One of the main barriers to entering the currency market is knowing how to begin. There are plenty of websites that detail the workings of the market, its basic rules, trading principles, analytics, leverage, and more, but few address the question, “how to start?” Not just from an interested party, but from someone who has been through it.
For those who are already involved, the question “how to start?” seems very silly and naive, with the answer seeming obvious. However, for those who have long wanted to try their hand at this industry but have not yet crossed the barrier, this question is the most important at this stage.
To start, I’ll tell you something that contradicts everything you’ve heard about Forex before. The minimum amount you need to enter the market is $1,000,000. It’s impossible to enter with less capital. But you don’t have that kind of money, and neither do I, so how do you start trading?
Brokers—brokerage firms whose advertisements you see on the Internet—are the intermediaries. Don’t worry, no one is going to lend you a million dollars. It’s much simpler and safer than that. To enter the market, we need a broker firm with which we will sign a contract allowing us to trade Forex. But that’s at the very last moment. Before investing your money in something almost unknown, you need to not only understand what it is and what it represents but, even better, try how it works (without capital investment, of course).
To be successful in Forex trading, you need to be able to read, calculate, and, most importantly, control yourself and be patient. You must realize that you are working for yourself, not for “that guy.” No one will be giving you orders or managing you. It all depends on you. If you foolishly want to wipe out your deposit, no one will stop you. Remember, a trader answers to no one but their spouse.
The interesting thing about the profession we’re discussing right now is that a trader gradually becomes a professional trader without even noticing.