The vast majority of Forex traders ultimately lose. They enter the market unprepared. They spend little or no time or money on their Forex education. Their expectations for profit are much bigger than reality. Many are in desperate need of money and treat the Forex market like their own personal casino. These individuals make up the majority of retail Forex traders and their plight is unfortunate. So what options do they have? Do they continue trading? Do they runaway and never invest in Forex again?
Forex is truly an amazing opportunity. A market where 100% a year is very possible. Where money can be made no matter what direction the market is moving. A market that is open 24 hours a day. A place where the little guy can start investing with as little as a couple hundred Dollars. The potential is too great for these novice Forex investors to just give up. Here are some suggestions on how to wisely invest in Forex.
1) Invest in your education and then trade on your own. Education is the key. Spend the time to learn how to trade Forex. And I’m not just talking about reading a quick guide to trading and then off you go. If you have not spent 100 hours on your education before you go live, you will in all probability lose your money. This education should include reading books, taking courses, studying Forex news and analysis, reading Forex forums, studying Forex trading systems, and practice trading for at least 3 months before going live.
2) Forex managed account. For many, the task of learning how to trade Forex is too great. A Forex money manager is an individual or company who has already taken the time to learn Forex. You contract this individual or company to execute trades on your personal Forex account. You never give control of your money over to the Forex money manager but simply authorize them, via limited power of attorney, to trade your account in exchange for a performance fee on all new profits generated on your account.
3) Automated Forex system. You have undoubtedly seen them advertised online. These “robots”, or computer trading programs, trade your account for you. They execute the rules of a Forex trading system selected by the coder of the program. They are riskier than trading on your own but have the benefit of a computer doing the work.
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