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Is it possible to be rich from forex trading?
Can forex trading make you rich? Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.
How do I become a successful Forex trader?
These 10 points I would list below would ensure that you become a successful forex trader.
- DEVELOP THE RIGHT SKILLS.
- EDUCATE YOURSELF ABOUT FOREX.
- START SMALL.
- START WITH A DEMO ACCOUNT.
- FIND A TRADING EXPERT.
- TRADE WITH A STRATEGY AND STICK TO IT.
- DO NOT BE AFRAID OF LOSSES.
- KEEP YOUR EMOTIONS ASIDE.
Can forex trading make you rich?
Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex…
How much money do you need to start trading Forex?
You have to have a reasonable amount of capital to invest in the Forex market. You can’t become rich through growing a $500, $1000 or even a $10,000 account. It is not even possible to make a living through such an account, whether you master the trading techniques or not.
What is the easiest way to Learn Forex?
The simpler and easier way is learning the Forex trading basics, and then a simple and strong trading strategy. Then you have to master your trading strategy through demo trading. When you succeed to make profit consistently for 12 consecutive months at least, you can open a small live account and start practicing with it.
Should you trade stocks or forex?
Stocks, on the other hand, can easily trade up or down 20\% or more in a single day. But the allure of forex trading lies in the huge leverage provided by forex brokerages, which can magnify gains (and losses).