Is forex your source of income

Is forex your source of income? How is that going for you? There are many traders that are faring so well in forex, and at the same time, there are some that are not doing well. If you have been in the forex market for a while and things are not working out for you, many of the successful people that you currently look up to will tell you something like “been there, done that”. So you are not the first; as a matter of fact, if you do not go through this phase, you may never make it as a forex investor. If forex is your means of income and you are currently experiencing some problems, here are some general tips to help you grow and keep your hear really high above water.

WHAT ARE YOU MISSING?

Forex is decentralized and as such, there is no such thing as oversight. This means that anyone can just waltz in, open a trading account with any broker, deposit some money into the account, and start trading. This whole process of becoming a legit and confirmed forex investor can take as little as 30 minutes to complete the whole process without any hitches. This has misled a lot of people to think that they can trade forex without undergoing the due process of learning about the forex market and how it functions.

Every successful person in forex must have prepared really well before trading live. They must have studied the forex basics; the different time zones and sessions, the currency pairs, business environment, how to read the charts, use reasonable forex trading tools, etc. The list is actually endless; which means that despite one’s level of success in forex, there is still something about forex to be learnt.

WHAT IS YOUR BROKER DOING FOR YOU?

A forex broker is one that provides a trading platform with which the one can access the forex environment. If forex is your source of income, you need not to sign up with any broker just like that. If you signed up with one that is not good enough, go right ahead and change to one that can help you grow your career and make no excuses about it. Things to look out for in a broker include

  • Spread

  • Commission

  • Certification

  • Experience

  • Reviews

ARE YOU HOLDING THINGS TOGETHER?

When things are going wrong, it is easier to blame other people. Most forex traders that are not making good profits may start performing well if they can just take responsibilities and try to work things out. This can be done through hard work, determination, constant improvement through reading books about forex trading and following quality forex blogs and forums.

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

Start Trading
Follow us in social networks!
Live Chat
Leave feedback