Have you heard that more and more stay-at-home moms are getting into Forex trading?
It’s no longer a well guarded secret, and a growing number of stay-at-home moms are finding financial success as traders. Even though they have full plates during the day, these women are able to find time to trade Forex, all while taking care of their families. Not even a little bit of this tale is fabricated. This is the honest to goodness truth. The good news is that you can write a similar chapter in your own life’s narrative.
You have to go through what they did to get to where they are. Luckily, there are two options open to you: the hard way, and the sensible way. Compare and contrast the two examples below to see the distinctions:
Assumption A: The Hard Way
Maria is a stay-at-home mom of two. She and her family rely heavily on her income, which is supported by her husband. He brings home a nice paycheck every month, and he’s able to provide for his family’s requirements. Even yet, Maria thought she had too much free time since she was so competent and efficient at her work. So, she looked about for something that would be worthwhile, and she settled on Forex. Then, in the hopes of finally finding a way to reliably generate income, she invested in DVDs, home coaching, and even virtual seminars. After everything was said and done, she spent $5,000 before she even opened an actual account to begin trading Forex. She used the resources she purchased meticulously and put what she learned into practice. She practiced self-control and self-assurance until she was ready to trade with real money. After discussing her readiness with her spouse, Maria decided to open a genuine account and begin trading. To help her get started, her spouse deposited $6,750 into her new account. She began her foray into Forex trading cautiously and conservatively so as not to spend her husband’s money. After only a month, she has accumulated $7,250, a gain of $500. Everyone in her family, especially her husband and kids, was relieved. In the subsequent month, she saw a loss of $75, bringing her grand total to $7,175. The next month, she deposited $730 more, bringing her grand total to $7,905. She has thus far invested $5,000 (which is not a cost in the business sense, as the idea is to make more money by spending it) and has made $1,155 in profit over the course of three months. This entire process took place in a span of 6 months, during which time she spent 3 months learning and practicing trading and another 3 months doing actual business. She did the trading on her own, and she did well enough that her husband and kids are proud of her. This is an excellent position.
Plan B, the sane one
Jennifer stays home to raise her sons and daughter. Her spouse puts in a full day at the office and never turns down an opportunity to prove himself to his superiors by taking on extra work outside of his normal 9–5. While everything is going on, Jennifer is kept rather occupied by her three young children. Jennifer doesn’t get much of a break from her busy schedule because they are so busy helping one other out around the house. A friend showed her how to start an internet company and assured her that she could do it from the comfort of her own home, without having to give up her children. In addition, her buddy assured her that she can accomplish it even if she lacks experience or training. Jennifer inquired about their method since she was intrigued. A service exists, her buddy assured her, and it can help her do just that. Moreover, there is a chance to get knowledge as a byproduct of the service. Despite her hectic schedule, Jennifer wanted to do something to secure her family’s financial future and relieve some of the stress placed on her husband by raising their children alone. Since Jennifer and her husband don’t have so much money, he discussed the matter with her and gave her $6,200 to cover the cost. Following her friend’s advice, Jennifer opened a genuine Forex trading account and paid for a trading signal service, totaling $5,500. She forked over $100 for a month of access to a trading signal service, during which a professional Forex trader handled all the tough work. Not wanting to risk losing everything or becoming greedy, she traded Forex cautiously and steadily built her savings. She put away $520 that month, bringing her total to $6,020. That’s a great place to get started. She renewed her service for one more month at $100. She earned $300 that month, increasing her bank balance by $90 to $6,320. That’s not too awful. She used another one-hundred dollars of the seven-hundred she had put away to pay for trading signal services. This time, she put an extra $683 on top, bringing the total to $7,003. Jennifer has contributed a total of $1,503 to her trading account, of which she has paid $300 (out of a total of $700) to pay for the trading signal service. Over the course of just three months, Jennifer has made tremendous progress in her studies and is on the verge of becoming an independent trader who can help support her family financially. Fantastic work, Jennifer.
