The forex trading has become fashionable, there are many Italians, even very young, who have chosen to work on the currency market to get a substantial source of income. But forex is not a game and high profits are not for everyone. We can say that they are for many but not for everyone. But why are there people who earn so much and people who earn little or nothing or even lose their money?
In life nobody gives anything and forex trading is not a machine that distributes free money to all those who open an account on a broker. Forex is a serious matter, a high-yield investment, and as such it must be addressed.
Choose the broker in an intelligent way The first secret to succeed in the forex market is to choose a quality broker. High profits can only be achieved by trading with a reliable, safe, honest, regulated and authorized broker that is economically convenient. Choosing the forex broker badly, however, is the best way to throw away the chances of earning and, even worse, losing your money.
Remember that forex is not a game
Very often you face forex as if it were an online game with real money. But forex is not a game, although modern brokers are extremely simple to use, so simple as to make it seem like a game. It is not so. The forex must be faced with security, determination, self-confidence and concrete commitment. Free money does not exist, nowadays even children do not believe in fairy tales. Do you still believe it?
Invest in your training
Before starting forex trading, always remember that the secret of success on the currency market is also an adequate training. Invest your time and attention in the training. Try to understand which are the best brokers to invest, what are the dynamics behind the market, what are the best strategies.
Avoid spending money to buy ebooks or guides
Investing in training does not mean throwing your money. So avoid spending money on buying guides or ebooks. First of all, the material available is a completely free way and is really remarkable, so it is useless to spend money. Secondly, these guides usually have a miraculous approach, they present forex as an easy way to make money, not as an investment. This stems from the fact that those who write these guides do not have the goal of really teaching something but just want to collect the money paid by the buyers. And the best way to encourage the purchase is to present the forex market as a way to make money quickly and safely.
Psychology is everything
To gain on the forex the right psychological attitude is essential. The trader who earns is not the one who knows the most refined or complex strategies, is the one that is able to go all the way, animated by an iron willpower. Very often ignorant traders, but motivated by the right psychology, are able to earn more tradesmen who are better off from the theoretical point of view but less motivated from a psychological point of view.
Evaluate the social trading If your level of experience is low, consider the possibility to join a social trading community. In this case you not only have the opportunity to start making profits immediately, without having to wait to complete your training, but you have the opportunity to learn online trading by copying those who have more experience than you.
Evaluate automatic forex trading
In the same way as social trading, signing forex trading signals can help you trade even if you have no experience. Unlike social trading, however, it is harder to find good trading that produces signals that really make you earn. In the case of social trading, in fact, it is eToro that makes the selection for you, reporting only trader that is really worth copying. This does not mean, however, that automatic forex trading is not profitable, on the contrary, it only means that you have to put a little extra attention. Obviously in this case too it is a great opportunity to learn forex trading as well as to collect profits.
Choose the right strategy
There is no forex trading strategy that is perfect for everyone. Each of us probably has a strategy that works better than others, based on his nature. There are people who earn by trading on the news, others trading on technical analysis. The important thing is to study, understand how the various strategies work and then choose the best one.
Never settle for profits
The profits you can make with forex trading are unlimited. Even if you’re earning a lot, do not log in. With a little effort you could double your earnings in a very short time. The beauty of forex is that earnings depend on you, not on luck or on a recommendation.
Living forex: make the right choice at the right time
If you already have a job and you’re intrigued by the opportunity to live forex trading, consider that you have to achieve a net monthly income of at least 3,000 euros before leaving your job, even if you feel ready to live, for example, with 1,000 euros. Making forex trading is not like having a job and it always takes a margin of safety. Conversely, if you earn part time over 3,000 euros, maybe it’s time to quit your job to spend 8 hours a day on forex trading. Your earnings could splash up in a very short time.