Can I really make money from Forex very fast and easy? I will use this question to answer this question which many people have asked concerning forex and what I have experience from Forex so far. Going straight to the point, I will say Forex is a good business one can do online but you will need to learn it, master it and likewise trade the dummy meta trader for a while so that you won’t lose anything. Although there is no guarantee that you won’t lose anything in Forex especially if you are a beginner.
Forex is one of the fastest way to trade and make money within the shortest time and lose it within that short time. The truth about Forex is that you also need a mentor to put you through because the role of mentorship can never be underestimated or else you lose all your money.
New about currencies: One of the things that make making money from forex fast and easy is fopr you to be guided o how it works through the news. And this can be gotten when you read new on currencies on site like forexfactory probably every 3hours. This news tells you more about the weaker currencies or the currency that is gaining momentum big time so that you know how to trade against the weaker currency. So before you start trading, you need to look at the currency news to know if GBP, USD, AUD, JPY etc
Trends: Making money quickly and fast also depends on the trend. It takes only a professional trader with lot of experience to trade against the trend because the currency might not go in your favour but professional trader understands it but if not, you need to go along with the trend and make you profit from it. The RSI will also be of help to you as you continue to learn forex and get better on it. Full course on trading forex with trends will be posted as fast as possible in out next post.
Start Small: One of the things I know about online business like forex is that you need to start small and do not be greedy about. No matter you capital to start it, you can also trade small lot size as low as 0.01, 0.02, 0.03 etc. So that you risk ratio will be minimal. Then as you progress or when you get better on it, you can now use bigger size irrespective of your starting capital either it is 100 or $500 dollar account.
The Currency Pair: The currency pair as play a lot of roles on how you can trade on Forex and make money in it. Like GBP/USD, USA/AUD, USD.JPY, AUD/GBP etc and other metals like Gold which is represented as XAUUSD. The metals are very volatile with high margin and spread. Although, trading gold is fast in making money especially if you are on profit but also very volatile in the sense that you can lose your money very fast with it.
Other factors: Starting forex and trading money with it depends on your fundamental properties or technical properties. So it means it’s a good business to do online all things being equal if you understand and learn the entire rule involved in it. But it is fast when you learn, master and apply all you’ve learnt during the course of learning what forex trading is all about.
The metals: One of the popular trading is the metal which gold is one of tit seems to be very fast and easy. It also depends on your skills and method that works for you ranging from trends, Rsi, moving averages, factors which are necessary for you to know. So my idea is that metals like Gold are fast in knowing and making from it. You only need to learn more about XAUUSD which is the same thing as gold.
Brokers: Your also need to know about your broker, the financial capability and factors like their spread, deposit option, withdrawal method, leverage, trust and certification so that you won’t be working and transacting with fraud companies claiming to be broker. All you need to do is to ensure you verify the certification of your broker both online and offline.
Verdict: So my conclusion on doing forex is that it’s a good business which seems easy and fast to make money but you need to be careful so that you won’t lose your money. Ensure you know all the methods that can be used to work like the demand and supply method, the trends, stochastic, MACD, Bollinger pattern and candle stick patter to know the various interpretation s on what those candle stick represents.
We will discuss more about forex for beginner in some of our upcoming post on forex ideas and how you can be making money from it easily and fast. Thanks for reading