What else is good in Forex trading?
Let’s take a brief look at the rest of the benefits:
Forex works around the clock
You can trade at any time convenient for you. Get up early – trade. Do not sleep at night – why not bargain? Traveling the world? Come to Forex at any time, and forward. Except for weekends – Forex works only on weekdays;
To work on forex, you only need the Internet, a computer and a trading terminal
A trading terminal is a specialized software installed on a computer, or just a more understandable and simple version of a trading terminal that works without installing through a browser. Learned to trade the Forex currency market? Go on a trip, moving to other cities/countries without losing a source of income. There is no need to look for work in a new place or transfer the previously acquired business.
Forex is just cool
Why? If only because trading on the forex exchange is one of the most difficult challenges for itself that life can offer. There are really not many earning traders. What could be better than challenging yourself and checking if you can be one of the favorites? ☺
Do they even exist?
It’s about earning traders, of course.
When a trader stumbles, fails, and makes his first mistakes, it seems that it’s impossible to make money here, that the price is “especially led against him,” etc.
And it starts to seem to the trader that all Forex earnings is one such big soap bubble of nonsense and that there is no mention of any profitable traders.
If you manage to get through these feelings of “the impossibility to earn money here,” it will become obvious that trading is an ordinary job in which you can succeed only by becoming an expert. And for this, you just need to practice a lot. Despite self-doubt, mistakes, a sense of personal worthlessness and inability to overcome this. And after all this, magic and sorcery can happen ☺ There are a lot of earning traders and let’s take a look at the monitoring of traders and take a look at their monthly profitability before we start trading ourselves.
How to make money on Forex?
There is a myth that in order to make money on Forex you need to learn how to predict the price. You will see a lot of wording in the style of “traders lose because it is difficult to predict exchange rates.” I will even say more – it is IMPOSSIBLE to predict the dynamics of exchange rates: the situation on the international currency market depends on many political and economic factors, the state of other financial markets, the behavior of the world’s largest central banks, private banks, funds, and companies. Even news and rumors affect the exchange rate.
Only the whole thing is actually not in prediction.
The whole trick is to become a master, with all the ensuing consequences. But every person’s brain knows that it’s long, it’s boring, it hurts and it may not work. Therefore, I would like to believe that “one day I will find a method that will predict the movement of prices, which means I will never make mistakes again and will always make money.”
Imagine a doctor who believes that one day he will find a method of surgery with 100% success. Imagine a businessman who has found a business that will be successful with a 100% guarantee.
In trading, as elsewhere, it’s better to start with the right basics:
- Learn how the international currency market works.
- Get acquainted with the methods of fundamental and technical analysis. Try it in practice and analyze which of the methods is closer to you according to your inner feelings.
- Read the articles in the newbie’s section of our blog.
- Find the simplest trading strategies and try to work on them. Analyze which of them is most comfortable to trade with and then practice with them alone.
From theory to forex practice
If you start trading Forex, I recommend that you first adhere to the most important rule:
Rule number 1: do not bet the entire deposit
I understand that, most likely, you will want to immediately trade for real money and get real profit
So let’s think: in any craft, you first need to gain as much experience as possible. To familiarize yourself with the subject and learn the basics. For this purpose, it will ideally perform trade operations with the smallest possible volume with a sufficient deposit amount. This will allow you to get the maximum amount of experience from trading your first deposit.
The minimum transaction volume is 0.01 lots.
You can find many real reviews from people who have mastered Forex and began to successfully trade. They all agree – the cause of failure is not laid in the market, but in the subject, in the person. If you really want to succeed on the currency exchange and are ready to study for a long time for the sake of this – you will surely succeed!
Good luck on your journey!