How can I make money off FOREX trading? The big question!
Even though we’d be delighted to give you a straightforward ‘how-to’ guide, unfortunately, this isn’t how it works. However, we will share in this post some tips and tricks and steps you can take in order to start making money via FOREX trading.
1) Learn about the FOREX market!
A lot of times we use learning and research and extensive planning as a way to procrastinate on taking action. However, when it comes to trading, we believe that getting a relatively good understanding of how everything works is the first and most important step to success.
Therefore, we gathered up a few resources for you to check out:
- FOREX terms you should get familiar with
- More on terms and mechanisms of trading (for beginners)
- Forex Factory – aims to connect and support traders and bring them together, minimize misinformation, etc.
Once you have learned about FOREX, it’s time to start trading. At this point in time, you might want to explore the different platforms you can use.
2) Choose your platform!
Now, you have two options. You can either trade with a broker, or by yourself. Both have their advantages and disadvantages
Top FOREX Brokers:
- CMC Markets: Best Overall Forex Broker and Best for Range of Offerings
- London Capital Group (LCG): Best Forex Broker for Beginners
- Saxo Capital Markets: Best Forex Broker for Advanced Traders
- XTB Online Trading: Best Forex Broker for Low Costs
- IG: Best Forex Broker for U.S. Traders
- Pepperstone: Best Forex Broker for Trading Experience
Top trading platforms for day trading (without brokers):
- Merrill Edge
- Interactive Brokers IBKR Pro
- TD Ameritrade
- Ally Invest
- Zacks Trade
- Charles Schwab
3) Use a proven strategy
As you might imagine, since markets are highly influenced by various forces, having a strategy in how you invest can help you develop as a trader and learn better from the market.
And as in most cases, going with what has worked for other people in the past might be the best option when starting out.
As mentioned above, the first step to trading successfully in the future is to begin learning now! Along the way, by gaining a better understanding of the market, and learning about the risks, and different strategies, you will expand your skillset and potentially succeed as a day trader – if that’s the goal!