There is money in Forex. Good money – but you will need to be strategic in your approach to ensure you get some of it.
All of us have this insatiable desire to make money overnight and join the millionaires list – and there is nothing wrong with that – only that you have to be patient.
If you are just getting into Forex as a beginner, it is important that you build your knowledge around the subject so as to gain as much insight as possible from experienced industry players – and other individuals who have immersed themselves into Forex.
One important thing any new trader should do is to start small – and grow gradually.
Once you have done your homework, spent some good time with a practice account, and you have even drawn and agreed on a trading plan you want to adhere to, you definitely have what it takes to go live.
To go live means trading real money — and making real money. It also means losing real money if you are impatient.
Truth is that real – or rather live trading – is a different animal. There is no amount of mock or practice trading that can exactly simulate live trading. This is why you must start small when going live.
Many factors come into play when you go live – factors like emotions and drifting expectations brought about by the volatile nature of the trade. It is only during live trading that you get to see, experience and understand how both internal and external factors can affect live trading.
Also, a certain trading plan may have worked well for you in the trial phase – but then it fails miserably during live trading which means you lose money.
Starting small will save you money. If you start small, then you get enough time to make mistakes, evaluate and test your trading plan without necessarily hurting your purse by risking your entire trading account.