By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
The News God
  • Politics
  • News
  • Business & Finance
  • Lifestyle & Health
  • Law
  • Sports
  • Tech & Autos
  • Home & Garden
  • More
    • Travel
    • Education
    • Entertainment
    • General
Reading: Is Forex Trading Profitable?
Share
Aa
The News God
Aa
  • Politics
  • News
  • Business & Finance
  • Lifestyle & Health
  • Law
  • Sports
  • Tech & Autos
  • Home & Garden
  • More
Search
  • Politics
  • News
  • Business & Finance
  • Lifestyle & Health
  • Law
  • Sports
  • Tech & Autos
  • Home & Garden
  • More
    • Travel
    • Education
    • Entertainment
    • General
Follow US
  • Why You Need to Read Business News Everyday
  • Why You Need to Read Business News Everyday
  • Advertise
  • Advertise
The News God > Blog > Business & Finance > Is Forex Trading Profitable?
Business & FinanceNews

Is Forex Trading Profitable?

Abubaker Rafiq
Last updated: 2022/01/12 at 11:05 AM
Abubaker Rafiq  - Content Writer Published June 2, 2021
Share
4 Min Read
SHARE

Did you know that the largest trading market in the world isn’t the stock market? It’s forex. What is forex?

Contents
Is Forex Trading Profitable?How to Start Forex TradingMake Forex Trading Profitable

It’s short for foreign exchange. About $5 trillion in foreign currencies are traded every single day.

It’s an attractive avenue for investors because it’s simple and many see it as a get rich quick scheme. Investors bank that one currency’s value will increase against another. If you get it right, your investment pays off.

It’s easy to understand, but it doesn’t automatically mean that you’ll make a killing in the market. Is forex trading profitable? Keep reading to find out and how to hedge your investments.

Is Forex Trading Profitable?

Like many investments, some people including ECN brokers are successful in trading forex. Others, not so much.

Many people look at forex and think it’s an automatic win because it’s easy to guess if a currency will go up or down.

Take the US dollar as an example. Since the US government printed so much money during the pandemic, you’d assume that the value of the dollar goes down. Inflation did creep up a little, but the economy is getting stronger by the day.

That level of complexity doesn’t make forex an easy trade. You have to do your homework and know which economic indicators to look at. You also need a good strategy.

The truth is that large investment firms do quite well trading forex. Retail day traders aren’t that successful. There are some success stories, but those stories aren’t the norm.

How to Start Forex Trading

How can you start trading forex? It starts with your trading goals and how they compare to the rest of your investment portfolio.

Forex trading shouldn’t take up more than a third of your investment portfolio. Smart investors know how to diversify and do it well.

The next step is to pick your currency pair. For example, you can pick the US Dollar and the British Pound. Beginners should only pick one or two currency pairs.

Become the expert in those currencies. Learn the economics of those countries, what indices you need to pay attention to, and when major reports are released.

The US jobs report is an important indicator of economic health. That has a direct impact on the value of the dollar. You should know when the monthly jobs reports are released.

Your next step is to find a forex trading broker and trading platform. Forex trading for beginners means practice makes perfect.

You want to sign up with a brokerage that allows you to practice trades and strategies. A Metatrader 4 Brokers list can help you do preliminary research on different brokers.

Make Forex Trading Profitable

Is forex trading profitable? The answer to that question largely depends on you. If you approach it as a way to get rich quickly, then it’s not going to yield the best results.

You have to approach forex trading like any other business. It takes time to research and learn the best trading strategies. It helps to have the right broker as well.

If you enjoyed this article about forex trading, you’ll love the other investment articles on this site. Be sure to check them out today!

You Might Also Like

Police: 2 Virginia school teachers charged with sexually inappropriate contact with students.

Why building a financial model for your eCommerce startup is important?

How to Calculate Your ERC Tax Credit

How Many Savings Accounts Should I Have?

Revolutionizing Financial Services: How Embedded Finance is Changing the Game

Abubaker Rafiq June 2, 2021
Share this Article
Facebook Twitter Email Print
Share
Previous Article When using an online casino, players need not have to worry about someone stealing their cash. สล็อตออนไลน์ For Casino Lovers At The Website LSM99 CEO
Next Article Self-Caring: The Psychological Benefits of Practicing Self-Care
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Stay Connected

235.3k Followers Like
69.1k Followers Follow
11.6k Followers Pin
56.4k Followers Follow
136k Subscribers Subscribe

Ads

Latest News

Police: 2 Virginia school teachers charged with sexually inappropriate contact with students.
News March 24, 2023
Do Pushups Work Biceps? Uncovering the Truth Behind This Timeless Exercise
Do Pushups Work Biceps? Uncovering the Truth Behind This Timeless Exercise
Lifestyle & Health March 24, 2023
Raja Ampat Liveaboard: A Comprehensive Guide to an Unforgettable Diving Adventure
Raja Ampat Liveaboard: A Comprehensive Guide to an Unforgettable Diving Adventure
Travel March 24, 2023
Exploring the Underwater Wonders: A Guide to Nusa Penida Dive Sites
Exploring the Underwater Wonders: A Guide to Nusa Penida Dive Sites
Travel March 24, 2023

You Might also Like

News

Police: 2 Virginia school teachers charged with sexually inappropriate contact with students.

March 24, 2023
Why building a financial model for your eCommerce startup is important?
Business & Finance

Why building a financial model for your eCommerce startup is important?

March 24, 2023
How to Calculate Your ERC Tax Credit
Business & Finance

How to Calculate Your ERC Tax Credit

March 24, 2023
How Many Savings Accounts Should I Have?
Business & Finance

How Many Savings Accounts Should I Have?

March 24, 2023
Show More

© 2022 Thenewsgod. All Rights Reserved.

  • About
  • Contact Us
  • Terms of Use & Privacy Policy
  • Advertise
  • Disclaimer

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?