Forex – a powerful weapon in the right hands!
The first link gives us information that Forex is the international currency market in which 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 capable hands is able to open up the prospects of dizzying incomes and rich life for several generations. There is another side to the coin, behind which are hidden millions of unsuccessful transactions for amounts ranging from a school breakfast and ending with fortunes.
Alas, statistics show that these situations are many times more, and often in the network you can find angry posts about the scam, but … Forex is just a tool for making money, and you need skillful hands to handle it.
If you are ready to leave behind the complaints of those who are “unlucky” and want to figure everything out on their own, welcome to the world of huge capital and serious analytical work, whose name is Forex!
1 At what age can you start trading and what is needed for this?
2 What tools are needed for trading?
3 How much can you earn?
4 Introducing PAMM Accounts
5 Choosing a Forex Broker
6 Forex: is the game worth the candle?
At what age can you start trading and what is needed for this?
The trader, and this is what your new profession will be called, has no age. A student who is equally successful may be a student who intends to earn money for himself on a new computer, or a pensioner who decides that living in old age on a modest retirement is not at all what he dreamed about.
With the question of what is needed for this, things are somewhat more complicated. Immediately I want to answer: computer / tablet / phone and a point! But no – the computer will not begin to give out money at our command, so you will have to add a lot of time and a great desire to learn here, which will be useful to you in the difficult analytical work awaiting you. On Forex, only those who are willing to study and work seriously earn money. Lazy people, as we recall, shout about the “scam.”
What tools are needed for trading?
Some immediately shout “luck”! Luck is, of course, not a tool, but in part they will be right. At Forex, we are waiting for work with probabilities, however, completely hoping for luck is stupid – in the end this will lead to ruin.
To get started, you will need quite a bit: a computer / tablet / phone device and the Trading Platform program. There are quite a lot of them, everyone chooses what is convenient for themselves. All other tools are already included in the program: economic news, stock quotes, currencies, basic strategies, indicators, etc.
How much do you dream of earning? That’s as much as possible, 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 Schwartz “Buzzy” – once it was a standard for him to earn $ 70,000 per day of trading. In 1984, he participated in the Trading Championship, where he received more profit than all his competitors combined.
John Arnold – back in 2001, as a novice trader at Enron, he helped her earn the first billion dollars. At 33, he became the youngest billionaire in the world.
Pavel Svantsev – manages several PAMM accounts, their total capital exceeds $ 18,000,000.
If you don’t want to trade yourself, you can turn your eyes to PAMM accounts, which are now especially popular. Drenen flooded and sit watch how an experienced trader trades, earning income. Profit is often divided in a ratio of 50 to 50.
PAMM account is an investment service. You can transfer your funds to it, however, you need to make transactions not on your own, but to transfer this task to the manager. This mechanism works as follows:
The manager opens a PAMM account to which he transfers his own money.
The manager creates an offer, which indicates the conditions for cooperation with investors and the percentage that will be taken from successful transactions.
The investor selects a manager and invests his funds in his PAMM account.
The manager makes transactions in the amount of his own funds and investors, and profits and losses are distributed among the participants in proportion to investments.
If you do not want to make transactions yourself, you can try working with PAMM accounts. However, remember: the choice of manager must be treated very carefully, and the risks of losing money in the event of a loss-making transaction remain.
Choosing a Forex Broker
We read reviews, reviews and again reviews. There are a lot of Forex brokers now, and, unfortunately, there are a lot of dishonest ones among them. We enter in the search bar “Forex Brokers Rating” and begin to compare them. After selecting several candidates, search the network for any information about them: how long have they been working, the frequency of withdrawal of funds, whether there have been interruptions in work, if there are complaints from customers, etc.