Many people are looking for something legitimate
to get into when it comes to starting a home based business. The
FOREX market just may be the perfect opportunity when it comes to
working at home. FOREX is the process of simutamously buying one
currency and selling another.
I’ll be the first to say that 99% of home
based businesses are scams. After losing nearly $10,000 in work
at home opportunities, I was looking for a way to make a decent
amount of money though a legitment business. I’ve heard of
FOREX trading before, but wasn’t really quite sure just exactly
what it was and how it worked.
In January of 2005, I decided to run a search
on FOREX in Google and began reading articles and forums on the
subject matter. It seemed that FOREX was the perfect home based
business to start. I opened a demo account with $500 and started
trading. Within my first 25 trades, I won 23 and lost only 2. I
thought to myself I was ready to start trading on a real account.
Little did I know that there was a huge difference
in trading on a demo account as opposed to trading real money. My
entire psychology changed and I could not implement the same trading
strategies that were previously winning on a consistent basis. Needless
to say I blew out my first live FOREX account of $600. I decided
to fund my account again with $400 this time trading under strict
guidelines and much more discipline. Over the next month I managed
to gain back my initial loss of $600 and gain a small amount of
profit.
When starting out in FOREX, you will have the
opportunity to choose between many different brokers. My suggestion
is to choose a reputable broker that is well known. Most brokers
offer a 3 pip spread on all the majors, some will offer a spread
as little as 1 or 2 pips.
If you are not familiar with FOREX, another thing
you might want to look into is a managed FOREX account. There are
many FOREX signals providers that will send you entry and exit points,
however only a selected few of them actually work.
It’s now been a little more than a year
since I started with FOREX as a home based business and I have compiled
over $40,000 in profits. Attaining these results did take a lot
of work and research on my part. The FOREX market can be extremely
volatile. Do take caution and be sure to do your homework before
trading with a live account.
Tim Rohrer is an established home business owner
and FOREX trader. To learn more about FOREX trading, visit http://www.forex-investing.us
