Forex trading or making money on the exchange rate
It's been more than five years since I first started trading Forex. At that time, earning money on exchange rates was still an exotic idea for most internet
users, and it was quite difficult to obtain the necessary information.
But over time, the necessary knowledge was accumulated, and practical work experience appeared.
Now I can confidently say that I know what Forex trading is and whether it is possible to actually make money with a small starting capital.
Since I started trading, my deposit has increased from $100 to $10,000, although the growth has not always been solely due to profit.
There were times when I simply deposited spare cash into my account. Now I manage to consistently earn between $2,000 and $2,500 monthly—not as much as I'd like, but still a steady income
Forex trading involves making a profit by buying and selling currencies; the difference between the price of a currency pair is what generates that profit.
Earning on the exchange rate is currently the most profitable and less risky trading option compared to similar investment methods.
How to start trading Forex
1. Choosing a dealing center is a fairly common topic, but it's where every forex trader begins. In the first six months, I tried about ten different options.
Every place has its pros and cons, so I ended up choosing www.roboforex.com/ru/ , no matter what anyone says, but in my opinion, it's the golden mean.
You can choose either a spread or order execution option, depending on your trading strategy. I trade on ECN-Pro NDD , which is a great option if you have a substantial capital base.
You can also start trading on a cent account and receive a bonus upon registration. You can choose a $30 no-deposit bonus or interest on your deposit.
2. Leverage – at first, like everyone else, I was chasing volumes, taking 1:500, but then I realized that if you want to blow your deposit, then this is the best option. Now I don’t use leverage greater than 1:50.
But the choice is yours. It all depends on the amount of funds available and your thirst for profit. As a rule, it's best to avoid large volumes at first, where a 1-point move can amount to almost 10% of your deposit. Instead, learn to profit from the exchange rate with minimal risk to your own deposit.
3. Safe trades – from the very first orders you place, make it a rule to always use a stop-loss; only then can you avoid huge problems.
The second rule should be: don't change this stop-loss value; that is, you can move it toward profit. But you can't move it toward loss.
4. Strategy Forex strategy options , and then choose the one that suits you best. Trade, keeping statistics and taking into account your mistakes.
5. Trading with advisors – if everything were so simple, then no one would deposit money in banks, buy an advisor, and get 100% profit per month.
Many investment companies use advisors in their work, robots manage billion-dollar accounts, but these are essentially artificial intelligence, and not something that is available for sale for $100.
In reality, most forex trading software programs either make losses or simply refuse to trade, with only a few being the exception to the rule.
I personally use trading robots only to receive signals, after which I check them and only then open a trade.
Trading Forex not only allows you to earn a stable income from the exchange rate, but also gain a wealth of useful knowledge that can help you find a new job – as a financial analyst or consultant at a dealing center.
So, the time spent on studying will not be wasted in any case, and you will always be able to find a use for your knowledge.
