Feb 20 2020 2
Tired of the self-proclaimed trading experts who always say how easy it is to make money from forex? You know that forex trading is not simple and making forex is difficult and requires great effort. Most forex websites do not tell you the truth about forex investment. Let me tell you: here are 5 facts you need to know when making forex money.
Making money from Forex is never simple and fast
Most of the new forex market participants think that forex is simple and making money from forex is not difficult. They see ads that promise to get rich quickly and automatically with a forex robot or something of such attraction. They immersed blindly into dangers and suffered injuries.
Forex may not be as difficult as the law but in the same direction of thinking, you cannot become a proficient investor, make forex money within weeks, even months.
There is no guarantee system or forex robot that can provide continuous profit while you are still asleep. Forex is certainly not simple. If you come to forex with the desire to get rich easily, go to the casino, where you will have a better chance.
Most forex systems are useless
Most investors waste time searching for the perfect trading system. And when you want to find a system, the first stop will be the famous forex forums. When you see a strategic approach with lots of positive feedback and lots of users you will automatically assume that it will work well for you.
But in fact: completely wrong!
Most of the trading systems on famous forex forums are created by inexperienced investors. These systems may work for a few weeks, or even months, but they will fail in the long run.
This is especially true for methods that rely on indicators. Indicators are often very sensitive to changes in market conditions. But the problem is that the indicator-based system doesn't adapt well to market changes. Therefore a system that works well this week may not work as well for the following week.
If a trading system has not been tested for more than a year, you cannot believe its effectiveness. If you are on the hunt for a forex system, you will fail. You will attach yourself to a long, fruitless search. Therefore, my advice is to start with the basics, learn to read price action, resistance line, support, etc.
You need time
Many websites say that you can trade forex successfully for less than an hour per week. But in fact you need to invest a lot of time to be able to make money from forex.
If you can only spend a few hours a week for forex you are better off giving up. Learning how to become a profitable investor requires a lot of time. You need to be prepared to spend hours each week studying forex. Scientists think you need 10,000 hours of practice to master something. I think you don't need 10,000 hours to make money from forex but surely you need more than 2 hours per week. The good news is that once you make a profit, you can reduce the trading time to a few hours per week.
Can big brokers be trusted?
Now, in this market, people say that if you don’t want to get scammed, you should trade with the biggest forex brokers only. They are big, so they are safer. Is it though?
Here, we’ll take a look at the two biggest brokers in the market right now (they have the most trading volume on average) and see if they are truly no scammers. They are both very trusted by the majority of traders thanks to their forex regulations and many years of experience in the industry.
Exness is regulated by CySEC and FCA. XM is regulated by CySEC, FCA, ASIC, and FSB. Both have very trusted and famous forex regulations. If you wish to learn more about their reliability, you can check out these 2 articles: Is Exness a scam? and Is XM a scam? After that, you can tell the answers to Is forex trading real?