How realistic is it for a beginner to make money on Forex?

If you believe the advertising, anyone can make money on Forex; all you need to do is open and fund an account with one of the brokerage companies.

The broker will then quickly and freely teach you how to open trades on the trading platform, and its managers will advise you on what to buy or sell to make a profit.

But if everything were so simple and easy, broker websites wouldn't be full of warnings like "Trading on foreign exchange markets using leverage carries high risks.".

At the same time, we all know the stories of people like George Soros, Larry Williams, Warren Buffett, and many other successful financiers. They were able to make fabulous fortunes by playing the stock market.

But before jumping to conclusions, it's worth taking a closer look at the biographies of these traders - http://time-forex.com/treyder . And find out how long it took them to achieve success.

In this regard, we can also recall the story of the Turtles - http://time-forex.com/knigi/put-cherepah When people completely unfamiliar with trading, after completing a training course, were able to start earning a stable income within a few months, and within a year they became millionaires.

Let's move on to our main question: How realistic is it for a beginner to make money on Forex?

 

• How long does it take to start making money? First of all, don't expect to make money quickly, as it will take several months to understand the principles of trading. If you start risking large amounts of money during this period, you're guaranteed to lose it.

 

•  Who will teach you trading? It's the teacher who determines how quickly you'll start making money, and whether you even start. At Turtles, for example, Richard Denis, known as the "king of futures," taught you. But you'll be taught by a broker's manager who's only read a textbook on stock trading.

 

• Skills – unfortunately, not everyone is gifted at being a trader. Statistics show that 95% of traders lose on the stock exchange. And if we go back to the Turtle experiment, only 14 people were selected from thousands of applicants.

 

• Mistakes – as experience shows, few beginners heed advice; wasting their first deposit is a classic example. Typically, every beginner starts trading with huge leverage and neglects stop orders, and only after their deposit is lost do they begin using stop orders.

To summarize, it's entirely possible for a beginner to make money on Forex only if they have a knack for trading and a qualified mentor. And the most important rule remains: To make money, you need money.

In any case, you won't start earning any sooner than in a few months, but if you're impatient, you can use a copy trading or invest in PAMM accounts .