How Profitable Forex Trading For Beginners?

[Finicky]

That was a good piece of information for beginners. You should always enter the market with realistic and attainable goals. There is no shortcut to success and any shortcut would only lead you to a disaster. Be patient and focus on learning at your own pace. All you need is to work hard and become a skilled trader and you will be rewarded with profits as a bonus.

 

[Absterge]

I don’t think forex trading is profitable or unprofitable. It depends on the trader who is trading and taking risks. Mostly those traders who are patient and disciplined are able to become profitable through it while others just come to lose their money.

 

[west stan]

waoo
really really insightful
thanks for the piece of info

 

[skrimon]

With a decent win rate and risk/reward ratio, a dedicated forex day trader with a decent strategy can make between 5% and 15% per month, thanks to leverage. Remember, you don't need much capital to get started; $500 to $1,000 is usually enough.

 

[Outflow]

I agree with all the points you’ve mentioned. Would like to add one of my own, i.e., traders should control their emotions, as it will be a game changing step of their trading careers.

 

[Venencia]

If you follow a disciplined trading routine and behavior, forex trading can be quite profitable. Don't take chances you can't afford to lose. Learn how to read candlestick patterns to gain a sense of price movement and plan your moves accordingly.

 

[Resplendent]

Trading on the Forex market is no easy task. It requires skills, knowledge, and a lot of courage. But it's not impossible. It's actually quite easy to trade on Forex if you know what you're doing. The easiest way to make money from trading is to buy low and sell high. When you buy high, you're hoping to sell when the price goes up. If you sell out at lower levels in the future, you'll profit from your original trade.

 

[ellisdelgado]

If you read about trading forex, it will seem easy because you may think that all you have to do is buy a currency pair at a low price and sell it at a high price. But the market fluctuations are so fast that you may miss important trades in a blink of an eye. So, better demo trade to know how difficult it can be if you have no experience.

 

[Capitation]

As a beginner, you might not be able to make profits. When you’re a newbie your focus should be learning and not profits. If you get greedy then you can never ever become a successful forex trader. You may face several obstacles and you need to stay strong. You must practise in the demo account for a better understanding of the market.

 

[yamin]

Forex Forum, Trading Ideas, and tips for beginners.​

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If you are a new investor, it's normal to ask yourself if Forex trading is profitable, given all the news regarding the risk level, the high percentage of traders losing money and the difficulties of trading on the foreign exchange market. Forex's market has maintained exponential growth since its origin and attracts more and more investors.

To start trading, you must have some basic knowledge of the currencies market. Therefore, you must try to obtain as much information regarding the market as you can to acquire acquiring knowledge and skills that will allow you to create strategies and have data that will be useful for you to improve your investments.

So, the question is, Forex trading is profitable or not?​

The answer is yes. But if you can learn properly then forex trading will be profitable for you. Forex trading success depended on your trading education, practice, knowledge, strategies, and experiences. If you have proper knowledge about forex trading then you also can make money in forex.

Here are some tips how your trading will be profitable for you.​

1. Be Disciplined

I'm sure you've read this in every trading book you've ever picked up. My definition of discipline is to determine your exit strategy before you enter the trade. As soon as you put a position on you should also enter your stop loss and stop profit orders. If you do that you will not be tempted to second guess yourself. I've seen too many traders enter a position, watch it move in their favor to their profit objective but never close the trade. The undisciplined will say 'this can go further; I don't want to take my profit now'. Once the trade does reverse they will be reluctant to close the trade until it goes back to the highs, that's when profits turn into losses. I've also seen trades move to the stop loss point and the trader will say 'I'm going to give this another 20 pips before I close it' then they say it again and again and again. The old saying on the trading desk was 'your first loss is your best loss'. Yes, sometimes waiting is the prudent decision but if you've done your homework and determined an exit strategy for both profits and losses you will be much better off in the long run.

2. Understand the Market

Prior to executing profitable strategies and putting plans in motion, it is essential that you completely understand the market and the possible risks involved in trading forex. This trading technique is mainly done online, allowing a trader to gain profits or lose money. The trade ensues by purchasing instruments in one currency and then selling it in another. These are known as currency pairs. Knowing when to invest in a particular currency pair is how you can earn online.

