Only 30 minutes a week is Sufficient to be profitable:
Many people think that Forex trading requires a lot of research and time to find trading opportunities in this market but the fact is that the 24 hour nature of Forex market makes it easier to trade according to your convenience. Therefore regardless of your busy schedule, you can earn a good amount of money by devoting just 30 minutes per week.
Before entering the foreign exchange market you should be aware of factors affecting the Forex market. You should also know what things should be taken in consideration while opening a Forex account. After opening the Forex account, you should know what exactly you can trade in that account. A very simple way to trade in the currency exchange market is the buying and selling of currencies where you buy one currency and sell another.
Highly traded market in the world:
Currency market can be a great source of earning money. Foreign exchange market trades about $5 trillion per day. You can earn a lot of money without investing too much money in your trading account. You should understand the basic terminology of the Forex trading market before initiating a trade. Open a Forex account and decide what currency pair you want to trade.
Choose a Broker:
Choose a broker who has been in this industry for at least ten years. Experience indicates that the company knows how to take care of clients. See the products offered by the company. For example if your broker also trades commodities and securities then he has a bigger client base. Read reviews to know about the Forex trading broker and visit the company’s website. The website of the brokerage firm should look professional and the link of the website should be active. Check the transaction costs for each trade. See the essentials such as easy transactions, transparency and good customer support. Try to open account with a broker who has good reputation.
Risk only 2% on your trades:
Find out your margin because this will help you to make big trades by investing little amount. For example, if you want to initiate a trade worth $100,000 at a margin of 1% then you have to deposit $1,000 in your trading account as security. Your losses and profits will either deduct from your account value or add to its value. Therefore the best rule is to invest only 2% of you money in a particular currency pair.
Learn Before You Trade:
Make predictions about the economy in Forex trading. For example, if you think that US economy will continue to weaken then you should sell the dollar in exchange for a currency from a country having strong economy. To understand the economy of the country, read economic reports of the country. Factors such as inflation and employment affect the value of the country’s currency. You should know how to calculate profits. Change in value between two currencies can be measured with a pip. For example if the EUR/USD trade moves from 1.542 to 1.543 then the currency value has increased by 1 pip. Since foreign exchange market is very volatile therefore you will experience a lot of ups and downs but do not get afraid and stick to your trading plan.
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