One of the greatest barriers that new traders often have, is that they are too afraid to even start, thinking that it will cost them money, time and a lot of effort. This couldn’t be further from the truth. Whilst it will definitely take you time and effort in order to get really good at it. It doesn’t require much to get your hands wet in the forex markets.
Getting started is simple, firstly I recommend you get the biggest obstacle for most new traders out of the way, and that is to pick a broker, sign up with them and create a demo account.
Personally I have been using Oanda as my broker since day 1 and have enjoyed my time with them. Feel free to pick any broker you like, but at this point I advice you to choose one with an unlimited demo period as that will be vital for your learning.
Once you have set up your account and have a demo account ready to get started, its time to start learning about forex. There are many resources available online for this, such as this website and many others such as babypips.com. You will find that there is an abundance of articles for you to read and this may be intimidating for some. If you have the time I highly recommend that you read through these articles available online to get a comprehensive understanding on the forex markets and how people usually trade it. If you are in a rush for time, or would like to cut through most of the irrelevant material online you can consider joining my crash course in which I will teach you how to get started and start trading the markets in less than an hour.
Once you have this knowledge the best way to truly improve on your trading is by trading. There’s no quick way around this, but if you have gone through the course or read up on the articles and material online you should be equipped with the skills necessary to start trading.
Do not trade with a live account yet. This is where you hear those horror stories of traders losing their money or their entire account. Instead what I want you to do, is to trade with your demo account. I don’t care how knowledgable you think you are right now. Go trade on demo and double your account at least once first. Whilst i have losing trades once in a while, I have never lost my trading account even once, and that is what I want you to experience too. Its not difficult, its not rocket science. Trading is all about discipline. In fact when I first started trading, I traded on demo for a full year in order to double my account 3 times. Only then did I move to live trading and start making money consistently.
What do you need
What you will have to invest at the start is mainly time. Time to read and understand the material and to demo trade. During this time it would be wise to start saving up money for your trading account, as you would need it once you are ready to start live trading.
You will need a computer or laptop in order to chart effectively.
But the truth being told, that’s all you really need. Trading is a really low expense business that you can get started in today. So stop procrastinating and take the first step today.
You can join my course on udemy if you wish to save yourself some time.