The sweet and bitter truth about Forex

There are quite a lot of opposing reviews about working in the foreign exchange market, some claim that Forex is just a scam, others boast of record earnings, what is the truth about Forex?

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In order to answer the question posed, many different factors should be taken into account; only on their basis can one form an independent opinion.

When considering the statistics of the work of dealing centers, one rather persistent trend immediately catches the eye - most beginners, almost for the first time, lose their deposit, but professional traders earn more and more every day.

The reason for such statistics is that in order to make money on Forex, you need practical trading experience and a large amount of knowledge.

The conclusion suggests itself - if you don’t want to lose, trade small amounts first.

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Some may say that even a small amount of money is a shame to lose, but thanks to the opportunity to trade on cent accounts, now to start trading all you need is just a couple of dollars.

The truth about Forex is that there's no rush to make money. Trading statistics show that a stable income doesn't appear until at least six months of work and study, and only then can you increase your trading volume.

For some, even this period may seem long, but if you think so, it’s better not to start, as the result will only be disappointment.

The whole truth about Forex lies in the ability to wait

Millionaires who made their fortunes in Forex spent years learning, devoting significant time to trading. If you want to achieve similar results, you'll need to follow this plan:

1. Basic knowledge – to obtain this, it is enough to download one of the books for a beginner trader , or take a free training course, which is offered by almost all Forex dealing centers .

After this, you will no longer need to be distracted by minor nuances and can try to develop your own trading strategy.

2. Developing trading tactics – this includes choosing a currency pair, the time frame on which trading will be conducted, and risk management.

 - Currency pair – it’s better to start working with less dynamic instruments

 - Time frame – for a beginner, intraday trading will be easier.

- Risk management – ​​rules for placing stop orders (stop-loss and trailing-stop ), risk reduction measures.

3. Trading strategy – the first thing you should start with is determining what your main trading direction will be, how much capital you plan to invest in trading, and how risky your trading will be.

After that, you can move on to developing your own strategy. Or use a ready-made trading strategy - http://time-forex.com/strategy

The truth about Forex is that, like in any other business, success comes from working hard and studying, and no one will constantly tell you when to open a trade.

Success in stock trading doesn't come overnight. Sometimes a beginner can make one or more successful trades, but a stable income only comes with time.

You must independently study a wealth of material and be able to apply this knowledge in practice. For those who aren't particularly keen on learning, there's always an alternative, which could involve using expert advisors or simply copying other traders' trades on the trading platform.

True, you still need to spend more than one day on training, but you can achieve success in this faster and easier than with independent trading.

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