Forex is the world's biggest financial market with millions participants, hundreds broking companies and trillions of dollars turned over on a daily basis. However, most traders eventual lose. That is why Forex has always been getting a controversial attitude. While, most beginning traders treat it as some kind of a casino, a place to gamble and get lucky. Others, mostly intermediate and professional traders and investors, treat it as a place to make money while trading is considered as a full-time job. Anyway, the attitude is controversial. So, in this article we will ponder on the issue together with Masterforex-V Academy in order to find out whether it is possible to trade Forex for a living.
Forex and Extra Income
There is no denying the fact that speculating currencies in order to generate some income keeps attracting millions of people worldwide. When it comes to Forex, the basic concept of moneymaking is simple. Still, most beginning traders start looking for pitfalls during the process, not beforehand.
In order to create adequate motivation, a potentially successful Forex trader should make some steps first. The list includes:
First of all, it is necessary to specify the attitude towards Forex. A beginning trader should accept Forex trading as a vital part of his/her life and treat it seriously. Apparently, it will require some time, effort and money to learn and master Forex trading so that you could show consistent results in the long run. It is crucial to determine whether you want to trade Forex as a hobby, as a job to get extra income or as a full-time job that you will be doing for a living. This set of mind will determine your future performance. So be sure that your attitude towards your trading activity is right to reflect the eventual results.
Secondly, it is vital to choose a reliable and fair broking company. You cannot access the interbank market on your own without a broking company (as long as you are not a billionaire). The broking company will be your major partner. So you'd better make sure it matches your ambitions and requirements. Apparently, there are many criteria to consider. For those of you who cannot or do not want to analyze all the information on your own, you can make use of Masterforex-V Academy's unbiased ratings of broking companies (the project is called Masterforex-V Expo).
Another thing to consider is signing an agreement with your broking company. It is necessary to study all the documents (including the offer) regulating your relationship with the broker before signing the agreement.
The next big thing is learning how to trade Forex profitably. This is one of the most important aspects and cannot be ignored by any means. Without education, trading turns into gambling, which eventually leads to losses and disappointment. Luckily, there are hundreds of online and offline training sources, both free and paid. When it comes to free trading, we recommend visiting the free school for traders and investors under Masterforex-V Academy, Europe's best online Forex training project since 2009.
On top of that, it is necessary to prepare the technical base for convenient trading. You will need a modern powerful PC (the wider the screen, the better), stable high-speed internet connection and trading software (trading terminal and sometimes some extra apps). Luckily, powerful PCs and fast internet connection are fairly affordable while trading terminals and most apps come for free.
The next thin you do is build a solid trading strategy that will allow you to make weighted trading decisions and to avoid emotions as much as possible if you stick to the rules. This results from good training (we mentioned this aspect above).
An the last thing you need is to calm your mind and to abstain from focusing on short-term results (especially losses) in order to avoid making hasty and inadequate decision while being guided by fear, greed, arrogance or something else.
Forex – Gambling or Successful Career?
Market Leader interviewed several experts working for Masterforex-V Academy in order to find out, whether it is possible to treat Forex trading as a major source of steady income.
When asked, what Forex trading really is, the experts say that there are many different ways to make money, from working for “Uncle Sam” to conducting your own business. Trading or investing are not some exceptions. There is one BUT that unites all of them: In order to reach a success in a certain field of activity, you have to become an expert in it, a professional that is different in every single aspect from amateurs, form thinking to certain actions.
Consequently, Forex trading can become a source of income for anyone who is diligent and patient enough to master it.
When asked what is needed to become a professional trader, they named the following things:
· Well-organized workspace (including PCs, internet access, software etc.)
· Winning trading strategy and correct approach
· Initial deposit (capital) to start trading
· Sound risk management in order to secure your capital during times of uncertainty and excessive volatility
· A fair and reliable broking company
When asked about training course, the experts told us the following:
There are many training courses, both free and paid. However, few of them can actually teach you how to trade Forex profitably in the long run. More often than not, they teach you the basics (the so-called ABC) of Forex trading. As far as free training courses for beginners are concerned, the experts recommend visiting the free school for traders and investors under Masterforex-V Academy, Europe's best online Forex training project since 2009. The school gives you everything you need to built up a solid foundation for further professional education.
Masterforex-V Academy has a number of departments teaching several professional trading strategies. One of them is called SAKS. This is one of the best trading strategies available in the entire Forex industry.
These are the results, shown by one of the students within several months:
As you can see, hardly any student can boast such amazing performance after several months of training! Can you imagine what skills this guy will develop in several years of constant drilling and mastering? If you are interested in the SAKS trading strategy, you are free to visit Masterforex-V Academy’s forum for traders and investors. Good trading!
