Losing Your Job

I recently bumped into an old friend whom I have not met for 15 years. After the usual exchange of pleasantries, the guy told me that he, along with the rest of his collegues, are going to be laid off in a month time. He's also not quite sure what he's going to do after this.....

....and he asked whether FOREX trading can be the savior!

It pains me whenever I hear stories like this. However, I worry EVEN MORE when people put high hopes on FOREX as their potential lifeline.

As I've explained before, you cannot expect FOREX (or any other business venture for that matter) to provide sustainable income within a short period of time.

This is a skill-based business, so it takes time to acquire the necessary skills in order to do well in this business. For instance, you need to be able to make decisions based on the information that you see on the charts. Acquiring this skill takes time.

Fortunately, FOREX trading is so widespread that you can try it out without risking a dime! Most online FOREX brokers offer FREE demo accounts with FREE charting software (usually Metatrader 4, which I use for chart analysis).

This way, you can apply what you learn and trade with fake money. There is no need for you to risk real money while you hone your skills.

Look, if you cannot make money using demo account, chances are you will not do so with your real money as well!

Now, after your stint with the demo a/c's, you may also discover that you're just not cut out for FOREX!

Is that a bad thing?

No, and it's good that you find out about this early on. FOREX is NOT for everyone.

Most importantly, FOREX is NOT a get-rich-quick scheme!