Forex business, safe?
This is one good question that is often asked by many people. Naturally, because there are still many people who are skeptical about forex and its trading methods.
But the first thing to note:
Forex trading speculates and does not invest. That does not mean that you cannot invest in a currency by looking at the long-term prospects of the country and the economy and buying the currency that you think strengthens using a currency that you think will be weaker. But when most people talk about forex trading, that is not what they think 🙂
Second: Determine the security. The purpose is safe in the sense that there is a regulatory framework available that will protect you if something crazy happens, or does that mean it is safe in the sense that it is impossible for you to lose money when trading? I will consider the second option, which brings me to the next point:
It’s not easy to make consistent profits on forex. 60% of forex traders lose money, and this is a conservative estimate.
As they say: “The best way to make $ 1000 in forex is to start with $ 2000”.
That is definitely possible. This is how I approach him:
We know that sounds disappointing, but try to focus first on the process, not profit.You must learn the basics first (BabyPips school is great for this). Then, get a demo account from a good and regulated broker and try to feel the way trading works.
Next, read some good books on forex trading. Learn the basics of making candlesticks, price patterns, technical and fundamental analyzes, trading emotions, etc. I have included some great forex books, mostly classics in their own terms. To monitor news, a good economic calendar is also useful.
You also have to start making your own trading plan with a trade journal. The difference between successful traders and losers is the lack of merchant structure.The trading plan and journal provide that structure.
A trade journal should not only be the trading notebook you take, but also how you feel about taking that trade, what you consider to be the risks and even the emotions that occur when open trade unfolds. It deals with trading emotions in a systematic way that makes it easier to fix them.
This will give you a good foundation of everything you need to know about forex. This will not give you direct experience, but if you last long enough, it will make you able to make the right decisions and ultimately become profitable.
But if you feel that it’s hard, please visit the Portfolio. Your anxiety about how to trade properly will be answered there.