I have set a trade on in the forex market. In fact, it was set on Friday May 21. I selected the AUD/USD pair because my indicators showed this pair to have a high probability to go higher. Note the word “probability” since there are no indicators that will always be right. This is a game of probability.
If you wish to get into forex trading, lookup a website that teaches the basics of the forex market. I read from quite a number of websites. I also went on Amazon and bought some very good books that I consider to be reference books. One of the good things about Amazon is that you can look at the submitted reviews before purchasing. Lastly, there is “treasure” in the information that you can gather from free forex seminars. Yes, there is a catch with these seminars and it’s to have you buy or subscribe to something. Some of these offers are great but don’t go with the hype and don’t buy from emotion – “keep your head on”.
Your ultimate goal in the market is to make money. One of your goals must be to understand the market and be able to develop your own trading strategies and create your own style.
Now back to my trading position that I set on Friday. The last time I checked, that was Tuesday May 26, I had a gain of $55 (about 8.7% on my $630 capital). My first goal is to get to $1,000 by the first of July (this year). This means I need to increase my $630 by 58.7% in approximately one month. This is a very ambitious goal and there is the possibility that I may lose 58.7%. You may be asking why my goal is so ambitious. I am trying to make up for a late start. This $1,000 goal effort should have started from January of this year where I would turn $500 dollars into $1,000 in 6 months. If I do not reach this goal then I will have to find the difference from somewhere else and add it to the account. It is very important for me to reach my account goals to stay on track to my first million dollars in 5 years.
