Published on June 7th, 2022 | by Sumit Bhowal0
The best ways to make money on Forex
Is there a real opportunity to earn millions of dollars on Forex? Yes, but only experienced traders will be able to get such income. At first, it takes a long time for novice users to figure out where it is better to direct their capital. At a certain stage, they feel that they can manage larger amounts and then increase their activity that gradually lead to the higher profits.
How to start?
Each and every novice trader is interested in the question of growing his income. The answer may seem simple, because it is important to select one trading strategy and follow it steadily. In addition, one needs some trading platform like metatrader 4 or a similar one. Inside it is important to learn the functionality and then select the trading mode that will be the most suitable.
It is obvious that trading requires some experience, but with due diligence, everyone can master the market and even compile his own unique strategy. Remember that on Forex you will need not only knowledge but also a stable nervous system.
The market is constantly fluctuating, it is sometimes difficult to follow the chosen course, and even it cannot always be profitable. That is why, set realistic goals that you can achieve in the nearest future, for example, 20-50% every month. Through a period of only one year, your deposit will grow at least twice. There will be no millions, but the chosen path is going to prove itself right.
Furthermore, you will require knowledge on different types of market analysis and the ability to apply it correctly. It is also important to analyze your own history in trading from time to time. What is more, it is recommended to control yourself and be disciplined. It can take time to learn all these, so not everyone achieves the initial goals.
How to profit?
As a first step create a training account in demo version with the sum, you are willing to trade. According to the chosen broker, the minimum deposit varies from a few cents to hundreds of dollars.
Then you go into the qualifying round, which lasts days. During this period:
- you have to earn a fixed sum on your account;
- the requirements for the maximum daily drawdown and loss must be followed;
- you need to have the minimum number of profitable days.
For violation of the rules, the participation ends earlier. A person must be the best and fulfill the rules, after which an agreement is concluded with him.
If the selection rules are violated, the trader is removed from the round and purchases the entrance to the selection again to take part in it.
Having obtained the sum under the contract for management, the trader must again strictly fulfill all the conditions. If the sum is drained and this falls under the terms of the contract violation (the first month without a loss may happen), the trader again returns to the start of the quest.
As a rule newcomers to Forex are less active, because they make only a couple of transactions per month. A significant number of novice participants do not want to take the high risk in the presence of weak signals, so they wait a long time for a good time interval for trading.
If you are a novice in this world one of the good ways to learn and get income simultaneously is to follow someone who is experienced in this area. Do everything like professionals, they carefully select the best broker, as this affects profits. Do not forget to install metatrader 4 and learn how to work on it.