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 it’s a pity to lose even small money, but thanks to the opportunity to trade on cent accounts, now just a couple of dollars is enough to start trading.

The truth about Forex is that there is no rush to make money, as trading statistics say, stable earnings appear no earlier than after six months of work and study, only then can you increase trading volumes.

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

The whole truth about Forex lies in the ability to wait

Millionaires who made a fortune in Forex spent more than one year studying, devoting a large amount of time to trading. If you want to achieve similar results, you will have to follow this plan:

1. Basic knowledge - to obtain it, just download one of the books for a novice trader , or take a free training course, which is provided by almost all Forex dealing centers .

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

2. Development of trading tactics - this includes the choice of a currency pair, the time frame on which trading will be conducted and risk management.

 - Currency pair – start working better 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 ), measures to reduce risks.

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

After this, you can proceed directly to developing your own strategy. Or use a ready-made trading strategy - http://time-forex.com/strategy

The truth about Forex is that here, as in any other business, the one who succeeds is the one who works and studies hard, no one will constantly tell you when to open a trade.

Success in stock trading does not come immediately; sometimes a beginner can make one or several successful transactions, but stable earnings come only with time.

You must independently study a lot of material and be able to apply the acquired knowledge in practice. For those who do not particularly like to study, there is always an alternative way, this can be either using advisors or simply copying the transactions of other traders in the trading platform.

True, here 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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