Confused by Forex Trading?
I am sure by now you have seen the range of websites springing up almost over night about online trading and covering the various ways you can make money online through options, Forex or currency exchange and share trading. I previously posted some of the benefits to online trading that technology provides us. So I am not going to take the next 3 days explaining the finer details of what can be found way easier through something like a wiki that could answer the questions way more effectively than I ever could. What I thought I might do is cover some of the obvious out of the box questions to ask before Forex trading that pop up in my inquisitive mind.
I pride myself with some of my personal development in considering out of the box questions. Looking at a investment and considering things other may not have. How could I make money from this? Is there a better way to accomplish my goals?
So take a few moments to consider what I do when I read the above wiki and when I cast my eyes over a few websites. (ForexCurrency.us being one recommended to me on twitter)
Have you considered these Forex Questions?
- Do I really understand what my goal is with Forex trading? Do I have an earnings total per day? per week?
- Do I know when to quit?
- Can there be a point at which the task becomes more work than reward? Am I leveraging my time effectively compared to other investments?
- Risk vs Reward – Have I considered what I am investing in this and the possible return on investment?
- Can I lose more than I plan to invest either by mistake or on purpose?
- Do I trust the broker / team I am planning to work through and with. Did I do some homework on them to make sure I am being looked after the right way? Can I get help from them if I need it?
- Have I spent enough time doing the demo / paper trading that I have an idea of what to do?
- Do I have enough of an education or training to accomplish this?
- What is the worst case scenario of my Forex Trading and what can this mean to me?
- Do I have any other questions to ask before Forex Trading?
Make sure your considering this just like any other investment opportunity. This is a business decision and shouldn’t be one made through emotion but though some sitting thinking and planning.
Grab a pen and paper and find a quiet place to consider what I have asked above and then move forward on your Finance Journey with the right intention and mindset of being the best you can personally be.
***Photo thanks to Image_Of_Money***