Can you get rich by trading forex?
The FOREX market is the international foreign exchange market, the youngest of the existing world markets and the largest in the world in terms of the trading volume. The daily turnover on the FOREX market is up to $ 4–5 trillion. The forex market is stable and reliable like no other! It is believed that the FOREX market is the nervous system of the world economy since it always reflects current events and is not subject to failures or unexpected events.
Yes, it is quite possible to make a profit from Forex trading. However, it is not as easy as it seems at first glance. And that’s why:
- if it were easy, then all traders would have already received their millions long ago – do not rely on freebies, here you need to work “to the seventh sweat”;
- Markets are unpredictable and very difficult to predict;
- no one will publish a profitable strategy in free access, and if this happens, it will quickly lose its effectiveness, because the market adapts and changes;
- from the above it also follows that most of the methods of analysis that are in the public domain and books are outdated long ago;
- there are many unscrupulous people offering training and trying to cash in on others since they themselves have not earned anything from Forex trading – this further complicates the task for beginners.
Agree, spending a little time at home at the computer and getting a lot of money for it sounds too tempting, but everything has a price. It may take more than one year before a newbie starts to profit from his deals.
Forex trading for beginners
All Forex trading for beginners comes down to searching answers to questions such as: “When will the price start to rise or fall?”, “When is it more profitable to buy or sell currency pairs?” and the like. This part is considered the most difficult. Typically, one or more methods can be used to find solutions. All the things are combined into a whole science – this is “Technical Analysis”. The developed methods are reduced to the analysis of the quotes chart by calculating the values of individual indicators. To get the most accurate forecast results, Technical analysis is combined with the Fundamental analysis
How much do Forex traders make a day?
The Forex market opens the way to real financial independence, successful traders do not depend on the employer and earn their living by trading. There is no upper limit in the question of how much you can earn on Forex trading. The daily turnover of the Forex market exceeds $ 6 trillion , but there is no chaos in the foreign exchange market, the charts of currency pairs can be analyzed and their movement can be predicted, making money on it.
There are no restrictions, you can earn from $ 2- $ 3 to thousands and even millions of dollars per month. The income is influenced by the size of the deposit, the money management adopted, the trader’s trading style.
As for how much interest you can earn on Forex trading, the norm for medium-risk strategies is 5-20% per month. If you stake on stability, then it is realistic to earn 60-100% per year of the deposit.
If you do not withdraw money, but place a bet on the growth of the deposit, then compound interest will begin to work. Due to this, while maintaining a fixed interest rate, income in foreign currency grows. The longer money is not withdrawn, the steeper the growth curve of the deposit becomes.