A useful and straightforward guide to making money on forex trade

Forex trade can be a great source of income, rather passive than active. It all depends on what you prefer and what your goals are. There are some basics you need to go through before you start trading live, and we will gladly show you some.

Can you afford to invest right now?

Before any research, you should check your money management skills once, if you haven’t done so in a long time. Check once how many credit cards you have, if you still use them all, and if you have to pay something off. Have you been overspending too much lately? On what exactly? Do you think you can manage those expenses better, or you don’t want to quit those small pleasures? Actually, you shouldn’t stop doing what makes you happy, but maybe sometimes you can make coffee at home (out of 5 times a week, try once, for a beginning). Our point is, check where your money is going but you don’t even notice it. Start paying off debt as soon as you can. We cannot emphasize enough that forex is an excellent way of making money, but it isn’t an instant solution for your problems if that’s the reason why you are interested in it. Yes, you will generate income, but with planning and time.

Where do you start?

By browsing the internet, of course! Our number one tip is to check reviews, and if the company you want to work with is licenced. A good broker wants you to become a successful trader, and one of the ways is protecting yourself from scams. That’s why websites where you can quickly check if someone is a scammer or not exist. Also, if you’ve seen an ad that says you can get bitcoins in a day – that is a scam for sure. The value of one Bitcoin is around $19000, and nobody is going to give you that for free. Think about it. Why would they? That’s why every trustworthy company will tell you to start small and see what will work the best for you. Maybe you will be interested in something completely different after some research!

How do you know a broker is right for you?

The best is to become comfortable with sharing your financial information with the broker you chose. Transparency leads to a better understanding of where you want to go, what the best strategy would be and how to get there. Finding a certified broker is equally important as finding the right forex brokerage. Valuable information about brokers can be obtained via broker lists, where you can see reviews and read if they are that good or only scammers. Keep in mind that your broker should be available in several ways during their work hours, and when they’re not working, you should be able to send them a message, at least. Good customer service is another perk of a good brokerage company, and they are available 24/7 to answer your question if you need something.

Starting to trade

Once you’ve gone through the basics of setting up an account and finding a broker that will be able to give you smart advice, starting to trade can be a bit scary. Why? Because it’s completely new and you should know about what’s going on in the world and the economy in general. Demo accounts are outstanding if you are scared about going all in too fast. They are like a trial version of anything else that you’ve tried. You can buy, sell, see how the market reacts to your actions, but you are spending virtual, or rather fake money. This is great to learn quickly and adjust to the market and software. Once you start your live account you will be trading with what you’ve put into it, but remember, you don’t have to trade with the whole amount of money you have, nor should you! Step by step will take you further than acting impulsively. Luckily, if you listen to the advice of experts, this won’t happen, and you will become a successful trader over time yourself. Good luck!

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