What are Forex trading secrets for beginners? How to be a successful forex trader? How to master Forex Learn currency trading for beginners? How much profit from forex? How do you stay professional in trading?
Forex trading secrets for beginners
Forex (FX) is a favorite market for professional traders, as you can trade with tremendous ease of access. This article is designed to provide you with the most valuable data on the forex market, and to reveal some valuable forex secrets that brokers may sometimes keep to themselves.
We will provide essential information for your trading journey, but it is not necessarily related to actual trading – failure to use this information will definitely make your trading career more difficult. Next we will examine the forex secrets that are actually related to trading.
Forex trading secrets for beginners A beginner will often start trading forex online and look for information that will help them advance in trading, that will help them develop their own trading strategy. There are certainly many sites available that lure beginners into thinking that forex is simple and easy, and that you can earn thousands of dollars a day with almost no risk or knowledge.
One of the main mysteries of forex trading is that this is definitely not true. It takes a lot of experience, practice, trial and error to become a successful trader in this market.
Read more: How to earn money for beginners 2023
Read more: How to make a profit of 50 dollars a day
Reveal the most important Forex trading secrets for beginners
Believe it or not, about 80% of retail forex traders lose money when trading forex. Why? The main reason is that these traders are not ready to trade in periods of high volatility, and they tend to be very greedy.
The important thing to understand is that while 80% (or more) of traders lose on their accounts, the remaining 20% of traders can profit from their mistakes and achieve success.
When it comes to online forex trading, you should not be too optimistic. However, you should of course start trading with the objective of making a profit, but the profit objective should also be realistic.
What is the realistic profit target? In rare cases, your return should be no more than 5% per month, and usually anything less than 5% is realistic. Being not greedy and realistic is one of the most important secrets of currency trading, however, more than 5% is not impossible either!
Forex broker
Forex trading secrets for beginners Another important secret is that licensing forex brokers is important, but not every license comes with the same degree of trust and security. One of the forex secrets that many brokers don’t want you to know is that licenses from outside regulatory agencies can sometimes be almost worthless.
This is why you should only accept a broker that is regulated by a recognized authority – such as the Financial Conduct Authority (FCA) from the UK. And ASIC in Australia, which is currently the strongest and most recognized around the world.
Just imagine that you had a problem with your broker, and you wanted to file a complaint and ask for your money back. How easy is it to communicate with authorities in overseas countries and then ask them to handle your case? The chances of this being done in your favor are fairly slim.
However, the important thing you have to remember is that Forex trading secrets for beginners may not be easily regulated in every country and therefore some brokers may serve different jurisdictions under offshore licenses.
What is important to look at is that a broker operating under an offshore license must have a backup copy of a well known European license as well.
For example, Admirals investment firms have licenses from the Jordan Securities Commission (JSC), FCA in Britain, EFSA (Estonian Financial Supervisory Authority), CySEC (Cyprus Securities and Exchange Commission) and ASIC (Australian Securities and Investments Commission).