The foreign exchange market (Forex) is the largest financial market in the world, with an average turnover of $ 1.9 trillion per day, a figure nearly 30 times the total volume of stock transactions in the world. United States!
It is a market that has created a lot of excitement and opportunities. Currency trading is done in pairs, where the trader essentially buys and sells currencies at the same time. Trades are done 24 hours a day and are not centered in one place. When a market closes, another location opens.
Forex has created the perfect work-from-home opportunity, where you can trade daily, hourly, or even minute (depending on your risk appetite and flexibility). But statistics say that around 7 in 10 traders in the market lose more than they gain. I was most definitely one of 7 a few years ago, mainly because I saw it as a get-rich-quick scheme. The secret to being successful in this business is simply that it should be treated like a business. You must be dedicated, persevering, patient, and willing to learn and apply the knowledge acquired.
The best way to start if you are a new Forex trader is to start by learning the basics such as (but not limited to): What is a pip? What is a lot? What are the different types of graphics? When to trade Then, once you've learned the basics, open a free demo account and apply and re-establish testing strategies. The demo account is similar to trading in a real environment, the lower the risk of losing real money, and there aren't a lot of emotions involved since you have zero risk.
Once you reach a point where 15 out of 20 consecutive trades are making a profit, you are ready to trade for real money. Start small and increase your capital over time.
Forex trading is truly an exciting business. Believe me, nothing beats that first feeling when you wake up and see that you are making a profit overnight.
I promise you that if you put your motivation, application and willingness to learn in this business, your chances of becoming a power trader are greatly improved.