3. Practice through Demo-Account Option

Novices in forex trading must take their time to practice using the free demo-accounts that the majority of trading platforms provide before investing real capital. The situations created reflect that of the real forex market. Moreover, it offers an excellent chance for learners to get comfortable with currency trading, recognizing patterns in the market and looking through a variety of trading methods.

For learn more about forex trading strategies click here...

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How Much Do Forex Traders Make?

One of the biggest advantages of forex trading is that, unlike with a traditional paycheck, there's no limit on the amount of money you can earn if you apply yourself properly. However, there's another side to that coin: you have no fixed income, and your earnings depend on a variety of factors.

And don't take this and the facts about losing traders as a discouragement — there are plenty of stories of people who entered the game with small funds and earned a small fortune. Chen Linkuy, a Chinese trader, started his work with no more than $100 — in just a couple of weeks, he made a $100,000 profit.

What is the average profit for trading on Forex?

This is the question that every trader asks themselves when they are first faced with the world of Forex trading. There is no definitive answer but there are various parameters that must be taken into consideration. However, we can think in percentage terms by analysing the trading methods offered by the Forex market.

On average, with a long-term operation, a professional trader is able to obtain monthly performances of 5% to 7%, excluding drawdown periods, not calculating taxes and with a starting capital of around £1700.

You can learn more about forex trading at forex forum

Thank You

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This article for new traders is very helpful

 

[Theresa Duron]

I think forex trading can be profitable for anyone and even for beginners. A beginner just needs to gain market knowledge and also develop trading skills. Trading psychology is something that most new traders forget to read about. It is not talked about enough but it is an integral part of forex trading. So beginners should spare some time to read about emotional control and psychology of trading along with other fundamental and technical concepts.

 

[Arithmogram]

Forex trading for beginners may or may not be profitable. This depends on how well the beginner knows about risk and money management, and strategy making. In order for a beginner to be profitable, he should follow better risk management strategies - like the 2% rule, stop loss - take profit, indicators, etc.

 

[Sacralgia]

Honestly speaking, for a beginner it is not profitable and the beginners should not think about making profits in the start; rather they should think about learning and growing. It took me many years to become a profitable trader worthwhile and there are nonetheless intervals of drawdown or losses. The main issue with new traders is that they're not consistent and they keep switching techniques if one would not work out for them instantly. The key to profitable trading is to be constant and stick to the technique that goes well with your personality and trading style.

 

[Statoscope]

Forex is not that profitable for absolute beginners. Beginners who have practised in the demo market and know how to apply risk management and all, might get small decent profits. It takes time to get accustomed to the market fluctuations. Being continuous with the market tradings, you will learn to form better strategies that will give you greater profits.

 

[Retropulssion]

They are. But instead of keeping an eye on making profits, you should consider learning, practising, and relearning as an essential part of your trading journey. It’ll help you as a beginner today, and it will help you in the future as well.

 

[diabolique]

Great piece of advice for beginners. It will also help to control emotions and learn the value of patience. Also, it is important to know that forex is a long lasting source of money so do not follow any shortcut because it will only lead to losses.

 

[Paramedian]

Being profitable is not a trait of forex trading. It’s a reward that hard working traders get in return for all the hassle they go through. In fact, beginners just try their hands here and there to make some bucks. Not every beginner is able to take a loss and keep trading. Now that it requires years of patience, learning, and practising to become profitable, I don’t think forex trading is profitable for beginners.

 

[Symphony]

I would say that without knowledge and skills, forex is not profitable. It is only profitable when someone has had years of hard work, practice, learning, etcetera under one’s belt. Wrong expectations can never make one money.

 

[Heirloom]

Knowing the fundamentals of Forex trading will help beginners better understand the market and make better decisions. A beginner Forex trader with market knowledge will have an advantage.

 

[skrimon]

Thanks for your information. I will give you some information.
How to Make Consistent Profits in Forex Trading
- Choosing and testing a consistent trading strategy.
- Setting a risk/reward ratio to 1:2 or higher.
- Setting realistic profit targets.
- Avoiding the use of high leverages.
- Not investing more than 5% of trading capital on each trade.
- Keeping a trade journal.
Have a good day!