn a tested and working strategy from trusted individual?
Ride from basic strategies to intermediate and to advanced strategies,

Then just send me an email at youngxtian@gmail.com, or better still, drop me a message via the contact me page and I’ll get back to you to get the ball running. What does it take? Just that first step. Begin now!