FOREX as a Home Business
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.