Become a Currency Trader

How to Become a Currency Trader

from wikiHow - The How to Manual That You Can Edit

Contrary to what most might think, being a currency trader doesn't mean you have to work in a bank or a financial center; you can actually work from your own home. With the ready availability of the Internet, many people are now venturing into trading currency from their own homes, making money during their spare time or even using it to generate full time income.

Steps

1. Find a reliable broker. As with any kind of trading, you will need to find a dependable and reliable broker who matches your needs and whom you are happy with. Before opening a live account with a broker, review their working history, and take note of important details such as the length of time they have been in operation. Also, observe their speed and accuracy in answering your questions in emails or phone calls, as this would indicate their level of dedication in ensuring that your needs are taken care of.
2. Get educated on forex (foreign exchange). Even if you have traded in other markets before, consider getting some education on the forex market as well, while brushing up on your knowledge on the other forms of trading. There is a wide variety of currency pairs available with each one having its own personality and behavior, so it would be best to know the different styles and methods of trading that work best with a certain currency pair.
3. Find a forex mentor who can assist you. While you want to get help and assistance from someone who has been greatly successful in trading, it is highly unlikely that you will find anyone who has never lost in a trade. Instead of seeking for perfection in a forex mentor, try to look for someone who closely matches the kind of style that you wish to trade with, and still has a good track record. This mentor can help in honing you to become a profitable forex trader yourself.

Tips

• Always begin with a positive attitude and mindset.
• Make sure that fear and greed don't get to you during trading.
• It is important to always put stop losses in order to minimize your loss.
• Keep in mind that forex trade should be learned properly and treated like a business even at the onset.
• Plan your trading in advance. The most common reason why people lose their money in trading isn't because their luck is turning against them, but because of their lack of planning and knowledge to begin with.

Warnings

• Understand that because forex is a very volatile market where the prices can rise and fall steeply and quickly, the risk level is high, and it is possible for you to lose money. In fact, some losses are inevitable, so you should manage your account so that you never risk too much on one trade. You can use stop losses so that your broker will automatically sell if the price goes a certain way against you. The aim is not to have no losses, but to make sure that your profits are higher than your losses so that you still end up with a net gain.

Things You'll Need

• Computer equipped with a high speed Internet connection
• Start up capital to trade with (can range from a few hundred to thousands of dollars)

Related wikiHows

• How to Understand the Forex Options
• How to Get Started Trading Options
• How to Trade Forex Online
• How to Avoid Broker Scams in Forex Trading
• How to Choose a Trading System That Actually Works

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Be a Millionaire

How to Be a Millionaire

from wikiHow - The How to Manual That You Can Edit
Regardless of where you go in the world, money is the basic universal measurement for being "rich", or becoming a millionaire.
And it seems like everyone wants to be a millionaire these days.

Steps

1. Open a savings account. Having a savings account is one of the many ways where you can set your money up to work for you. Your initial deposit of money grows whether or not you make additional deposits by interest. Learn the different types of accounts, including accounts like IRAs.
2. Buy stocks. If you are gung-ho for individual stocks, you should buy stocks of the companies whose products and services you use or purchase. One of the best ways to invest in individual stocks is through an investment club; you may want to consider forming one with your friends.
3. Buy mutual funds. Mutual funds are really an investment of other investments. When you own a mutual fund, you actually own the securities (stocks, bonds, cash) within the mutual. With mutual funds, you are pooling your money with other investors and diversifying your investment.
4. Audition for game shows. Game shows earn their money by the audience, not the contestants.
5. Find a "system" that has been proven to make people become millionaires. The top five producers of millionaires today are: technology - internet marketing, direct marketing, home-based business, product distribution, and investments (stocks, bonds, real estate investment / development). Usually, the most stable and reliable forms of income would be from internet marketing, technology, and real estate, with internet marketing, and home based businesses requiring the least money to set up. Investments like real estate and stocks are usually quite risky and time consuming.
6. Find a mentor who has walked the walk and seek advice. Surround yourself with already-made millionaires. They can be found in several places, there's even a private online club where you can have a millionaire mentor personally show you how to make money in many areas online.
7. You can also visit this great website for top opportunities online today. http://www.ourgoldrush.com
8. Win who wants to be a Millionare. If you don't know the answer to the question, just guess you have a 25% chance of getting it right, if you do know the answer, then say it.

Tips

• Don't use a credit card much, all of the excessive spending will come back to haunt you, and you may end up in debt. Try getting a debit card for daily purchases, they're a lot easier to deal with. Use your credit card only for emergencies, and to establish your good credit.
• Try not to take any big loans, because that's "big" money that you'll just have to pay back, and you could end up in debt for that also.
• Control your expenses. You get rich on the difference between that and what you make
• Make it a game. Looking for opportunities to make money is supposed to be fun. Never sweat it.
• Read. The more you know the more you will perceive to be possible, the more you can make.
• Make it about something else than money. It has to be fun. Fair enough you are doing it to become financially well off but few wealthy get off on that alone.
• Make friends with people who share the same goals and values. It will reduce your downtime, and give you pleasure when you are down.
• Make friends with people who are different than you. They can be the greatest source of inspiration and guidance if you are open to their different perspective.
• Help others. Learn to be a caring individual that makes the world better for people around yourself. It will lead to more positivity coming your way. Also, donating to charities can come back to you in the form of tax deductions.
• Plan. Define what you want, Act on it, and Evaluate often to see how you are going.
• It is OK to be cheap, but never be cheap on things that give you value.
• Never invest more than you are willing to lose. This is particularly important when you start. The older and more experienced you get the less risk you are likely to take, or the better you are capable of taking it.
• Think a lot on why you want to become rich, what exactly you want to buy, what lifestyle you want. Make it specific, and date your time for having it and why it matters to you
• Money represents value. You might come to the understanding that you make money on giving something that other value more than what they pay. You spend the money to get something that is more valuable.
• If possible, make the maximum out your retirement fund provided either by your government or your work. Then proceed to put as much money in to an account like a Roth IRA.