If you are here reading this, you are probably wondering how to make profits in the forex market. You may think that with about $5trillion dollars accounted for in the forex market on a daily basis, there would be enough profit to go round, but that is not the case. Not when the sad fact, about the success rate in the forex market being 10%, has been proven over and over again. What is the problem with currency exchange? If the success rate is only about 10%, how then can one ever make profit in the forex market with competition at the global level?
TIPS ON HOW TO JOIN THE WINNING TEN IN THE FOREX MARKET
Almost everything about the forex market comes free. There is no compulsory rule that states that traders must be certified in any field before they can trade in the forex market. So long as you have a computer (or even a mobile phone), internet connection, and a trading platform (which you get after you must have registered with a broker of your choice at no cost) then you can access the forex market as you will once you have made some financial commitments. To put it loosely, the forex term is so available and a lot of people that that for granted, which in turn result to the numerous losses in the market. A prospective trader who does not take all these availability for granted, and applies the following tips, will sure make good profits from the forex market in no time.
- DO YOUR HOMEWORK:
This is the single most important tip a trader must adhere to is the aim is to make substantial profits from the forex market. It is easy to go into it, but the necessary due diligence cannot be avoided. The real learning about the forex market comes from experience and live trading, but before then, it is important that a trader learns everything possible theoretically.
- REGISTER WITH A RENOWNED BROKER:
While in the course of doing your homework about the forex market, take some time out to find a reputable broker to register with. A reputable broker is one registered with the National Fund Association (NFA), as well as Commodity Futures Trading Commission (CFTC) within your country. These serves are regulatory body for all legitimate forex brokers.
- DEMO TRADING:
Every forex broker offers their clients demo trading accounts. They are free of charge and can last as long as forever. With a demo trading account, a trader can learn about the platform he or she will most likely trade with and get familiar with all the features so that when they eventually go live, they will not lose their money trading silly.
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.