7 Reasons Why You Need To Learn Forex

Before we go any further, let us get some things out of the way.

1) You want to make money online

2) You want to make it in a way that gives you time flexibility and is not location-dependent

3) You aren’t sure whether Forex is the right step for you to take.

Well, I am here to tell you that your dream of a financially free future is possible and can become a reality through Forex trading.

As you well know, Forex trading is the act of buying and selling currencies to make profits off the exchange rates.

Currently, this stands out as one of the most lucrative financial markets in the world, and the most liquid. What that simply means is that there is a lot of money in the Forex market and most of that money is instantly redrawable.

The turnover daily for the Forex market is more than 1.5 trillion dollars. This is way above that of any other market.

What you are probably thinking right now is, that the Forex market is not the only means to make money online, and yes you are right, however, here are 7 seven other reasons why it is the best way.

1. You can trade anytime in the 24 hours, except weekends. The Forex market never sleeps. So even if it’s way early in the morning, just after waking up or late at night and you can’t sleep, and you wanna make a trade, you can.

Except for Saturdays and Sundays, the Forex market is at your fingertips. This is a godsend, if you plan on trading part-time because of your job.

2) You can trade anywhere. Forex trading is not geographically bound.

You can be in the air, deep in the sea, or the middle of a jungle, as long as you have an internet connection, you can trade on Forex.

You can trade from home, office, coffee shop, school, road trip, vacation, scuba diving, you name it.

3) Forex trading is wallet-friendly. Ever had the adage cut your coat according to the cloth?

Well with Forex trading, you can cut your trades according to your wallet. Forex trading doesn’t have expensive trading fees, compared to other markets. It is low-cost and accessible to anybody from any class of life

4) It has huge leverage. Leverage is like borrowing money from a trading platform.

With leverage, you can make trades way bigger than the amount you have in your trading account. Forex markets are known for their huge leverages, sometimes even reaching 100+:1, meaning for every dollar you have in your account, you would be able to make a trade of 100 or more dollars.

This automatically means more profit if the trade becomes profitable.

5) The Forex market has huge liquidity. Liquidity is used to describe how active a market is and how fast and easy it is to get one’s money out, and the Forex market is very liquid.

With just a click, you can start and stop trades, cash out and close accounts. You are never stuck or can’t get your money out of a trade.

6) You can earn in any condition of the market. Unlike any other means of making money that is only profitable when the market is ascending, in Forex you can also make money when the market is declining.

So either in what others would call a good or bad market, you can still make money.

7) There is no discrimination or limitation to who can trade on Forex. Forex trading doesn’t have any qualifications that are necessary to have before you can start trading.

Neither is there any discrimination against any race, tribe or gender. If you want to trade, you can trade. What you need is just an internet connection, a computer device and money in your trading account.

HOW TO GET STARTED ON FOREX TRADING

Now that you know all the above, here are a few steps to get you started right away. By the end of all these, you would be able to place a trade immediately.

1) Research and choose a broker that’s regulated, trustworthy and has all your requirements.

2) Open an account. The process of opening a Forex trading account is straightforward and shouldn’t take more than a few minutes.

3) Put money into the account you just opened. Each broker has many methods of transferring money from your bank to the account. This is the money that would be used to trade.

4) By now, it is assumed that you know the basics and if you don’t, learn them. Platforms have different educational materials that can aid you in learning.

5) Place a trade on the account after doing due diligence on the currency, and start making money.

TIPS TO BE PROFITABLE ON FOREX TRADING

1) Have a solid trading plan. Most expert traders do not use more than 3 strategies, but they know these strategies very well.

2) Master technical analysis as this is the only way to be able to read the charts and market movement. Without this, you won’t understand the market and would just be guessing.

3) Know and stick to your risk level. We all have different risk levels, to be profitable in Forex trading, you need to know and stick with your risk level.

Don’t risk more than you can afford to lose, also always use stop loss to prevent huge losses.

4) Finally don’t be in haste to make it huge through Forex trading. Forex trading is not a get-rich-quick scheme. Those who consistently have profitable trades are those who make it big from Forex trading.