11 Things You Need to Know Before You Start TRADING/INVESTING in Forex Market

In SOFO news editorial effort to help people maximize the situation of Covid-19, we are going to be sharing some possible questions and answers about investing and trading in forex market.

Question 1:
How long before I can start making good money consistently in Forex trading?

Answer:
it depends on a lot of factors that include but not limited to;

  1. Your devotion to learning.
  2. Your Budget for learning and practice
  3. Your risk appetite
  4. Your support system(s).

But, to curb and manage your greed and expectations, GIVE YOURSELF ONE FULL YEAR (1year) of consistence practice.

Question 2:
My boss is too troublesome, I want to quit my job to learn forex trading. Should I?

Answer:
Learn and master the skill before you quit your job. If you ever going to start trading forex or do anything with Cryptos ( Bitcoin ), start now! when you still have your job or other businesses doing very well.

Question 3:
What will you say about the income opportunity in financial trading?

Answer :
The income opportunity in financial trading is unlimited. But directly depends on how well you have built your skills.

Personally speaking, my result in the market may not blow your mind yet, but the financial market trading currently account for 95% of all my income at the moment turning me in to “full house husband” since I can make my money from the comfort of my bedroom.

Question 4:
I have heard people talk of it several times but I’m not really clear what exactly it is.

Answer:
Financial trading is a digital high income and high risk skill set that requires time to master, not a business or get rich quick scheme.

Question 5:
So I want to be sure, do you mean that the knowledge required to trade currency market is totally different from what is required to trade stock market and different from what is required to trade crypto market?

Answer:
Once you master the financial trading skill to an extent, you can practically trade any market; crypto like Btc,Ethereum,ripple. Forex, commodity, stocks, precious metals and derivatives.etc

Question 6:
Is Financial trading the same as investing?

Answer:
Financial trading(speculation) is not the same as investing. Either ways you still need some basic common skills

Question 7:
I don’t have time to learn the skills, can i give my friend money to trade for me and pay me a percentage profit monthly?

Answer:
Yes you can! But from my experience, most times IT Ends In Tears for many reasons.

Question 8 :
I found a guy on Instagram/ telegram, he gives free trading signals and he has never been wrong. Why should I take the pain to learn when I can just follow such signal and make money?

Answer:
I have been on both side i.e I have depended on following people’s trading signals and I have also given ( and still give) trading signals. But the truth is that, It is not sustainable!
Nothing gives you more confidence and result as mastering the skill and taking responsibility of your own trade results.

Question 9:
I met someone offering 30% a week to investors, can I try it?

Answer:
I can confidently tell you that It will end it tears
It is obviously a Ponzi “startup”, if such model was sustainable all hedge fund will be doing it. Most investment managers don’t even do up to that in a year.
The most important is not about making money, almost anyone can do that. What is of utmost importance is preserving what you have made. But there is a less risky way to go by this.

Question 10:

How much do I need to get started?

Answer:

Apart from the fee you will need to pay, if you choose to join a paid coaching class (which varies from person to person) which I strongly recommend as it helps you reduce your mistakes, the time and money you will need to spend experimenting.
Apart from this, you practically don’t need any money until you are ready to go live, this comes after a long period of practicing trading with a demo account(a demonstrative account with pseudo money, same market conditions but psuedo money).

The money you go live with depends on the amount you can afford and the broker you choose to trade with. Any thing from $10 is legally acceptable, but you know you can’t trade with $10.

Question 11:
How can I start my journey into learning?

Answer:
www.babypip.com is where everyone starts and often refer to most times when we need to relearn. It is a free academy but won’t be enough, but at least start there!

But if you want to be serious be coached, i’ll recommend my Forex trading coaching class.

Here is the details of the class👇🏾👇🏾👇

=> one on one zoom class. (The class will be recorded to enable you watch again later when you want).

=> an average of 1hour per class, two times a week for 1month. (you choose your days and time).

=> we will cover my full training module and you will get all my Forex books, apps and mt4 extensions( custom indicators).

=> if you pay full attention, you will start trading (demo account)by second week.

=> Six month follow up mentoring.

=> Access to my trading room, where we interact, discuss trading tips and trade setups per time.

Fee:

Private Coaching : #50,000
Group coaching : #30,000
Recorded class : #10,000

Send me your questions here: http://wa.me/2348079985617

Ogbeni Sofo
the authorOgbeni Sofo
In my few years on this planet, I have learnt some core values of living. One of these is to live well and be truthful. In as much as I’d like to be your aproko mate, don’t mistake my facts for clickbaits. I write to inspire and educate. Sometimes, I might seems to be fortunate (without the UN prefix) to you but trust me, I am not who you think 🤔 I am. I am just me, OGBENI SOFO!

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