With whatever field or investment you’d like to take on, there are always tools and cfd trading resources available to assist you. And this is especially true when it comes to Forex. The currency market can be quite overwhelming, and becoming a successful Forex trader does not come from pure luck. There are simply too many factors that can affect the direction that currency prices will move toward.
Here are two important realities to consider:
1. Most newbies try to take on Forex using no assistance or tools. (Most newbies lose all of their money).
2. Most successful traders use a Forex trading system to help them (Successful traders make VERY good money in Forex).
But even with these realities commonly known, newbies still try to attack Forex blind, basing their buying and selling decisions on limited knowledge and experience. It is not until they have lost all of their trading funds that they consider that it probably would have been smarter to invest in a Forex trading system and software from the beginning. Don’t make the same mistake. If you want to be successful with currency trading (ie. making consistent profitable trades) then it is highly recommended that you investigate the many Forex trading systems and software on the market.
Let me illustrate further with a story of about two Forex traders:
Tom and Jim have been reading about Forex a lot recently. Both have been spending hours online trying to understand what currency trading is and how (and if) they can make some quick profits. All of the marketing ads that they read say that you can increase your money very, very quickly. Sure, there’s some risk involved, but the potential rewards are just too good to pass up. So they both decide to try out Forex and see if they can make a go of it.
Both guys are highly motivated and want to give Forex their best chance. So each of them is going to invest $1000 of their savings into currency trading. If they lose the $1000, then they will quit Forex and re-evaluate whether or not to try again in the future. By investing a thousand bucks, both have shown that they are fully committed to making Forex work for them.
Tom takes his entire $1000 and transfers it into a retail online Forex broker. Tom will be making all of his trading decisions on his own. He will be doing his own research and will lurking on Forex forums and blogs to see if he can get some much needed tips.
Jim goes a different route. Although he is just as motivated as Tom, he is also aware of the complexity of the Forex market and realizes that he just doesn’t have much experience at this point. So he takes $900 and transfers it to the same retail Forex broker as Tom. He saves the remaining $100 in order to get access to tools and resources (ie. Forex trading systems and software) to help him make better trades. He used to day trade stocks and knows first hand the edge that these tools and resources can have (especially if you are just learning the ropes).
Tom jumped right into currency trading. His first trade started off in the positive, but quickly went south. Before he could post his sell request, he had lost $100. Although he did have some minor profitable trades, overall his trading history was very similar to his first trade. Many trades started off good, but for some reason (that he just didn’t have the experience or knowledge to understand), then would eventually trend down. At the end of his first month trading currencies, Tom’s trading account was down to $400.
Jim, did a little bit of research and found Forex Ambush. This was a membership website that provided its members winning signals. What really caught his eye was that they boldly stated that their trading signals were 99.9% accurate. How could they make such a bold statement? Jim did some more digging and found lots of positive feedback from current members. And there was one more thing that finally swayed Jim into giving Forex Ambush a try: they offered a 7 day trial at a fraction of their normal price.
For less than twenty bucks, Jim had seven days to try out Forex Ambush and their 99.9% accurate trading signals. He was really excited. He had $900 in his Forex trading account and still had $80+ to use in case Forex Ambush didn’t help.
The next day Jim received an email with a trading signal from Forex Ambush. He was still very new to Forex, but with the bold accuracy statement still in his mind, Jim put in his order just as the trading signal specified. When his transaction closed later that day, Jim had made a $145 profit. He was very excited! After his 7 day trial ended, Jim went ahead and signed up to be a permanent member of Forex Ambush. Although not every trading signal resulted in profits, almost all of them did. And the losses that he did have were very small. After a month, Jim had $1750 in his Forex trading account.
Tom was feeling deflated. Within a month, he had gone from $1000 to $400. In order to try to make back his money, he did higher valued trades that were much more risky. The end result: he was down to $0 before the month had even ended. Tom was angry and frustrated. He swore off ever doing Forex again, telling anyone that would listen that it was a scam and that they should save their money.
Jim, on the other hand, was on cloud nine. He had turned his initial $900 and turned it into $1750. He was still getting the daily email from Forex Ambush with the trading signals, but he was also testing out a few other Forex trading systems. After a month of profitable trades, he had a much better understand on the Forex market and was full of confidence. By the end of month 2, Jim’s trading account was now at $2355.
And the most remarkable thing was that Jim was doing all of this in his spare time. He still had a full-time job to cover his living expenses. Everything he made in Forex was extra. He has been contemplating quitting his job and trading Forex on a full-time basis. But for now, he’s happy for the stability his current job brings him and is enjoying the benefits that his “side” money in Forex is providing him.
The moral of the story: if you want to succeed at anything that you have very little knowledge and experience with, it is highly recommended that you invest in the tools and resources to maximize your chances of success.
You need to ask yourself: do you want to be like Tom, poor, angry, and swearing that Forex is just a scam? Or would you rather be like Jim, investing in tools to help you succeed and enjoying the profits that those tools will help you make? If you are serious about making money with Forex, then you owe it to yourself to find a Forex trading system that will give you the winning edge.