Skip to main content

How to Make Money Trading Forex 1


Most people are familiar with forex trading or stock. The average man knows the basics, how that you need to buy a currency when the price is low and sell when the price is high or vice versa. Forex trading is just the same as trading face to face with a person. You try to gain by buying goods when the prices are low and sell when the price appreciates. The major difference is that forex is online based.

Is Forex Trading Really Easy?

Forex trading is one of the popular ways people use to make money online, however, is making money on forex easy as many thinks? The fact about life is this, nothing good comes easy. You need to work hard to make a lot of money as a forex trader.
Some years ago, I was fascinated about making money online. So, I opted in for forex trading the reason was that I thought it is easy to make money as a trader. Without prior knowledge, I opened an account with a forex broker called forex rally. Then deposited a sum of money and began trading. For about a week after starting out as a novice trader, I was able to make between 1000 to 4000 naira daily. So, I was happy with that. Not long the market “misbehaved” and my entire profit plus my capital vanished into thin air. It was after this occurrence that I knew knowledge is very important. Your success as a forex trader greatly depends on the knowledge you have acquired. So, without the right knowledge, forex trading will be as hard/difficult as hell, but with the right knowledge, you can make a lot of money that can pay for your bills.

How to Succeed Trading Forex

I thought I knew how to trade the market until when the market decided to go against me which cost me my entire profit and capital. Anyone can place a trade that could turn into profit even a novice trader can, however, not every trader has developed the right mindset to know what to do when the market turns against him.
I knew how to use my broker's platform but ignored the most important aspect of training once self. Points to always keep in check.

Acquire knowledge

To succeed trading forex, you need a lot of knowledge to get you started. Try to get all the whole knowledge you can, it will help keep you from losing too much. Acquire knowledge on why the market behaves the way it does and what factors are responsible. Markets move up and down which are the opportunities we need to get in and out with a profit, however, because we can’t accurately predict what will happen next, we find ourselves in losing trades sometimes. With accurate knowledge and practice, you can be able to predict the market better than when you started.
You have to put the knowledge you have acquired into practice if you must succeed as a trader and this can be done through demo trading on your chosen broker’s platform.

Read Also: HOW TO MAKE MONEY ONLINE WITHOUTPAYING ANYTHING


What other methods of making money on forex have you used? Let us know in the comment section. And don’t forget to share.
Labels:

Comments

Post a Comment

Popular posts from this blog

How to not get your AdSense Account Blocked

Google AdSense is one of the major blog monetization methods I use on my blog. It is the highest paying ads network and the best when it comes to contextual ads servings. But as I mentioned countless amount of time that you will need extra work to get your AdSense account approved and to maintain the account. Google has laid down strict rules to help protect its advertisers from black hat SEO practices. So, care should be taken when participating in AdSense. Your account can be flagged and blocked by Google AdSense team if you violate any AdSense policy. The leading cause of account disablement is invalid clicks. What is invalid click activity in AdSense? These are clicks that result from non-genuine user interest, in such cases, blog or site owners ask their friends or site visitors to click on ads. This practice is against Google AdSense policy; you can get banned for that. All clicks should result from genuine user interest. Newbie bloggers should take this into account....
Post a Comment
Read more

How to make money trading bitcoins: Luno tutorials

In the previous lesson, we mentioned luno as a bitcoin trading platform with a summary. Here, we will go a little dipper into knowing how to take advantage of the spread on the platform to make money. Trading on luno is not rocket science; it is simple ensure you read through.
Post a Comment
Read more

How to Reduce Data Consumption in Windows 10

Devices with high data consumption rate are not preferred by many. Windows 10, the latest operating system from Microsoft consumes a lot of data due to its auto-update feature, and it’s hard to off automatic update. When I first bought my pc, I had that problem because I was ignorant of how to control data consumption on it. However, it’s no longer a problem. In this article, you will learn how to manage or limit data consumption on Windows 10. This is a crucial aspect considering how expensive data services can be in some countries. What is Using my Bandwidth Windows 10? Disable Windows Update Disabling automatic update in windows ten is quite challenging considering how complicated it is now as compared with the previous windows. To conserve your data, you have to switch off windows update or disable it entirely. However, I will recommend that you ensure your windows is always up to date with increased security and more. This guide is primarily for persons with limited dat...
Post a Comment
Read more