Page 170 - Ultimate Guide to Currency Trading

Adding funds to your account can seem like a daunting task when you first start. Like
anything else, you will soon become used to putting your extra money in your Forex
brokerage account and you will look forward to the weekly additions to your account.
This is what it takes to build up a good-sized currency trading account.

Wanting to add money to your account in order to trade with larger and larger amounts is the

easy part. Finding the money to add to your account can be the hard part. In order to do this you will
have to have access to more and more amounts of cash. If you are already fully invested, then the

next thing that you can do is to set up some sort of budget in order to free up cash from your everyday

expenses to use to trade with. You can look to free up cash in the most low-impact ways as possible.
This way you will not notice the difference in your lifestyle too much and you will not feel as though
you are giving up anything that would strengthen your financial picture.

For example, you would not want to sell off your great-granddad's col-lection of rare gold

coins in order to fund your FX-trading account, and you wouldn't want to fund your account with a
credit card (even though some brokerage firms allow you to do this). You should still look at the FX

world as an accent to your overall investing even if it earns you a majority of the returns! It takes only
a small account to earn big in currency trading. Building up your account should be as worry-free and

painless as possible. Look for free money that is actually free, and you will not go wrong.
You can look at it this way: If you normally order a Danish and a double low-fat, low-foam latte

each morning, and you switch to breakfast at home and just a plain brewed coffee, then you are
freeing up nearly $4 a day. If you go to the coffee shop every day, that's $120 a month that you can

put into your account each month. At a 50:1 margin this equates to a potential of investing in $6,000
worth of currency! If you invest in a carry trade earning 4.5 percent net interest and you follow this

program for a year . . . well, you can guess how much better off you will be for giving up the Danish
and the latte each day!

Skill Building Over Time

You will most likely want to get into currency trading and be good at it right away. It takes time to
develop the skills required to read the central bank websites, analyze the brokers' reports, look at

technical charts, and make good trades. It also takes time to learn how to manage your margin, use
stops and take-profits points, etc. The best way to do this is to read as much as possible on the subject.

Don't let this be the last book you read on currencies, trading, or technical analysis. Keep reading all