You are a beginner quite surely, reading a few posts and watching a few videos here and there. You’ve definitely heard of the huge profits which can be made; you want a slice of it. But the first few blogs and videos have left you dumb for sure. If you want to know how to be successful trading forex, you have to start from scratch and make your way up.
Here are 5 steps to make sure you end up much better off and ready to take on actual foreign exchange trading. Can you trade forex successfully after going through this? Yes, you can! If you’re willing to do it and have the aptitude for it, you’re definitely going end up filthy rich.
5 steps to get rich in forex:
- Understand Foreign Exchange
Foreign Exchange is not just about trading between currencies as per their values. The numbers of variables which continually affect a currency pair are too many to fathom, this market is a live real-time market which moves as per every transaction on it, and an average $13 million is spread around it every second. This is how huge this market is, and it is growing against all the odds despite the continually depreciating global economic stability.
If you want to understand this foreign exchange market, you have to understand its organic and liquid nature. That forex can be both predictable and just the opposite the next moment is what you need to fathom. And as because it deals with currencies, each with their own deciding factors, foreign exchange is THE most liquid financial market in the globe.
“… In itself can make a heaven of hell/ a hell of heaven.”
- Interpreting and Forecasting is a huge part of how can you trade forex successfully
Knowing the future in forex is what even the most experienced of traders and brokers still try their level best in doing. And yet, it is a fact that 99.6% traders do not garner a profit in 4 straight trades. Now the obvious question would be which you need to understand is why does this happen.
The thing is, forex moves according to the trades or transactions made in it and also as per the future transactions to be made in it. A price quote depends not only on the variables to which it is subject to; it is dependent also on the investor mentality. Using technical tools and indicators to pre-determine market trends and futures is what you need to understand, fathom and apply in your trades. Blind luck can only take you so far; proper know-how and attitude will take you all the way.
- Practice and Experience
The obvious catch would be how you can practice forex without risking losing some your money on the way. An answer would be – Demo Forex Accounts. These accounts are maintained by numerous trading leading trading firms and are readily available to anyone who wishes to understand it. You will be provided with virtual cash which you can use to trade in simulated market environments. So, basically, you can gain experience without the possibility of losing money while gaining it; experience is something which comes only with practice and time.
So if you’re asked – Can you trade forex successfully? You ought to know the answers by now.