Can you make money with forex and get you get rich with forex? Yes, I think so, but to be honest, it is not that easy. I tried it, I still trade on the forex market, and I also make some money, but it is not easy. Like everything it will take some time, you have to understand what forex is, what the risks are, how to trade it, and most important, you will not always win, you will lose, sometimes days or even weeks in a row. But you can make money with forex.
HOW TO MAKE MONEY WITH FOREX.
Don’t fall for the promises of people who sell forex robots; a forex robot is a software program that makes trades by itself, set and forget, (and lose).Really, they don’t work, sometimes there is a (short) period that they make some money, but overall, in the long run, they will not make money, so don’t do it !! The best way to make money in the forex market is to trade manual, read about indicators, read about strategies, try it on a demo account and when you find one you like, and understand and is profitable, stay with it. Don’t switch every week to another strategy. Don’t try to make a strategy perfect that it will never lose, that will not work. Accept that you will lose money now and then. It is a part of the game.
MANUAL OR AUTOMATIC.
In the last years, I tried many systems, manual and automatic (yeah with robots) and most of the times I did not make any money. If you have a feeling for it, I am sure with some (self) training you can make money, but it will take many hours of staring at a screen and trying different things as I said, I did that… So if you have the time, energy and dedication, this is how you can do it.
These days, I’do it differently, I only take trades once a day, yeah once a day, I set and forget (well, almost 🙂 ). I don’t stare all day at the charts, I just look at the daily charts once a day and then I decide to make a trade or not, that is it! For me it is working, I am not rich yet, so I still have a day job. So once a day, at the end of a trading day, I make my trade, I make some money with it, I can’t stop my job, but I like it.
HOW TO START WITH FOREX.
The best way to start with trading forex is to learn as much as possible, there is a lot of free information on the internet, so that will be no problem. I like Forex Mentor Pro, the owner is Marc Walton, he is already active for many years, there is a lot of free information, so just try it! You can find my review here.
ANOTHER TIP FOR LEARNING.
Another way to learn about trading is to join a forum; here you will meet people who are doing the same, you can learn from their mistakes and find out what is working for someone and what is not, but always be skeptical!
WHAT DO YOU NEED.
What you also need is a trading platform, in forex trading the most used platform is MetaTrader 4, short MT4. MT4 is a free platform with a lot of possibilities, and you can see charts in different time frames, there are many indicators included, so everything you need for trading. MT4 is free; you will get it from your broker, he will give you the link where to download his version, every broker has his own “version” of MT4.
WHICH FOREX BROKER TO CHOSE.
There are many brokers where you can trade forex with MT4, be careful because as everywhere, there are also brokers that try to steal your money with al kind of tricks. I use Pepperstone for many years already; this is a reputable broker from Australia, and I also use Hotforex, Hotforex is from Cyprus. If you are from the US you can not use them; I suggest to use forex.com for example, it is a very well know company, and it is a part of the Gain Capital group. It is the best to start with a demo account; all brokers as mentioned earlier provide demo accounts. This way you can experiment without losing your money.
Another popular platform is NinjaTrader, www.ninjatrader.com . NinjaTrader is a very nice trading platform, but you have to pay for it. You can also trade stocks and futures with it, you can set up a demo account, but it will cost you, so if you are a beginner, you better look for a free solution, as soon as you make money or if you have special needs, then look for another platform.
SO,RICH IN A YEAR?
Getting rich with forex is not that easy, so it will be difficult to be rich in a year. Nevertheless, with patience and study you can earn money if you find a system that works for you, and maybe you will be rich in a year, but as I said, be careful! Take the first step and read this review about how to be successful with trading forex!
If you have any questions, remarks, suggestion or whatever, send me an email or drop a comment below.