The takeaway is that going it alone requires a significant time commitment and financial outlay (she spent $5,000 getting ready and another $6,750 funding her real account), while going with a service cuts down on the legwork required and costs by almost half ($700 for monthly subscription fees and $5,500 for opening a live Forex trading account). They’re both interested in learning how to trade Forex successfully, and it goes without saying that they’re both afforded the same opportunities to do so. There is no denying the divergence between the two routes. Which one you pick is up to you. If you’ve decided that the prudent path is the one for you to take, it’s as easy as following the three steps outlined below.
As a first step, you should join up for a reliable Forex trading signal provider and begin making trades with their help. Paying this price will give you access to their service for the following 30 days (one month).
The second step is to patiently wait for the trade alert to arrive in your inbox, mobile device, or trading platform. The service will notify you through email, text message (SMS), or trade alert whenever a favorable trading opportunity presents itself. This signal will provide the optimal time to enter and exit the market, as well as the amount by which your losses can be limited. Depending on the state of the market, this might occur as frequently as twice weekly. In the meanwhile, you may explore the site to uncover trading guides and other materials that will help you develop the skills you need to start making money as a trader.
Third, after a trading signal is received, the corresponding orders (to initiate a buy or sell position and the stop loss or take profit level) must be entered in strict accordance with the instructions provided. A trading alert will specify the price at which to initiate a buy or sell position, as well as the stop loss and take profit levels. After you create a position, the service’s trader(s) will monitor the market and provide you an updated alert if they anticipate any movement that might affect your profits or losses. On occasion, you may be advised to close a trade or adjust your current stop loss and take profit points. With this, you may protect a larger portion of your current profit or perhaps the entire thing, preventing any losses and maximizing your earnings.
Those are the sole preconditions. Nothing in foreign exchange trading comes close to providing convenience and comfort on this scale. Many individuals employ a trading signal service since it is so convenient. If you’re set on taking this road, then you need know a few things to get the most out of your trading signal service:
First, you need to meet these preconditions…
Understanding the new setting is a prerequisite to making money or doing any sort of study there. Have familiar with common industry jargon and attempt to get a grasp on the fundamentals of the market. As long as you understand the basics, a more in-depth analysis is unnecessary. If you go to Google and type in “Forex glossary,” you should get a wealth of useful results. Another important step is learning the ins and outs of the most popular Forex trading platform. Among Forex traders, Meta Trader 4 (or MT4 for short) is the gold standard. Despite the fact that Meta Trader 5 (MT5) is now available, it has the same core functionality as its predecessor (Meta Trader 4) and has yet to gain widespread adoption. Visit Alpari U.S. (or Alpari UK if you are not a U.S. resident) to open a practice account and get started with their MT4 trading software. Usually, you may expect the acclimatization period to last no more than three weeks.
If you’re going to be trading Forex together, you should both utilize the same price feed or Forex broker.
If you want to get the same results as the Forex trading signal service, you must utilize the same price feed. The obvious answer is that this is how the Forex market works since there is no centralized data center that supplies Forex brokers with pricing. Futures brokers on ES are reliant on the CME (Chicago Mercantile Exchange), the futures industry’s major data feed/clearing service (S&P 500 futures). So, switching brokers won’t affect the ES price you pay. In the foreign exchange market, this is unfortunately nonexistent. Indeed, the prices advertised by each broker will be distinct from one another. The discrepancy might be as much as five pips. It might not seem like a big deal now, but it will add up to a tremendous sum in the long run. Five pips would be $50 if you were trading with a regular account (100K contract size), where one pip is worth $10. It’s possible to lose between $50 and $250 in a single trade if you have a sizable account and trade 5 standard lots. If you trade once a week using 5 standard lots, you may expect to lose anything from $2,600 ($50 x 52 weeks) to $13,000 ($250 x 52 weeks) over the course of a year. Whoa, that’s a lot of cash. Using the same Forex broker as the service is therefore essential.
