Is it realistic to make money on Forex? How much do traders earn? Can trading become the main source of income? And how to make money easily without leaving your home? Our experts have collected feedback from novice and experienced traders and found out what was really going on in the business of “electronic money-making.”
Diving Deeper in Finances
Unlike stable work with a fixed salary, investments (and trading is one of the forms of investment) have a floating rate of return. If you ask us is Forex trading profitable and convenient, we would say yes. However, your income rate cannot be the same all the time. In other words, your earnings depend not only on the chosen strategy but also on the capital with which you trade.
Successful experts earn on Forex about 3% – 5% per month of their capital. This percentage seems like a modest amount. But in total, this is 36% – 60% per annum, which is much more than any bank deposit. The problem is that trading is often viewed as a way to make really big money quickly. But you should treat it in a different way and approach the business with special care and responsibility.
Trading Stages
Experts say that you go through 3 stages in trading:
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Losing money – all beginners go through this stage, and most give up and decide to leave the market at this stage.
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You don’t lose money – but you don’t earn money either; you just already know how to manage your capital. As a rule, 30% of people reach this stage. And most of them leave at the second stage, deciding that it is not realistic to make money on Forex.
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You make a profit – only a few people reach this stage. But they are the ones who eventually start to make money.
As you can see, it is necessary to have some patience to turn trading into a profitable business.
What You Need to Make Money
What a beginner needs to know to achieve financial success in Forex:
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It is necessary that this earnings niche is really interesting to you so that there is a desire to make the necessary efforts to achieve your goals;
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Learn the basics by taking specialized courses in Forex trading conducted by practicing experts;
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Visit specialized forums, participate in discussions with experienced traders, subscribe to all kinds of mailings published by traders;
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Before depositing real funds, test your skills and apply the knowledge gained by opening a Forex demo account;
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Constantly ask questions and do not be afraid to seem technically challenged.
What is more important, we do not recommend making spontaneous decisions. Your every step should be well-thought-out and planned.
Let’s Sum up
Is it realistic to make money on Forex? Yes, of course, but for this, you need to study the niche instead of counting on becoming a millionaire in a year. Plan everything strictly, master not only financial skills but also the ability to control yourself. How much do people earn on Forex? A successful trader makes about 50% per annum. Large income rates are possible as well, but they come with great risks. Be ready that such income does not come immediately. So, you need to invest lots of effort and have some patience.