This really follows on from my previous post about sponsorship being as risky as any other marketing, advertising or PR campaign. It made me think that when I mention to others that I actively trade the Forex market the first reaction is – ‘oh I could do that – its far too risky’. But isn’t running your own business risky? Isn’t taking out a 100% mortgage risky? But many people do – society sees it as, yes risky, but its acceptable.
I think maybe many people are not altogether seeing trading as the business it is….possibly see it as a bit of a game – or worse see and treat it as gambling. You can loose a lot of money that way – which is up to the individual but if trading the Forex is seen and treated as a business opportunity then this is a very powerful way to earn money for the rest of your life….well certianly for a very long time! Again its all about preparation, practise and learning how to do it the right way. There are now many tools available to everyone from books, ecourses – like this one software, software from your broker, lots of online tutorials, experts with help and advice, live data – mostly all the tools available to all the city traders!
Again using the reference to starting your online business – you would do the necessary research first to establish an understanding of the market and build your knowledge first before making decisions to market your brand and carry out an advertising campaign. Having spent your budget on advertising your product/service how do you know what returns you will see – well you don’t. You may have expectations but its a complete unknown. Again this can be seen with making trading decisions – know one knows what the market will do next – you make your decsions and see what happens. If you add in your expectations, wants and needs to the situation you can become emotional and not able to make clear decisions. OK so these will happen more often when trading but the key to successful trading is not to let your emotions affect your decision making when it comes to entering or exiting a trade. Do your research and write a clear trading plan – a business strategy if you like and then STICK TO IT. By doing this you will be practising good trading techniques – perfect practise makes perfect.
There are many get rich quick schemes or should I say scams. I don’t believe any of them – surely someone else must be making money from you. I don’t want that. The plan for me when I started trading is that I could work at home and be incharge of exactly how much money I made each day and what I could do to progress. I wanted to be in control and not a client or a boss and have the opportunity to progress and develop my understanding with a knowledge that this development would be reflected in monetary terms in the future. I see Forex trading as a fantastic home based, internet business opportunity with the added luxury of being able to work from home – ahhh no commuting….and something ANYONE can do – I’m not joking either.
For the short, medium and long term it is about financial freedom – not only from commuting but also as a solution to my continued underlying concern that design/architecture is the first to be cut from a company’s list of things to do when there is concern about the economy. Yes its true to say that there are many projects being build around the world which I would work on and I have the experience to probably have work whenever I want it but I have experienced a downturn in the market a few times before – and its not a nice situation to be in. The schemes I am inlvoved with start at around £150,000 – so quite a chunk of investment for any company. That was one of the reasons for the decision to do something else – something I could control and conduct business from home. Trading the Forex gives me exactly that as its such a vast global entity that it is relatively ’safe’ to trade and fairly ‘predicatable’ once you know how!
Learn how to trade with one of the best Forex trading books – its GREAT!! Go to
www.tradeforexfromhome.com for more information….
Cool – happy trading 
Annabel
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This is the only way you are going to understand the subtleties of the forex market. Once this happens, you’ ll see that currency prices often repeat themselves. There are tons of price patterns which replicate on a constant basis. You just have to b…
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Anyone who trades in the forex market needs to have a good understanding of how the market works.
Goran,
I totally agree with you. Its very important to do your research and training first to understand the Forex industry fully. If you set up a business and you are unprepared then you’re not going to do very well. Its the same thing with Forex trading – you need to understand what you are getting into. Its your hard earned money at stake : )
Great comment – thanks for your contribution!
Annabel
http://www.tradeforexfromhome.com
Very good text !
RESPECT
This is not for everyone. It takes time to think positive when you lose money.
I agree. Some people only like to think in terms of ’safe’, long-term investments and thats fine. But everyday people make decisions without being able to guarantee the outcome. Everyday business people make decisions, not knowing the actual return on investment any of them will provide. In all cases it comes down to making decisions and acting responsibly after having researched your industry. And if money is lost then lessons need to be learnt so the situation isn’t repeated.
There are emotional factors attached to loosing money. Again there are ways to overcome this and ways to manage your trading account and open positions so that you minimise your losses. Risk strategies like only risking 1-3% of your TOTAL trading account, using paper trading first to understand your strategy, demo accounts, very small live trading accounts before you start to trade with anything like a full account are avialble to all. Again this all comes back to knowing what you are doing and learning the ropes of which there are many and taking advantage of a wide range of facilities which are available to everyone.
Forex trading is not to be undertaken lightly and should be seen as a career path, not gambling or a get-rich-quick scheme. But done properly over time can provide some with a great level of profit. It all comes down to being responsible for your actions, strategy, discipline and controlling your emotions – all of which are requirements for achieving success with many things in life.