The global crisis of 2020 was quite predictable. And virtually every state has already developed mechanisms to "soften the fall". But the coronavirus had its own way: it forced us to stay at home, closed businesses and borders, brought thousands of businesses to the brink of bankruptcy, and created soaring unemployment around the world. And if you are not sure that you will be able to save your job and standard of living after you leave the quarantine, it's time to think about creating a new source of income. For example, start trading on Forex.
This is probably the most discussed and "mystical" market of all existing ones. It has been working since 1972, but gossip about it is still going on in the network and in real life. Some players claim that it is as unpredictable as a casino. Others silently earn money and even help others get a good yield. The reason for this ambiguity of opinion is a number of factors:
Therefore, if you want to earn money on Forex, then you need to take it seriously. To study its players and the laws, to get acquainted with technical analysis, and earnings prospects in general.
A small entry threshold is not the only thing that attracts people to Forex. After all, there is plenty of "big fish" - investors with a big name, investment and hedge funds, private capital managers. And the reason for this is the special opportunities of this market:
All these features have helped some people make a fortune in a short time. A typical example is the Russian trader Elena Pryakhina, who in 2013 increased her deposit by 14,000% in just 11 days. Taking into account the fact that she managed not only her own money, but also other people's capital from a PAMM account, the amount turned out to be very significant and exceeded $1 million.
Even more famous Forex record holders are Chen likui, who earned $ 247,000 in a month, and Larry Williams, who received more than $2 million in a couple of months. USD.
Of course, these are record numbers. But with a reasonable approach, every trader is able to provide himself with bread and butter, and sometimes with black caviar. Much depends on the starting amount, the choice of strategy and psychological stability of the player.
It is the impressive records and ease of start that excite beginners. Therefore, let's be Frank and talk about the features of working as a trader, the advantages and disadvantages of this profession.
And yes… You can start training today. Just select a broker and open a demo account. Only with positive results can you start trading real money.
As you can see, even remote work without a boss and with a high profit potential has its drawbacks. Therefore, the trader must be sober-minded and psychologically stable. Flexibility of thinking is also important. After all, sometimes old strategies stop working and you have to adjust them or look for new options.
The first thing to do is to choose reliable allies: a broker and an adviser. Your non – trading risks depend on the quality of the first one, and the quality of your decisions depends on the second one.
First of all, give up freebies. If a broker promises you not only the execution of orders and connection with liquidity providers, but also a large initial bonus, low spreads and support of a personal analyst, you should think: how does it cover such high costs? When choosing a company, be sure to pay attention to such factors as:
Do not be lazy and search for reviews of the company on the web. They are the best way to tell about its attitude to customers and decency. Of course, there is not a single company in the financial sector with a completely clean reputation, but the abundance of negativity in the network should be a danger signal for you.
Choosing a broker, do not seek to immediately open a deposit and risk your hard earned money. First, register a demo account and use it for training and testing. Only a full practice on a virtual account and understanding of the market mechanisms can guarantee you a positive result.
Undoubtedly, it is very important to learn the basics of technical and fundamental analysis. But given the fact that dozens of books have been written on them and many videos have been filmed, it is not possible to study all the information. In addition, the recognition of technical analysis figures comes only with experience. Newcomers are often unable to even determine the direction of the trend. And, perhaps, this is the first thing to learn. In the rest, you can get help from expert advisors - special programs that already have one of the technical analysis mechanisms built-in.
The most suitable options for beginners will be:
Expert advisors allow you to start trading before you plunge into the depths of complex economic and technical terms. In fact, they provide the basis for a good start on the principle of Agile – here and now. And you can refine your strategies and learn as you earn money.
Forex is a great opportunity to earn money, which is not missed by any major investor. But at the same time, you should always thoroughly assess the risks, do not fall into a passion and follow the planned strategy of action.
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