In this article, you will learn.
- What forex trading is.
- How I got started trading.
- What courses I did.
- What broker I use and why.
I first got interested in trading forex in 2019 when I was having a pint of beer at the Surfers Paradise Life Saving Club and noticed an older bloke the next table over going over some charts and drawing diagrams on them and well me being me when I find someone who may know something that I want to know, has something I want to have or think they may have some information that will better my life I asked him. “Hey mate what are you doing?” I was familiar with these charts from crypto and was aware of both forex trading and CFD’s (Contracts for Difference) however I knew nothing about trading forex and this guy seemed to be taking it as serious as I was my pint of Carlton Draught and after he told me he just made 40K the night before I got a bit more serious too.
However as anything you hear that is complex for the first time, it was in one ear and out the other so I left it at the Surfers Paradise Life Saving Club and never thought anything more of it… That is until I was at a Success Resources event in Sydney a few months later where two people were pitching their training programs and I put it as a goal of mine that I was going to learn how to do it in the next 6 months along with other things from the event.
What is Forex trading?
Forex, or foreign exchange, can be explained as a network of buyers and sellers, who transfer currency between each other at an agreed price. It is the means by which individuals, companies and central banks convert one currency into another . if you have ever traveled abroad, then it is likely you have made a forex transaction.
While a lot of foreign exchange is done for practical purposes, the vast majority of currency conversion is undertaken with the aim of earning a profit. The amount of currency converted every day can make price movements of some currencies extremely volatile. It is this volatility that can make forex so attractive to traders: bringing about a greater chance of high profits, while also increasing the risk.
So after reading up on it and having a play on a platform I finally invested in a course on Udemy called Forex Trading – Making A Living Online Trading Forex which cost me $12.99Aud however, as will happen once you look into something on the internet you will get smashed with Ads on Facebook and Instagram telling you to buy someone’s course. And being a sucker for seeing a person who looks similar to me, living that lifestyle with his BMW i8 I also brought into Nick Legend’s Trade Academy Simple Profit Trading System Course as it was on special for $37 USD which if you click that link will give you access for three days for free!
Both of the courses were good and teach different strategies and methods for beginners, with the Udemy course going into more depth.
Like anything, it takes time to learn any new skill and there is no magic button. With that being said these courses WILL get you started and well on the way to making sone profitable trades if you take the time to do them and practice what they teach.
I originally started using the CMC trading platform as I already used them with trading CFD’s and they have no account funding minimum however I have switched to FP Markets as they have tighter spreads which you will learn all about if you start trading forex 😉
Trading forex is definitely not my main gig personally, however it is a bit of fun (although never trade with your emotions) and can be a great way to bring in another income stream if you have the patience and discipline to learn it.
If you are curious look into it and have a play around on a free demo account and then check out a course and have a crack!
Disclaimer; Trading forex or CFD’s is extremely high risk if you do not know what you are doing, both I and my companies take 0 responsibility for your actions and choices with trading CFD’s or Forex and will not be held accountable for your wins or losses, we are not a financial company. This post is just designed as a guide to where you can learn more about forex and CFD trading.