Forex is a powerful weapon in the right hands!
The first link gives us information that Forex is an international currency market where currency exchange takes place. However, this foreign term hides much more than this dry book definition can fit.
Forex is a powerful tool that, in the right hands, can open up the prospects of a dizzying income and a rich life for several generations. There is another side of the coin, which hides millions of failed transactions for amounts ranging from school Breakfast to entire fortunes.
Forex is a powerful weapon in the right hands!
Unfortunately, statistics show that these situations are many times more, and often you can find angry posts about “Scam” on the web, but … Forex is just a tool for earning money, and you need skilled hands to handle it.
If you are ready to leave behind the complaints of those “who were not lucky” and want to sort everything out on your own, welcome to the world of huge capital and serious analytical work, the name of which is Forex!
1 at what age can I start trading and what do I need to do?
2 what tools are needed for trading?
3 How much can I earn?
4 introduction to PAMM accounts
5 Choose a Forex broker
6 Forex: is the game worth the candle?
What age can I start trading from and what do I need to do?
A trader, which is what your new profession will be called, has no age. A trader can be just as successful as a schoolboy who is determined to earn a new computer at all costs, or a pensioner who decides that living in old age on a modest pension is not what he dreamed of.
The question of what is needed for this is somewhat more complicated. Immediately want to answer: computer / tablet/phone and period! But no-the computer will not start issuing money at our behest, so you will have to add a lot of time and a great desire to learn, which will be useful to you in the difficult analytical work that awaits you. Only those who are ready to learn and work seriously earn money in Forex. Lazy people, as we remember, shout about “Scam”.
What tools are needed for trading?
Some will immediately shout “luck”! Luck is not a tool, of course, but they will be right about some of it. In Forex, we will work with probabilities, however, it is stupid to rely entirely on luck – in the end it will lead to ruin.
To get started, you will need very little: a computer/tablet/phone device and the “Trading platform” program. There are quite a lot of them, everyone chooses a convenient one for themselves. All other tools are already included in the program: economic news, stock quotes, currencies, basic strategies, indicators, etc.
How much can I earn?
How much do you dream of earning? Here is so much and can be, and even more! A little help:
Lewis Barcelino is an American who in 1987 managed to earn more than a million dollars in 5 minutes.
Martin “Buzzy” Schwartz-once it was standard for him to earn $ 70,000 per day of trading. In 1984, he participated in the Trade Championship, where he made more profit than all his competitors combined.
John Arnold-back in 2001, as a novice trader at Enron, helped it earn its first billion dollars. At 33, he became the youngest billionaire in the world.
Paul Zvantsev – manages multiple PAMM accounts, their total capital exceeds 18 000 000 dollars.
Getting to know PAMM accounts
If you do not want to trade yourself, you can turn your attention to PAMM accounts, which are now especially popular. Poured denen and sit watch how an experienced trader trades, getting income. Profits are often divided in a 50-50 ratio.
PAMM account is an investment service. You can transfer your funds to it, but you do not need to make transactions yourself, but rather hand this task over to the Manager. This mechanism works as follows:
The Manager opens a PAMM account, which transfers his own money.
The Manager creates an offer, which specifies the terms of cooperation with investors and the percentage that will be taken from successful transactions.
The investor chooses a Manager and invests his funds in his PAMM account.
The Manager makes transactions for the amount of their own and investors ‘ funds, and profits and losses are distributed among the participants in proportion to the investments.
If you don’t want to make transactions yourself, you can try working with PAMM accounts. However, remember: the choice of the Manager should be treated very carefully, and the risks of losing money in the event of a loss-making transaction remain
We read reviews, reviews, and more reviews. There are a lot of Forex brokers now, and, unfortunately, there are a lot of dishonest ones among them. Enter the “rating of Forex brokers” in the search bar and start comparing them. After selecting several candidates, search the web for any information about them: how long they have been working, how often they withdraw funds, whether there have been any interruptions, if there are complaints from customers, etc.
Take the choice of broker very carefully, do not trust unverified information. It is better to spend 1 more day on this, but do not let yourself be deceived!
There is no clear answer to this question. For some, Forex has become the key to happiness and huge capital, for some it was worth the spent nerves and amounts that are still a pity, and for others, unfortunately, it turned into a serious financial problem.
It is important to understand that we are talking about working with money, accompanied by certain risks. It is not feelings and emotions that work here, but knowledge and cold calculation.
For one person to earn, the other must lose. You should always remember this and make sure that you become the first, not the second!