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HOW TO EARN MONEY AS A PART-TIME FOREX TRADER

How to make money trading on forex as a part-time trader

https://t.me/tradewithvisionX

There are very few options to make additional money when you are already working 9-to-5. Most importantly, because you don’t have any time for them. Of course, there is the fabled “passive income” but it demands a huge starting investment and is sometimes just unrealistic.

What Is Forex Trading?

Forex is a market where major banks and international corporations exchange currencies to supply their trading operations. Since its establishment in the 1970s, Forex became one of the world’s largest exchanges, with a daily turnover of 8 trillion USD.

Prices on Forex change pretty fast and have a very healthy range. This allows for very neat speculation opportunities and makes trading very profitable. As long as you know what you are doing — you will walk away with 20% profits each week. That’s right — for every 5 USD you invest, you will get 6 USD back!

Of course, there is a significant amount of risk involved too. And in order to mitigate that risk, you need to know how to trade on Forex.

Private traders can trade on Forex directly, but it costs not less than 6 000 USD/month to just maintain a trading account. Most traders prefer using a broker instead, which allows to minimise the cost and split the expenses with thousands of other traders.

Forex brokers are people who trade on your behalf, so it’s important to pick a broker you can trust. Therefore, there are quite a lot of factors that are important. These factors include:

Age

A lot of young brokers face growing pains when they are struggling to scale with large numbers of traders. This can cause slip-ups and missed opportunities and generally, should be avoided. Once the broker has been active for 5 years or more, you can be confident that they can handle their job.

Regulatory Compliance

A Forex broker needs to be registered with different government regulators, and you can tell a lot about the broker by seeing the regulators they comply with. Financial Service Authority (or FSA) is one of the stricter regulators in Europe and is considered a good option.

One of the best brokers is IC markets or forextime — an international broker with good reviews that has been operating on the market since 2010. They have remarkable support and, quite often, provide special offers for the new and returning traders.

How to Study Forex

BBefore you even make your first deal, you will need to understand what you are getting into. For example, you need to know what different Forex terms mean — for example. support, resistance, moving averages, margin, etc. There are quite a lot of guides online on brokers’ websites.

How to Pick a Trading Strategy

A trading strategy is a set of trading rules that you should follow. It specifies the most profitable trading conditions and encourages you to trade only while they are available. Having a trading strategy allows you to stay calm and not to chase profits blindly, which often ends in a disaster.

There are many strategies available online, but most of them are more suited for full-time traders. As a part-time trader, you won’t be able to use micromovements, which are among the most lucrative trading opportunities.

However, there are trading strategies that utilize major market movements as a main source of profit — for example, Price Action was designed to work with 4H timeframes. This means, that as long as you log in once per 4H to check on the state of things — you are golden.

How to Practice Forex Trading

The best way to learn is with a Demo account — a special account that has only virtual money on it. You can select any amount of money to be added to your demo account for free but you won’t be able to withdraw any of it. Instead, it is used to practice trading and learn more about Forex in a safe environment.

Environments like forex groups chat and signal channels to help you during this process, invest in buying courses on Forex and E-books to help you grow fast and to support you while making trading decisions

VISIONX TRADES IS ONE OF THE BEST FOREX CHANNEL I HAVE SEEN HAVE BEEN FOLLOWING THE FOR A WHILE NOW AND IT HAS BEEN REALLY HELPFUL FOR ME AND IN MY TRADING JOURNEY.
I SUBSCRIBED FOR FREE TO THEIR CHANNEL AND THAT WAS THE BEGINNING ,THEY SHARE AND CAN ALSO TEACH YOU HOW TO TRADE, THEY HAVE A GROUP CHAT FULL OF FOREX TRADERS THAT WOULD MAKE YOU FEEL AMONG THE BEST , THERE ARE A LOT OF SCAMS OUT THERE AND THATS WHY I’M RECOMMENDING THIS CHANNEL FOR ANYONE WHO WANT TO START TRADING FOREX OR STOCKS.

SUBSCRIBE TO LEARN THE BASICS ABOUT FOREX TRADING》》》》 https://t.me/tradewithvisionX

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