Yes — YOU CAN make money in Forex. But the real question is, WILL YOU make money in Forex?
The Forex Market and Getting Professional Guidance to Navigate it.
The foreign exchange market, or forex market is the #1 most liquid financial market in the entire world. The forex market trades about $6.6 trillion dollars each and every day. And if you are savvy enough, you can take a small tiny piece of this for yourself as a retail FX trader. The forex market is a day trader’s financial market. The volatility that Forex trading offers completely blows other financial markets out of the water. Many people think volatility is bad, but as a day trader, you need volatility to move the markets in your favour to make money. So when we have new beginner traders asking us on Quora whether or not people can make money trading forex, we usually give them this response…
Yes, it is very possible to make money trading forex. We know many people that do, most of them being our clients… but in reality, it’s still probably under 10% of all forex traders in the market. That’s just the unfortunate truth. Trading Forex is not easy… at least not as easy as most claim it to be. And we don’t want to be like the other hundreds and thousands of forex companies and services who claim forex trading is easy and can make you easy millions.
Making money in the forex market will require lots of hard work, lots of practice, and lots of patience. But more important than that, you’ll need some professional guidance to get there. You can work hard all you want, practice all you want, and have more patience than a rock, but without the right professional guidance, you’re not going to go very far.
Three Ways You Can Start Making Money In Forex
Most beginner traders start off with finding a signal service. It’s the most practical way to start making money in forex. You can read all the forex trading books in the world, but it will never give you a better learning experience than being a practitioner in the markets. What better way to be a practitioner than to join a signal service? A Forex Signals Service will provide high probability trades setups for you to take and trade with specific entry price, take profit targets and stop loss. The concept is very simple — if you practice taking the same trades as a professional trader, you will slowly learn how to spot these setups and become closer to becoming an independent trader. We’ll show you how to use signals to become a better trader and how to how to use signals as a tool and not a copy & paste solution.
Learn How To Trade
Another option for traders is learning how to trade. You may not be ready to trade live with real money. Perhaps you just want to trade a demo account for now and practice your technical analysis. Traders usually look to the web to find and test various trading strategies. The problem with this is most of these strategies are heavily reliant on trading indicators. A heavy reliance on lagging indicators is one of the main reasons why most forex traders lose money. Instead, traders should focus on learning price action and fundamental analysis. This way they will get a true understanding of the movement of the markets. At Forex Lens, we offer daily live trading sessions each morning at 11 am EST where we stream live with our members and analyze the markets together, breaking down the charts and discussing trade opportunities. For starters, we offer a free version of the trading room membership where you can watch Monday and Friday’s sessions for free. You can click here or go on our YouTube Channel for some examples of how our live sessions look like.
FX Managed Accounts
The last option is for traders to make money in forex is managed accounts. This is more for traders who don’t have time to sit in front of charts and trade the markets themselves. They want someone to do it for them. A Forex Managed Account is one of the only trading solutions that allow you do participate in the forex market and earn with minimum to no trading experience required. The trick is finding a good trader to manage your funds. At Forex Lens, we have partnered with institutional trading asset management companies to offer retail FX traders a taste of what their missing. We aim to level the playing field by offering exclusive managed account products that are usually only available to institutional investors. This option allow you to deposit your funds into a trusted broker, and then allow us to trade it on your behalf. This is a stress-free solution and the hardest part is really getting the managed account set up and funded.
So there you have it, 3 ways you can start making money in forex.