What Are Your Goals in Forex?

180+ Pips on AUD USD

180+ pips on AUD/USD

When people asks me what I do for a living and tell them I have a business called forex trading, people always jump out of joy and ask me to teach them how to do it. It seems that is rare for someone to encounter such a breed of people that you won’t be able to hide your joy and ask questions. It is a pleasure for me to teach. But it can quickly becomes a frustration when people don’t have the willingness to learn. Only the willingness to ask. There are a lot of forex tutorials, resources and beginner tools on the subject that its quite frustrating now to explain fibonacci, limit orders, SMA, margin and leverage to an average person. We all have those basic stuff online and for free. If you come across a forex trader in your life, do not scare him away by asking newbie questions. Educate yourself first so you can ask interesting question that would express your willingness to learn. You may build a good relationship with that person and might improve your trading.

In a business where your character will be tested, I think everyone should be willing to learn by themselves because after all, it is your money. First ask the question, what is your goal for trading forex. Is it to become a millionaire overnight? Is it to retire young? Or is it just a vehicle for you for wealth building?

Whatever your answer to this question ultimately lead to what kind of strategy you will utilize. Every person is different. And every person have a kind of threshold where he can take a loss and not quit. Everybody is different. So learn about yourself. And create your own strategy. Master the fundamentals and you’ll be able to learn faster. And most importantly, be patient and have self discipline.

I do have my personal goal in forex when I started out last year. I haven’t achieve this goal yet. But I’m seeing positive results now more than ever. And that’s because I never stopped learning.

Whatever your goals are in forex, I wish you good luck.

  • Necario

    Hey..i work as a trader for a year now.and i need investors for me to pursue do you have any prospects of investors?
    thanks..its great to know there are people in Philippines trade Forex online.

  • Jeff

    Hi Necario, I’m only trading personal money. So no. Nice to meet you as well.

  • Glen

    Good day sir,

    Sir may I ask what Broker do you use. I’ve been reading and practing for about a year now but I am very hesitant to invest because I am afraid that I might scmmed by brokers. So I want a reliable broker that I can trust my money.. Thank you very much.. I hope for your response.

  • Jeff

    I will create a list of brokers soon.

  • Reugie

    Sir, i am learning about Forex trading.. your blog is really helpful.. and it’s good too know there are Filipino online traders..
    looking forward for the broker list reviews..
    salamat and keep posting articles..

  • Jeff

    Thanks Ruegie.

  • Sophia

    Hi Jeff,

    I just want to know how much is the initial investment to trade? and which trading company you are into? thanks. Hope to hear from you bec. I am interested to start trading

  • Jeff

    Sophia, most brokers dont have a minimum initial investment. So that’s up to you how much money you’ll start with. I will make a list of brokers soon. šŸ™‚

  • http://pinoyFxTrader.blogspot.com pilTrader

    As for me, I am pretty much satisfied with Oanda. Low spread – regardless of account size, during my LIVE practice i can trade as low as 1 unit (1/10000) lot size and their tech. support is good.

  • http://www.facebook.com/angel.catalan.1654 AngeLie CataLan

    hey, hmm im looking for a mentor. šŸ˜‰ will u be my mentor ?

  • ForexPhil

    I’m not really qualified to teach yet. I just started trading 2009. 2 more years maybe I could teach.