How to Earn
How to make money on Forex
As forex markets are the most liquid markets with easy access round the clock, and low costs, many currency traders take a quick plunge into the market, but then exit even more quickly after experiencing setbacks. Here are a few things to note:
Learn the Basics of Forex Trading
Learning the basics of forex trading ranges from acquiring knowledge of the operative terminology to acclimatizing with the geo-political, economic factors affecting the trader’s chosen currencies.
Begin with a Demo/Practice Account
Most major trading platforms offer a practice platform so that you can try your hands at trading without spending your hard-earned money. It would be a good idea to take advantage of such a platform so that you don’t waste money while you are on a learning curve. During practice trading, you could learn from the mistakes so that you do not repeat them in real-time.
Start with Small Investments
When you step into real-time forex trading after enough practice, starting small would be a wise idea. Putting in a significant amount of money during your first trade might be a risky affair that could make you take impulsive decisions and result in losing money. Investing in small amounts at first and then gradually increasing the lot size over time would be beneficial.
Maintain a Record
Keep a journal that records your successful and unsuccessful trades for a future review. This way, you shall remember past lessons and avoid repeating mistakes.