This is one post that I have wanted to write about for awhile, well, actually since it came to my attention a couple months back. However, before I wrote this post I knew that I had to learn more about the subject before jumping into it. So, the question is: can you make money forex trading?
Surprisingly, the answer is yes you can!
However, before we jump into the amount of money you can actually make with this business venture, let’s get into the basics of it.
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Forex Trading 101: What Is It?
If you are new to the world of online forex trading then it is important that you know what it actually is. Forex trading is when you simply trade foreign currencies against each other from different countries all over the world. The words Forex trading is a simplified terms for the Foreign Exchange market.
How Does It Work?
Typically when you begin trading foreign currencies, you will typically do so through an online broker who will place bids for you. Your job as a forex trader will to primarily choose a pair of currencies that you expect to change in their value and place your trade according to whether the pattern is going to drop or increase.
The most common currency pairs that can be traded are:
- USD-US Dollar
- EUR-British Pound
- AUD-Australian Dollar
- CAD-Canadian Dollar
- NZD-New Zealand Dollar
- CHF-Swiss Franc
The Truth About Forex Trading
What many people don’t seem to realize about the forex market before jumping into it with dreams of coming out with buckets of cash is that you need to do a BUNCH of research on the topic itself. There is a lot of things that you should know about it before risking your money. Some of the things that you should learn are:
- Cross Currency pairs
- What is a pip?
- What influences change in the foreign exchange market and in currencies?
- What causes currency inflation?
The sad truth is that most people don’t do their research ahead of time before jumping into the foreign exchange market and as a result people believe that the exchange market is a total scam when it actually isn’t. The exchange market has been around for decades and it is what drives the worldwide economy today.
Pros Vs. Cons Of Forex Trading
- Can make a lot of money in a short time.
- Once you learn the basics, you can begin trading immediately.
- Excellent work from home opportunity.
- Return of investments can be large.
- There is A LOT of risk involved in trading
- If you do not know what you are doing, you can lose a lot of money very quickly.
- Must invest a generous amount of money to be successful.
Can You Make Money Forex Trading?
Yes you can, but your success will depend on how much money you make. There are many people that I know who trade successfully and live the lifestyle to prove it. However, they took years to learn the market and have their own strategies when it comes to trading. This is not something that you want to jump into without doing your own research first.
How Much Money Should I Invest?
Well, that depends. After all of the research I have done I have learned that it is always best to invest anywhere from $500 to $5,000 starting out, but of course in small increments per trade. The more you invest the greater your return of investment can be.
Is Forex Trading A Scam?
Actually, far from it. Forex trading is NOT a scam. As I stated earlier the foreign exchange market has been around for decades. Many people assume this is a scam simply because of the amount of money required to invest. What is worse the people who have not done their proper research and have lost hundreds and thousands of dollars on the forex market the day they begin trading are the ones who claim the foreign exchange market to be a scam.
My Final Opinion
While I love the Forex market and have begun trading myself, this is not something I recommend to those who are not going to do the proper research first. If this is something that you are very interested in I suggest you look for training in the forex market so you can truly understand it and know how to trade properly before you risk any money. The only place that I highly recommend for this is PipsUniversity as it is the most affordable and knowledgeable forex trading learning center that you will come across.
I can’t stress this enough: if you are going to get into the world of Forex trading, DO YOUR RESEARCH BEFORE SACRIFICING MONEY!
If you are interested in learning how to trade, the only place I recommend learning is PipsUniversity.com. They have a ton of positive user reviews and many of their students are making money with them right now. Head on over there to learn more by clicking here.