Advertising of "quick earnings" and "income without investments" has not seduced thinking people for a long time, and the very word "Forex" causes a skeptical grin among many. The reason for this attitude is the huge number of failures that inexperienced traders experience with sad regularity. We will prove that Forex trading can be a profitable business - but only under several conditions. Which ones? AssetShot Forex experts will talk about this in the article.
Imagine the situation. A beginner who has just got access to the market from an AssetShot Forex broker comes to the foreign exchange market, having heard that here you can make money quickly and easily. Without thinking twice, he opens a deal and loses. He tries again and fails again. Or another scenario: an accidental win - enthusiasm for the first success - a deal for a large amount and a total loss.
The story is familiar to many. There is an overwhelming majority of such people among novice traders on AssetShot broker, and it is they who form the opinion that it is impossible to make money on Forex. Meanwhile, the only real reason for failure is lack of knowledge.
It so happens that a person cannot develop his trading style for years (although there are more of those who leave the market after the first defeats). Patience and perseverance are very useful qualities for a trader, but without knowledge, they will not help either.
If you do not have an idea of what the foreign exchange market is and how it works, do not know how to recognize trends and benefit from them, there is no point in trying to make money on Forex. Good luck on this path is possible, but they are always random. And the foreign exchange market is not a place to rely on chance. This is a system that works according to certain patterns. Learning to catch them, analyze and use them to make a profit is the task of a novice trader. This requires theoretical and practical knowledge.
AssetShot broker tip: You always need to start with the study of theory. The minimum set of knowledge includes:
Only after mastering the theory, you can start practice - try to apply technical and fundamental analysis, make transactions on a demo account on AssetShot.com, and only after that open a real account. It is best to do this under the guidance of an experienced trader, who at first will correct your actions, warn against mistakes and provide psychological support in case of failures.
The leader mustn't be only fluent in theory, but also a good teacher, able to convey his knowledge to students in an understandable form. And, no less important, he must be a successful practitioner, have extensive experience in trading on the Forex market.
All training materials on the topic "how to play in the Forex market" talk about a trading strategy. The authors unanimously argue that it is impossible to make money without it. Meanwhile, novice traders often neglect the strategy. The results are usually sad - losses consistently exceeding profits, growing disappointment and the belief that it is impossible to make money on Forex. Let's try to understand why this is happening and what is the reason for the importance of the strategy.
The types of trading strategies are classified according to different criteria. The first and main one is the holding period of an open deal. From this point of view, strategies are:
A trader using short-term strategies opens from 2 to 200 trades within one day. The duration of asset ownership is from a few seconds to several hours. The profit from each successful trade is small, as are the losses if you lose. The most comfortable short-term trading method for beginners is intraday. Experienced traders on AssetShot Forex often prefer scalping, in which 100 or more trades can be opened per day.
What is the most profitable strategy? Unfortunately, there is no single answer to this question for all. The choice depends on your psychological characteristics (caution or risk appetite), knowledge, the amount of time that you are willing to devote to trading. Beginners at AssetShot broker usually start with the simplest and most popular strategies - such as Turtle, Three Candles, London Session. These are all short-term trading systems.
It will take more than one month before you find your strategy and start making stable profits. The first successful steps in trading are the result of a deep study of fundamental and technical analysis, work with a demo account, trial and, of course, mistakes. Therefore, the question of how to make money on Forex without experience can be answered with only one word: nothing. The only way to a profitable strategy is through training.
I have been trading Forex for more than 5 years, mostly with manual and automatic trading. I set up advisors for round-the-clock automated trading. I'm sure I can help to establish your trading skills....