Mar 17 2020 02:16PM
A quick story,
A Guru met an old-time friend Chika who wanted to go back to school but he was holding back.
Guru: Why are you holding back
Chika: I am currently 28yrs and taking a decent course would require 4years. I would be 32yrs by the time I complete the course. Should I go ahead and take the course or let it go.
Guru: If you take the course or not, you will still be 32yrs in 4yrs time
You see, Forex being the trendy word these days, also known as foreign exchange or FX trading, is the conversion of one currency into another. It is one of the most actively traded markets in the world, with an average daily trading volume(avg daily market cap) of $5 trillion.
Its concept is the same as every buying and selling of goods and services. Whether you choose to learn forex now or not,
- Forex goes on,
- the $5 trillion is being traded
- Your friends keep cashing out
- You keep wondering if your friends are doing yahoo yahoo
Wait, you are not bad for opting out but at least your decision should be informed right?
Here are why you should stay away from forex.
1) You have no extra money: Forex is an investment and like every other investment, you should not risk money you cannot afford to lose. So if you are not financially buoyant enough to risk some capital, please stay away from forex. However, you can learn it and practise with a demo account.
2) You don’t know or understand what you’re doing: Who goes into a business they don't understand? "Invest in what you know…and nothing more."-warren buffet.
so, if you are ambitious and want to do forex, take good beginner courses and learn. This put you on the right track to reap the juicy pips forex has to offer. Forex education is the primary requirement to launch into forex.
3) You are too busy and don’t have time: You need time to trade the market. Except you want some fund managers to manage your money for you and trade on your behalf, stay away from forex. Better still, you can try to copy successful forex traders using forex copy systems.
4) You want to get rich quick: Please stay away!
What if none of these points resonates with you, You might be a potential successful trader waiting for the right push. Just to confirm:
1) You are doing pretty well financially and looking to make more money:
2) You are willing to learn and understand the concept of forex trading
3) You have an internet-enabled device e.g a phone, a tab, a laptop and have data
4) You can cope with the risk
If you tick the checklists, then you are good to go. Forex opens the following opportunities
1) You can trade anytime from anywhere in the world. (I want to be soft, I want to be soft) this is Soft.
2) You earn in hard currencies. yeah, you read right. dollars, euros, etc
3) Others are doing it
4) Making a profit from either selling or buying commodities.
Where do you start
Join 9gforex Fx-academy now. We have: