“Can I really make money trading Forex?
That is the million-dollar question almost everyone asks. The simple answer is yes; there is money to be made trading on the foreign exchange market (FOREX). Quite a lot of it considering the $5.3 trillion daily trade volume around the globe.
If you compare the New York Stock Exchange at its $22.4 Billion trading volume a day, then Forex is a monster market like no other. “Don’t get caught in the trap though,” says Patrick – specialist investor at babypips.com – a platform that teaches beginners how to trade Forex. “Of the $5.3 trillion, we as investors can only retail $1.49 trillion.”
‘Ok, so it all sounds good so far, but how do I get in on this $1.49 trillion?’
Few things in life are simple. To make a good profit in the Forex industry, you’ll need to understand and follow the market on a daily basis and equip yourself with the necessary knowledge on buying and selling Forex for profit. It will take time and dedication, as with any business industry.
3 THINGS ALL SUCCESSFUL TRADERS HAVE IN COMMON:
THEY KNOW THEIR GOALS
All traders know and understand their ﬁnancial goals. Get a journal and write down your ﬁnancial goals for every year, month, and the week ahead. Make sure you stay on course.
TIME IS MONEY
All successful traders know time is money. How you spend your time is essential to your success. Ensure you spend the right amount of time trading.
KNOWLEDGE IS POWER
Grow your knowledge base before trading online. Learn to understand all the trading terms involved and what they mean. Forex trading is very easy once you have a solid trading foundation.the know-how on when and how to trade. It’s not worth it to dabble away any hard-earned cash.
HOW TO TRADE FOREX
Step 1 – Get Educated in Forex Trading
It’s important to learn as much as you can about Forex terminology and to understand the dynamics involved in making money. Check out the Forex Glossary here. (https://www.forex.com/en/education/glossary/)
Step 2 – Open a Demo Account and Practice
One of the easiest ways to improve your trading skills is to open a Demo Account. This way you won’t lose any money. Try opteck.com to hone your skills.
Step 3 – Start Trading (Buy) for Real
Once you feel confident enough, open a Forex Trading Account and buy a currency of your choice.
Step 4 – Sell Your Currency
Sell your currency at the right time to earn a proﬁt. How much proﬁt you make will depend on when you sell.
INTERESTING FACTS ABOUT FOREX
- FOREX is not a centralized market.
- The Forex market is open 5 days a week, 24 hours a day.
- The main Forex trading centers are located in Sydney, Frankfurt, London, New York, Paris, Tokyo, and Singapore.
- Anyone can trade on the Forex market.
WHAT IS TRADED ON FOREX?
Money, Money, Money!
- US Dollar (United States)
- Euro (European Union)
- Yen (Japan)
- Pound (Great Britain)
- Franc (Switzerland)
- Canadian Dollar (Canada)
- Australian Dollar
- New Zealand Dollar
There is money to be made trading Forex, but it’s important to get educated about the Forex market and equip yourself with the know-how on when and how to trade. It’s not worth it to dabble away any hard-earned cash.