The Forex market is absolutely massive – in fact, it’s the largest financial market in the world, trading around $3 trillion in transactions every day. The internet has made Forex even more accessible to people by allowing them to trade online, and this has opened up Forex to an even wider community of home-based traders. The barriers to entry are low – you can open an account and deposit
It can be overwhelming for “new to the market” traders with all of the trading courses, books, tapes, videos, DVDs, boot camps, seminars, free introductory offers, and more that are available. Most experienced traders are familiar with the “trader’s cycle” in the marketing machine and how some systems are advertised as providing the holy grail of trading, unrealistic profits or even downright lies.
Some traders, after a while, give up and move to other systems to save a losing account–including Forex robotic systems. These systems, commonly referred to as expert advisors or EAs, provide what seems like relief from the fatigue that information overload has created in the trader’s mind. A busy schedule, combined with a dwindling broker account balance, gives hope to the ever-increasing disillusionment of the trader. The known.
Many traders lose money. I’ve placed that in capital letters as it appears time and time again, which many people never seem to grasp… The harsh reality tends to not bite until the account is decimated and the riches that were advertised fail to materialize.
Trading Forex is not easy. Imagine that you are trying to take money from one person (or playing poker with a broker) in order to profit. This all happens while being hidden behind an online trading platform. Try walking up and down the street and taking money from people’s hands. You’ll see that this game is similar, where your view may differ from the person you traded with. You are hoping that you are right and they are wrong.
Money doesn’t come from nowhere… it comes from the pockets of people’s trading or, even worse, your accounts. Move to the casino and try playing against the house. That’s similar to some cases where brokers are market makers and you are effectively playing poker with the Forex brokerage company.
Most brokers offer free software, like MetaTrader 4 (MT4). MT4 is an online Forex trading platform that’s issued by brokers. It’s dependable and has been around for a while, seeing annual improvements and upgrades. MT4 is easy to use and provides all the tools a Forex trader needs–including technical analysis capabilities, online charting, Forex news, rates, etc.
Even if you have a great trading platform and your broker account is full of funds, that doesn’t mean you will always profit from online Forex trading. You need to have a system for executing trades and be disciplined about when to take a loss or profit.
Trading Forex online can be lucrative. You can be sitting in a hotel lobby, on the beach, or at home in the Philippines, Thailand, Australia, London etc. With a good trade system and online Forex broker account, free software… you can dominate the currency market. But are you prepared to forego your current lifestyle to trudge through books, tapes, DVDs and courses for years on end or do you want to get up and running right now?