Now almost everyone who surfs the Internet has at least once stumbled upon sites that offer Forex money. All promise you millions of profits. But it is worth recalling that working in forex requires diligence and knowledge. Everything is far from simple as advertisements assure. But with due diligence, you can earn a lot of money.
Making money on forex will help you . Firstly, it’s worth understanding the very principle of work - these are speculative operations: you buy cheaper, sell more expensive. Of course, everything looks simple. All novice employees are given the opportunity to undergo training on a demo account, where you try yourself in the market. But one thing is to play for virtual money, which actually is not there, and another thing entirely is to invest your capital. But with proper knowledge, market sensitivity, intuition and luck, you can earn from 100 to 1000 dollars with average investments per hour. But do not forget that with the same success, in the absence of skills and knowledge, they can be lost.
In order for the forex work to bear fruit, the trader needs several components:
- Exposure
- Strong nerves
- Market knowledge
- Ability to analyze
- Own strategy.
The market analysis itself also has options:
- Fundamental analysis implies that the trader has knowledge in the field of economics of different countries, knowledge of economic laws and the ability to make an assessment of macroeconomic indicators. A long-term plan of market behavior is being built in accordance with the picture drawn up.
- Technical analysis, which involves drawing up a line of work according to the available graphs of exchange rates. As a result, the estimated dynamics of exchange rates is compiled.
- Computer analysis, involving mathematical calculations of the behavior of the exchange rate in accordance with the available data.
It is very important to develop a trader's own work strategy. But it takes years. For newly minted forex workers, several well-established strategies are offered for consideration:
- Carry Trade proposed a trading strategy, which is to profit from the difference in interest rates on different currencies.
- The channel strategy is based on trading within certain price boundaries.
- Pipsing is called short-term trading at the slightest fluctuations in the market.
- Breakout trading - at the right price level.