How to earn money with Forex?

Joined
May 3, 2018
Messages
19
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Age
25
Location
USA, New York
#2
Yes, it's a rather profitable market in general but considering unpredictable prices changes for foreign currencies it's like gambling too. That means that you can earn money with this market, but your profit will be spontaneous in general, sometimes you can get really good money and during some months almost nothing or even lose all your capital :confused:
Also in order to avoid many mistakes it's recommended for beginners to follow such simple rules:

- start from mini account/small capital and give yourself time for learning about forex strategies and operations in general
- keep your charts clean (don't use all technical analysis tools at the same time, the less you use, the more effective they will be)
- protect your account well (you need to know money management techniques, accept your losses and continue to move on)
- find a reliable broker (it's very important because all your financial operations will be controlled with it, choose the ones only from special safe online lists https://fx-list.com/asic-forex-brokers and regulatory agencies)
- keep and analyze your records (trading journals are very helpful in this case, they provide an important feedback for you that makes learning possible)
 

switch7

Master Don Juan
Joined
Dec 20, 2014
Messages
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Location
uk
#3
(This applies to all derivative markets including forex cfd/spreadbetting)

"80% of all day traders quit within the first two years.
Among all day traders, nearly 40% day trade for only one month. Within three years, only 13% continue to day trade. After five years, only 7% remain.
Traders sell winners at a 50% higher rate than losers. 60% of sales are winners, while 40% of sales are losers.
The average individual investor under performs a market index by 1.5% per year. Active traders under perform by 6.5% annually.
Day traders with strong past performance go on to earn strong returns in the future. Though only about 1% of all day traders are able to predictably profit net of fees.
Traders with up to a 10 years negative track record continue to trade. This suggest that day traders even continue to trade when they receive a negative signal regarding their ability.
Profitable day traders make up a small proportion of all traders – 1.6% in the average year.However, these day traders are very active – accounting for 12% of all day trading activity. "
 

Bible_Belt

Master Don Juan
Joined
Jul 27, 2005
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42
Location
midwestern cow field 40
#4
Forex is the wild west. If anyone makes money at it, good for them. Keep in mind that the reason people trade on exchanges is often the many rules that protect market participants. In the stock market, things like backing away from quotes (refusal to trade) and also giving you quotes that are away from the actual market are very much against the rules. But in Forex, anything goes. Just know what you're getting into.
 

wifehunter

Master Don Juan
Joined
Dec 6, 2015
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45
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Orange County, California
#5
Bitcoin will eat forex alive!
 

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Master Don Juan
Joined
Feb 15, 2018
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1,150
#6
Go long the dollar*. Fed is raising interest rates at the EOM.

*This is NOT investment advice, just what I am doing and common sense since the Fed will be raising interest rates twice this year by EOY.
 
Joined
Sep 10, 2018
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Age
33
#7
I agree with you that all this can be tried. In fact, you need a business plan and a clear understanding of what you want. You can also try yourself in different areas to understand what you like. There are a lot of offers on the Internet. You can try yourself in trading fxmcapital Maybe you will like copywriting more. Choose
 
Joined
Jan 24, 2016
Messages
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#8
Check out other forums, such as forex factory, trade2win, babypips and I'm sure many more.

There is a wealth of information out there.
 
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