A newbie starting trading Forex (Fx) first and foremost needs adequate knowledge. Without a good knowledge of online forex trading, a newbie cannot succeed. Forex Trading is a speculative business just like other financial markets. There is so much uncertainty in the business. A newbie needs a good grasps of Technical and Fundamental analysis. A Certified Forex Training Institute or School would be a good place to go. A newbie can also be coached one-on-one by an experienced Forex coach. Aside from formal training, a newbie should consistently read articles pertaining to the financial markets on the internet and follow other successful traders.
I did say in Part 1 that i attended a one-day Forex Seminar and was taught a little of online forex trading. I certainly didn't get enough training. I had no job that period and was determined to make a living out of forex trading. I did my investigation and found out that online Forex Trading is real. Thereafter i started reading a lot of financial articles on the internet. This later kindled my interest in Forex trading and more especially fundamental analysis. I remember quite vividly the first forex articles i read authored by Ifeanyi Uche and Taiwo Balogun of Success Digest fame, who have become Fx Icons in Nigeria and indeed the whole world. In my early years of trading forex, many forex groups were becoming popular on social media and i joined quite a few. Joining these groups made tremendous impart on me. I was able to build good relationships with other successful traders. This ultimately helped in developing my skills. Many traders no longer trade solely on their own but with fellow traders around the world which is now the trend. Facebook, Skype and other social media provided the platform for networking and truly changed the way traders trade. I also acquired knowledge by watching financial news TV channels such as Bloomberg and CNBC.
After formal training in Online Forex Trading, a newbie should practice for at least three months by registering with a Demo account before going LIVE. A demo account is a practice account where the trader trades with virtual money. This is necessary before committing real funds to a Live account. Unfortunately many newbies skip this important aspect of practising. They think that forex trading is get-rich-quick scheme. They go ahead trading with a live account without practising.
I also did that costly mistake. I actually 'demo traded' for less than a month which was grossly inadequate for one to be acquainted with the platform's layout and acquiring much need skills to go live.
I would throw more highlights on the dilemma newbies go through and ways to avoid them in coming days.
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