Keep your phone or computer near by.
Furthermore, this is crucial. Forex trading signal providers often send out alerts through email, SMS, or a pop-up window on your trading platform. You already know what will happen if you aren’t in close proximity to your electronic devices. There is a strong chance that you will pass up a few profitable trading opportunities. Keep in mind that your laptop’s battery might die at any time, so always have it connected to an outlet while you’re using it. Although power outages are extremely uncommon, having a UPS is still a smart idea. The ability to hear any incoming phone calls, texts, or emails is also crucial. Last but not least, always keep an eye on your phone’s battery life.
If your trading alert tells you something, listen to it.
In general, you should enter a trade as soon as you see a trade alert. Don’t think twice. When you hesitate, you’re more likely to put off making a decision, and putting off a decision might cause you to lose a business opportunity. So, the first guideline of using a signal service is to always go with the flow and make the trades that are suggested to you without question or hesitation. The length of time a trend will continue is somewhat of a mystery in foreign exchange trading, but the level of risk you are willing to accept is something that can be determined with certainty. For this reason, regardless of how you feel about a certain trading opportunity, you should handle it with the same level of seriousness. You can’t ride the trend if you’re not participating in the market.
You should never try to change a trading signal or alert.
The focus is rarely placed here on this one crucial issue. Never, ever try to make changes to the trade signal. You shouldn’t try to alter the signal because it originates from the trader’s analysis and you may not be familiar with his approach to analysis. If a trading alert tells you to buy EUR/USD at 1.3000, then you should make your purchase exactly at that price. Every trade signal takes into account a number of factors—including trading strategy, risk tolerance, the specific characteristics of the currency pair in question, and the state of the market at the time—making every pip significant. Accordingly, the result of a transaction can be altered by changing even a single component of the trading signal. Therefore, it is best to enter the trade exactly as indicated and exit the transaction unless the trader updates you with some adjustments due to market situation. In order to make changes to the entry or exit order, you must have a thorough understanding of the trader’s trading strategy.
How do you evaluate a company’s success in trading?
Gains of 5 percent to 30 percent per month are possible with the help of a reliable Forex trading signal service. Those are just averages; your real results will depend on how much risk you’re willing to take on. There is a higher potential for gain for traders who are willing to take greater risks, but there is also a higher potential for loss. Conservative traders, on the other hand, stand to make less, but their risk of loss is also decreased. The practice of constantly switching between trading signal providers is something you should try to avoid. The other trading signal service’s success is by no means assured. The more the risk, the greater the potential payoff. Consistency is the single most important thing to look for in this industry. Rather of signing up for a service that promises 50% this month and then -20% next month, it’s preferable to go with one that can reliably deliver 10% to 25% month after month. Consistency is really valuable in this industry, so keep that in mind.
Subscribe only to a legitimate Forex trading signal service.
Finding a trustworthy and effective Forex trading signal service is not a simple process. Hundreds of Forex trading signal providers may be found over the web, adding to the difficulty. In the Forex market, every signal provider boasts that they are the finest, but it takes some time to determine which service is actually reliable. Several criteria, including reputation, results, and proof, must be considered when selecting a real, excellent service. Obviously, it is not essential to sign up for each of those services individually to determine whether one is the real deal. If you pick the wrong provider, you’ll lose money not just because of the charge, but because your trades will be unsuccessful. In addition, valuable time and trade possibilities will be lost. Because of this, you should only work with a legitimate Forex trading signal. There is no replacement for exceptional service when it comes to making it through the Forex market successfully. Finally, keep in mind that just because a business advertises a reduced charge does not mean that it will be more profitable for you. For every dollar you save, you risk losing much more through unproductive transactions.
Forex trading is challenging for anybody, but it might seem insurmountable if you have no idea where to begin. You have taken the first crucial step already by acquiring the necessary information. Like other stay-at-home moms throughout the world, you may benefit immensely from the easy steps and instructions offered above as you begin your Forex adventure.