Nov 08 2019 3
Forex trading is undoubtedly accepted in many countries around the world. Millions of traders are trading everyday and making a sustainable income from forex. And now you want to take part in it but you don’t know where to start, right? Don’t worry. Today, we‘re going to show you the guide on how to get money from forex trading as a beginner.
What is forex trading?
Forex (short for foreign exchange) trading is the exchange of currency pairs from every country around the world. You make profits from trading thanks to the differences in the prices of those currency pairs. Booming in the 80s and 90s, the forex market has now become one of the largest financial markets in the world. It is actually the largest in terms of trading volume. This market opens 24/24. Anyone with Internet connection can instantly join the market. Those are the main reasons why forex trading is so attractive all around the globe.
How to get money from forex trading?
- Pick a forex broker. Everything you do on the market happens on the trading platforms of forex brokers. So choosing a good forex broker is very important.
- Open a forex account. The process of opening an account is very easy. Just follow the instructions of the brokers.
- Deposit some money into your account. There are many deposit methods. Based on your type of account, the required minimum deposit can range from 1 to 2000 dollars.
Check Exness minimum deposit or XM minimum deposit here
- Choose a currency pair and your trading platform.
- Start trading.
Those are the basic steps of making money from forex trading. Like we said earlier, traders get money from forex trading due to the difference in the prices of currency pairs.
For example, you buy a currency at price A, then you wait for the market price to change. After that, you sell that currency at price B. If the price B is higher than A, you have made some money. Now you must be asking: so I have to wait 24/24 in front of the screen for the price to change? Not at all. All forex trading platforms have specific orders to help you buy and sell automatically when the price hits the point you want. Your job is to analyze the market, charts, and news to predict where the prices will go.
What is the best time to trade forex?
The best time to trade forex is the two hours later in the US and Asian trading session - or early in the European trading session. In terms of Eastern Time, it is 14:00 to 18:00. In terms of U.K. time, it is 19:00 to 23:00.
Studies have shown that traders make profits mostly from the beginning to 5 am (New York trading time) and from 8 pm to 11 pm. That means you should trade earlier or very late in a trading day if you want to get money from forex trading. We also make a research on 1000 traders trading every hour a day and the result is the same.
Now that you know how to get money from forex trading and what is the best time to trade forex. What are you waiting for anymore? Let’s start trading and make some profits right now.