THE FOREX market is filled with inspiring stories of traders who make thousands and millions from trading. Like every financial market, many investors flock to it, hoping to come out with their success stories. As a beginner in forex or a seasoned investor, there are lessons you could hold on to from them that could help you fast-track your progress in the market. Here are some lessons from Charlie Sogunro’s successes as a Welsh forex trader.
Welsh Entrepreneur Charlie Sogunro’s £55000 Gains
Charlie Sogunro is one of the self-taught traders who is taking a giant leap in the forex market. He began his career watching YouTube videos online and practising through demo trades. The successful entrepreneur now has a website called Jcreach, where he helps other traders make money and multiply their investments. He said trading forex was an affair that looked too good to be true, as the internet had painted the industry as a get-rich-quick scheme.
However, Charlie soon discovered that it was also possible for him to build a career as a forex trader. He started analysing the market about 6-8 hours daily and taking self-education classes in his free time before finally working full-time in his offices at The Maltings, Cardiff. Soon, the entrepreneur started sharing his trades with friends and family members via Telegram. By following Charlie’s trades, they started making their profits. While Charlie’s career trajectory might seem easy on the outside, it took a lot of work, patience, learning, and strategy, most of which are the backbone to success as a forex trader.
The forex trading market is intricate, and a successful career in this field relies heavily on your knowledge of the market’s operation. You can take a queue from Charlie and take self-education sessions on the basics. Learn about currency pairs, spreads, base and quote currency, trading strategies, and risk management.
Top Tips to Make Money in Trading
We’ve extracted some top lessons from Charlie’s story. The first is to gather as much knowledge as possible about investing in the forex market. Thankfully, this is much easier now with online learning platforms and courses available. Let’s look at more tips below.
Finding a Reliable Broker
The foreign exchange scene has a low entry barrier, which means millions are out there affiliating themselves with the market. Finding a good broker saves you from falling into the hands of scam brokers and loss of funds. A reputable broker will be licensed to operate in your state or country and regulated by established finance authorities. Here is a little checklist for finding a reliable broker in the forex market:
⦁ Do a background check.
⦁ Research reviews and feedback from past clients.
⦁ Compare brokers’ rates and commissions.
⦁ Check for the broker’s licence.
⦁ Evaluate the platform’s security.
Begin With a Demo Account
Charlie started using a demo account because he knew he had to perfect his skills before putting his money on the line. Demo trading is one of the easiest ways to get a good grasp of how the market works. It gives you an insight into what to expect when your trade goes live. As a beginner, a demo account will protect you from unnecessary losses you could easily avoid.
Have a Solid Trading Strategy
Trading strategies are systematic approaches to making day-to-day foreign exchange trade decisions. You do not become an expert trader only by reading and learning the basics. There is more to trading, including understanding strategies that work, market analysis, technical indicators, and how to analyse charts. Begin by weighing the existing strategies and finding what works best for you. Popular strategies to look out for are swing trading, trends, scalping, momentum, and reversal trading.
Start Small
We’ll leave you with this last tip: “Never get too greedy as a beginner.” Regardless of how experienced you assume you are as a trader, starting small is never a bad idea. One rule of thumb that has always been valid in the forex market is to invest only as much as you’re willing to lose. Accepting such losses, moving on, and bouncing back from them is easier.
On Getting Started
Charlie Sogunro is one of many entrepreneurs who has benefitted quite well from the forex market. We have other top investors like Andy Kreiger, Bruce Kovner, and Stanley Druckenmiller. The list goes on, and they have inspired upcoming investors. Although their achievements are extraordinary today, they were once beginners trying hard to familiarise themselves with the way of the market. We hope you find enough motivation to be a top investor and that the listed tips help you take your trading to the next level.
