Beyond Academy FAQ
1. What is Forex?
Forex is short for the Foreign Exchange. Most people are familiar with the Stock market, so Forex is just like the stock market except it’s actually bigger. Many more transactions occur daily in Forex than in the stock market. The stock market has only $200 billion in transactions daily and Forex has over 5 trillion in transactions daily. Another difference is instead of buying shares in companies like the Stock Market, you buy and sell different countries’ currency!
2. What makes the Beyond Wealth Trading Forex Course different from other Forex Courses?
The Forex Trading Academy provides you with basic and advanced Forex knowledge. Our course also focuses on creating the right mindset to become a successful trader. We believe mindset is the key to life and trading!
3. What lessons are included in the course?
View Course Curriculum HERE
4. Do I need a computer to trade?
Yes, if you are looking to learn how to trade it is highly recommended that you have a computer (We recommend Windows operating system). This will be used to mark up your charts every week as you prepare for the market, by deciding what currency pairs you will buy and sell. After that, you can just use your phone when you actually enter trades (trailing stops have to be entered on the computer).
5. How soon can I expect to make money?
That depends on your learning curve, work ethic, and initial investment *
6. How much do I need to start?
$0, when you’re first starting to learn how to trade, we recommend trading in demo (fake money) until you’re ready to trade live (real money). After that, it’s up to you and it also depends on how much your Broker requires to open an account. On average, a broker may require a $100 deposit to open an account. Trading puts your capital at risk, so do not invest more than you can afford to lose!
7. Do I have to spend a lot of time at my computer to trade?
Absolutely not! This is a common misconception about trading. You’ll invest very little time per week in front of your computer. It is recommended to take time to mark up your charts for the week any time between Friday after 5 pm EST to Sunday before 5 pm EST, but it’s completely up to you! I teach my student how to mark up from the weekly time frame, so even less time is needed to make up charts!
8. Do I have to be smart, I didn’t make good grades in school?
As long as you can see, hear, read, write and do basic addition and subtraction we can help you learn how to trade, we even have tools and resources that can help you with the math!
9. How much money can I make?
That depends on the skill set level that you develop and your investment. The more you risk, the more you can potentially make or lose!
10. Why should I pay to learn when information can be found for free?
I love that we live in an age where information is at our fingertips, literally! This is true that most information can be found online through various resources. I taught myself how to trade penny stocks that way then I got to the point where I knew I needed help to go to the next level, I sought out mentorship and have found it to be an invaluable resource. Free information is awesome, but you don't know what you don't know! Much like every other journey in life, you can go further with education and mentorship. Trading is a skill set that if acquired has the potential to pay you for the rest of your life, something that valuable requires an investment of time and money to ensure you are acquiring not just knowledge, but accurate knowledge and guidance that will help you go further in your trading journey! At Beyond Wealth Trading, we truly care about the success of our students and we believe that having our course and mentorship can help expedite your trading journey!
11. I know I haven't made any money yet, but when I do, what about taxes?
Please consult a tax professional, we can not provide tax advice but in general For tax purposes, forex options and futures contracts are considered IRC Section 1256 contracts, which are subject to a 60/40 tax consideration. In other words, 60% of gains or losses are counted as long-term capital gains or losses, and the remaining 40% are counted as short-term. A 60/40 tax treatment is often favorable for individuals in high-income tax brackets. For example, the proceeds of stocks sold within one year of their purchase are considered short-term capital gains and are always taxed at the same rate as the investor's ordinary income, which can be as much as 37%. When trading futures or options, investors are effectively taxed at the maximum long-term capital gains rate, or 20% (on 60% of the gains or losses) and the maximum short-term capital gains rate of 37% (on the other 40%).(information provided by Investopedia)
12. Can you teach me how to trade stocks?
Although we have stock trading experience, our mentorship program does not currently teach how to trade stocks, BUT trading is a transferable skill. Once you learn how to trade Forex, you can trade stocks or anything else that you choose!
13. Isn’t trading basically gambling?
No, not when done properly. When you trade properly you follow a system of rules created to give you a higher probability of the trade going in your favor. By doing this along with following proper risk management you are able to generate more profits than losses.* Beyond Wealth Trading can provide you with a system, our strategy Engulfed in Profit is included in our mentorship program.
14. Do I have to get up early or stay up late in order to Trade?
No, that is another common misconception about trading. Trading is one of the most individualistic things that you will ever do. How and when you trade is completely up to you, some traders choose to get up at 4 AM to trade, but that is completely by choice, not a requirement. Beyond Wealth can teach you how to use pending orders to accurately predict trade entries, so that even when you’re sleeping, you can be trading!