How to Make Money Trading Forex as a Beginner is a guest post from Yolanda Valley Robinson.
As a mompreneur, I have tried lots of different ways to make income from my computer from the comfort of my home. I have been a freelance writer/copywriter for several years. I have also tried my hand at affiliate marketing and virtual assisting. And I dabble a bit in network marketing.
While I didn’t have a bad experience with any of my forays into solopreneurship, I didn’t feel like I had found my jooshe. You know, that thing that I got excited about. That thing that kept my attention for longer than two weeks.
Then I discovered Forex.
What is Forex?
Forex stands for foreign exchange. It’s basically exchanging one currency for another and profiting off of fluctuating currency exchange rates. That’s the super simplistic definition of it. And it really is that simple.
My mind was BLOWN when I learned that not only do banks trade with OUR MONEY every single day (and make millions while only offering us 0.01% “interest”) but that over $5 trillion dollars PER DAY is traded in the Forex market. That’s TRILLION. With a ‘T’.
It gets a little more “complicated” (for lack of a better word) when it comes to learning how the Forex market moves and how to profit from those moves. It’s a skill you learn, not a gamble you try your luck with.
I was introduced to Forex when I started network marketing. I had no idea what a trendline or pip was, and I didn’t know anything about bulls and bears. (You probably have no idea what I’m talking about. But that’s kinda my point. I didn’t either 4 months ago.)
The “Rules” of the Trade
Learning how to trade is not hard. But it’s not simple either. There are a few key “rules” you have to learn – and remember – in order to be a successful trader. And it is very possible to go from complete novice to expert trader in a few months, weeks, or even days.
Here are 3 golden rules you need to follow:
Always, ALWAYS, Have A Positive Mindset – This may sound like the simplest (and silliest) rule but, trust me, it’s THE most important one when it comes to Forex, especially while you are still learning. It’s not hard. Like, at all! But this is a skill and before you become proficient at it, you have to adjust to the learning curve.
Millions of people trade every day, so it’s absolutely possible to not only learn (and learn quickly!) but to make money doing it.
Be PATIENT – Again, it is not hard to learn to trade and to make money from trading. But the BIGGEST mistake novices make is being impatient. Learning this new skill is exciting. And when you realize it’s not rocket science, you WILL think you have it all figured out and want to jump in and start making trades with the big boys. Let me offer you a word of advice: DON’T.
Slow down, take your time, and let the money come to you. Start small and work your way up. That’s how all the experts did it. And now they make more money in one day (heck, one trade!) than some people make in a whole year!
Be CONSISTENT – One of the quickest lessons I learned (and one I am still, admittedly, learning) is consistency is key. The people I have met and am learning from all have that one thing in common – They. Are. Consistent. And consistency can come down to what you’re trading, how you’re trading, and who you’re trading with.
Sometimes it’s hard being consistent. Especially being a mom. I totally get it. But you have pockets of time that you can dedicate to something that is important to you. And learning to trade is a skill that will pay you for the rest of your life.
Educate Yourself on Trading
The absolute best decision I made when I decided to become a trader was to start learning from professionals who have made hundreds of millions of dollars doing the same thing I’m doing. I was introduced to Forex through an education platform where the CEO has been a professional trader for 30 years. And he has personally made over $100 million dollars trading.
There are lots of people out there who claim to be experts in the Forex market. And I’m not saying that they’re not. But learning from professionals who have “receipts” (you know the receipts I’m talking about) and who dedicate their time to educating others in a supportive environment is important to me. We invest thousands of dollars in a college education, why not do the same for a more nontraditional skill you learn?
If you’re interested in learning more about trading, or you’re ready to learn and earn*, reach out to me on social media! I’m a part of an amazing team of traders (including my husband!) who are just like you and me; moms and dads, students, business owners, people working full-time jobs, and even professional athletes. We are growing and I’m excited to continue introducing people to Forex and the amazing things it offers.
*Disclaimer: This is my referral link. It gives you access to a trading education platform and proprietary applications that professional traders use to make money in the Forex market. There is an enrollment fee as well as a monthly membership fee.