Posted by forex at 3:19 AM
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Learn Forex
1. Understand the basics. Visit a Forex teaching website such as BabyPips (see References for link) and learn what certain terms mean and how to become an efficient trader. You may also opt for books or video tutorials, both of which have proven effective, too.
2. Practice with a trial account. A trial account provides you with fake money to practice your trading and enhance your ability to trade in an effective manner. Go to your preferred broker's website and click 'Create Account.' Select the 'Trial Account' option and enter the required information. Familiarize yourself with the trading procedure and the platform provided.
3. Open a real account. Go to your preferred broker's website and click 'Create Account.' When prompted, select 'Real Account' and enter your details, including payment information. Possible payment methods usually include Visa, MasterCard or PayPal. Once information is entered, you will be prompted to make a deposit. Make a small investment of $50 to $100 for the time being.
4. Log in to the trading software using the real account you just made. The account balance will be the same as the amount you just deposited.
Buy Multiple Currencies
5. Investigate the daily trends of each currency pair. Examine how much they fluctuate on average in a day, and write down how high and how low they go. Look back several days or more and determine the value at which the currency would be best purchased at.
6. Buy currencies. Purchase them when they are at the mark you previously determined. To do this, you simply click 'Buy' in the trading platform. Buy one of each currency as they go down.
7. Sell the currencies when they have increased in value. This value may be the slightest change; however, this is the point of multiple incomes. You are trading many currencies for small profits, often resulting in a large profit by day's end.
Buy Commodities
8. Purchase commodities each day. Three popular commodities include gold, silver and oil. For the sake of simplicity, restrict the type of commodities you purchase to one of these three. Oil often holds the best potential. Buy these commodities when they are low or moderate in price. Limit the amount you buy to one each day.
9. Keep commodities. Continue purchasing a minimum of one each day while also performing the small Forex trades.
10. Sell at month's end. Within the last week of the month, choose a day when the commodities are being sold for a larger amount than you bought. Sell to earn an additional monthly bonus.