The 5 things you need to get into forex trading and make money

Forex trading has been democratized in recent years and has spread widely among individuals across the internet. Individuals see it as an alternative that allows them to generate additional income and, at best, make a living from trading. However, starting forex trading requires a little preparation, so we will explain to you what the conditions are for making a successful introduction to the world of forex.

Time

In fact, if you don’t have enough time to study the basic principles of forex trading and technical analysis, it will be difficult to effectively engage in forex trading in a serious manner and thus take advantage of it. Thanks to serious studies, trading courses and sufficiently comprehensive training, a trader will be able to quickly recognize which currency pairs to trade and the trading opportunities that occur in the market. Trading is a serious activity that requires certain skills and knowledge, these can be acquired gradually during the learning phase in the same way as any other profession. The learning can last from a few weeks to a few months, however a trader can very well open a demo trading account and apply the knowledge he learns every day, which will allow him to familiarize himself with the markets without taking any risks. So to practice forex trading itself, it doesn’t necessarily take a lot of time, for example you can very well practice swing trading in 10 minutes a day.

Technical skills


A commercial plan


Money

Without money, it will be difficult to engage in forex trading and generate profits, but it is not impossible! And yes, some forex brokers such as Plus500 and XM, offer a no deposit bonus to their new traders, in this case it is equivalent to € 25 and allows you to speculate on the financial markets without investing your starting capital. However, if you want to generate more or less interesting profits, you need to make a deposit with a broker, most of the time brokers have a minimum deposit threshold of € 100. How much money to invest in Forex depends on the investor’s capitalization and his expectations, a first deposit should generally range between € 100 and € 5,000 depending on the trader’s profile and his means.

A forex broker (broker)

The forex broker (or broker) is the intermediary between the trader and the markets, it is through the latter and its trading platform that we will be able to buy and sell the financial markets, it is therefore necessary to open a trading account with a broker to finally start speculating on the markets. There are a large number of brokers in the trading industry, but that doesn’t mean they are all serious. We highly recommend that you choose a regulated forex broker to avoid investment scams and have your capital guaranteed by local financial authorities and regulatory bodies. Furthermore, choosing a broker listed on our site will automatically entitle you to the Forexagone Guarantee.

Now you know what the prerequisites are to start trading, so all you need to do is get started in the fascinating world of investing in online financial markets by following our tips.

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