Learn How To Make Money In Forex – What Is It? Learn ways to trade it

Making money in Forex is not as simple as some people think it can be. Statistics show that 95% of Forex traders lose their entire account balance. People hear about forex or day trading all the time and then they think they have to get into it to make some money for themselves, and then what happens is they rush to set up their trading account and lose everything. Now for other people, they may face some problems such as “emotions”, which means that they lose some money and try to get it back by doubling or tripling the size of the trade without success.

Again with the emotions, you may be in a BUY trade (predicting that the market will go up), then suddenly you see that the market is sold out (the market went in the opposite direction DOWN), then you get scared and close trade and take a loss. But later that day, you see the market rise back to where you predicted it would go.

The forex market is very unpredictable, no matter what someone wants to tell you. However, there are strategies and tools you can use to plan and increase the likelihood of your trades and overall success in this attractive and unregulated market.

Strategies –

There are some systems / strategies that people use to enter and exit trades, these are mostly indicators that inform the person when to enter and exit a trade. But not every system works constantly, the market changes and develops and then the systems will have to be adjusted, etc.

Tools –

There are many different tools in the forex charting system that help the trader to make a technical analysis of currency pairs. Some of the most commonly used tools are Fibonacci, Trend Line, Candlestick, Turning Lines and more. Forex charts have different time frames that you can use to predict, such as 1min, 5min, 15min, 30min, 60min, 3h, 1 day. For example, if you want to know if a trend is up or down, one way to do this is to check higher time frames, this gives you a higher probability of your trades.

There are two types of trade: fundamental and technical analysis. The main analysis is rather trade in what controls or moves the markets, examples of which are important news, gold or oil. So, if there was news of the US unemployment rate tomorrow morning and the number was very negative, it would be bad for the US, so you would want to introduce SALE for a couple of US dollars. The main trade is mostly for more experienced traders due to its high instability. Technical analysis is mostly only with the use of graphical tools and systems / strategies, this is the most common way of trading and everyone does it.