Forex is the foreign exchange market where different currencies are exchanged 24 hours in a day for 5 and a half days in a week. Entrepreneur and master trader Greg Secker explains that Forex trading is not as complex as people think it is. Once one learns the basics (fundamental forex indicators and effectively managing risk), he is confident that with the right amount of determination you will be able to enjoy good profits trading in the market. He shared a few basics as a starter pack for the new-to-forex learner:
Get a grasp of the basics
Before jumping head first into trading, it’s important to educate yourself on the right methodology and have an understanding of how the process works.
Get a mentor that you can emulate
There’s no need to reinvent the wheel. If you shadow a trader who has years of experience and has methodology and style that you can mimic, then you remove a lot of guesswork from the equation.
Learn a trading strategy really well and stick to it
Focus is key for success. Learning a strategy extremely well will work in your favour as opposed to having to constantly switching up your strategies all the time.
Don’t mix emotions with your trades
It’s easy to panic and make rash decision as a newbie because the odds are not working in your favor. Making decision s based no emotions will only need to disaster.
You cannot become a millionaire on a modest trading budget. If you want to win big then you have to play big.
Have clearly defined goals.
In order to get to your destination, you must have a detailed plan of how to get there.
Greg Secker was born in 1975 and is an entrepreneur, philanthropist, master trader, international speaker and father. He is the founder of Knowledge to Action Group which consists of the companies; Learn to Trade, SmartCharts Software, Capital Index and FX Capital. He has a not-for-profit organization called the Greg Secker Foundation which is committed to improving the quality of life for people around the world.