Make Money with Forex, still possible?
Is Making Money with Forex a dream or is it really possible? There are many gurus who spread the idea on the internet that to Make Money with Forex is easy, fast and within everyone’s reach.
Obviously, according to these gurus, the only way to achieve this is to buy their forex courses where they explain everything there is to know.
But what is true about these promises? Indeed, there is something true. Investing in forex can actually be very profitable, provided you do it well.
And the courses sold by these gurus are hardly the best way to start making money with forex trading. We will talk more about it later, but it is normal that this is the case: those who sell courses earn money by selling the illusion of wealth to others but often have never even made a trading operation on forex.
In this article we explain how to learn forex in the best way (among other things, the best forex courses are free) and how to really make money with forex.
Because not only is it one of the simplest brokers to use but it is also the only one that allows you to copy, in a completely automatic way, what the best traders in the world do.You can sign up for free on eToro by clicking here
How Forex Works
We must begin the guide by breaking the dream of many of our readers. It is not true that on forex you can earn easy money as the gurus on the internet teach (and on the question of financial freedom there is a lot to say but we get there).
As we have already said, forex trading can be a really very profitable activity, but to achieve good results it takes commitment and preparation.
The first step is to understand how forex works. On this market, currency pairs are quoted: for example euro against dollar.
Why currency pairs? It is possible to buy a currency (for example the dollar) only by selling another one (for example the euro).
What does it mean to make money with forex?
Let’s be clear: forex was not born for speculative purposes but to guarantee international economic and financial exchanges. The possibility of earning with forex with speculative operations is only a “side effect”.
How do these operations work? It is much simpler than you think: you have to predict which of the elements of a currency pair will strengthen and which will weaken.
In short, returning to the euro/dollar pair of our example, it will be necessary to decide whether the euro will become stronger or the dollar.
If the forecast is correct, a return is collected that is proportional to the difference in price between when the transaction is opened and when the transaction is closed.
This profit can be further multiplied thanks to leverage. To earn, therefore, you need to make correct forex forecast.
How is it possible? First, there are various options for beginners that we will review shortly such as copying the best or following reliable forex signals.
Furthermore, forex is the most studied and analyzed market, so hundreds of reports are available every day with forecasts and analysis.
Finally, learning how to make predictions isn’t as difficult as it sounds and there are courses that explain (well) how to do it.
Best Brokers to make money with forex
A forex broker is an intermediary who executes the investor’s orders. In practice, those who want to do forex trading must necessarily sign up with a broker who will physically carry out the operations on the market.
There are various types of brokers and not all of them are suitable for novice traders. The best way to trade forex is by using CFDs (contracts for difference) because they are simple and intuitive financial contracts.
All brokers that we mention in this article are CFD brokers. The brokers we have selected are also completely free, easy to use and licensed (therefore safe).
Below, the complete list of the best forex brokers:
Min. Deposit: 50€
Min. Deposit: 100€
Min. Deposit: 50€
Min. Deposit: 250€
Min. Deposit: 100€
72.30% of retail CFD accounts lose money
Min. Deposit: 250€
eToro is one of the best forex brokers: not only is it safe, reliable and free but it even offers the possibility to automatically copy the best traders in the world.
How does eToro work? It is actually quite intuitive: thanks to a patented software (copytrading), the user can identify the traders who in the past have obtained the best results, that is, the maximum gain with the minimum risk.
The user can view a lot of data, for example the favorite markets of these professional traders, to decide whether to copy or not.
Once the choice has been made, it will be the eToro software that will replicate, in real time, the strategy of these expert traders.
This way even a forex beginner on his first day of trading can achieve the same results as a professional trader.You can sign up for free on eToro by clicking here
ForexTB is the other great option for beginners who are just starting out in forex trading and don’t want to make mistakes.
First of all, ForexTB offers an excellent free phone support service to all subscribers: in practice, as soon as you have signed up, you are followed on the phone by a real forex expert who guides you step by step.
Again, if you want to learn forex you can download the best forex course available, for free. It is a completely free course, much appreciated because it is also complete and practical, that is, it explains in detail how to make money with forex and does not waste time with theory.You can download the ForexTB course for free by clicking here
ForexTB offers further valuable help to beginners: all subscribers receive excellent forex signals which over time have demonstrated a very high level of reliability.You can request free signals by clicking here
It’s not over yet: with ForexTB a free, unlimited and unconstrained demo account is available, which allows you to trade using virtual money to gain experience with forex without taking risks.You can sign up for free on ForexTB by clicking here
Iq Option is one of the most popular forex brokers for beginners. Not only is it really simple to use (even for those starting from scratch) but it requires a minimum capital: just 10 euros.
Other brokers also require very low investments, usually around 250 euros, but Iq Option allows you to do forex trading very cheaply.
For those who need to learn, Iq Option offers hundreds of video courses that explain forex from the basics to the most complicated strategies.
It is possible to use a demo, unlimited and without restrictions, to gain experience on forex without taking risks.You can sign up for free on Iq Option by clicking here
How much you earn with trading
Everyone wants to make money with forex, but how much can you make with trading? One thing must be made clear: online trading is not a way to make easy money, but it is a serious investment, potentially very profitable.
It is clear that those who start with a deposit of 10 euros cannot expect to become a millionaire in a few days. And not even starting with 250 euros.
As a premise, we remind you that anyone who promises easy, fast and no obligation money is definitely a scammer.
Of course, trading can also generate very high profits: just think of the results obtained by Warren Buffett, one who started from a few cents and by trading has become one of the richest men in the world despite having donated tens and tens of billions of dollars to charity.
A small detail: it took him practically all his life. And most importantly, he claims he still spends 4 hours a day studying today.
Therefore, with online trading it is possible to obtain very high profits but you have to concentrate, study and not fall into the illusion of easy earnings.
We cannot calculate the average online trading profit but we can at least indicate some determining factors:
- Broker used: it is a crucial point, we put it in the first place because it is really the most important factor.
- Capital Invested: it is almost impossible to earn millions if you start with a capital of 10 euros, so to speak. Let’s say almost because those who bought Bitcoin at the time of launch, when they were worth a few cents, and sold them at the most, when they reached almost 20,000 dollars, would have made spectacular profits even with only 10 euros. But this is a more unique than rare case, those who operate on forex can hardly make these performances. And now even cryptocurrencies have normalized.
- Preparation level: There are people who complain that I don’t make money with forex and then they don’t even know the basics of trading. It is not difficult, but a minimum of study is needed.
- Trader Psychology: Beginner traders think that those who know the most complicated strategies make money with forex. No, it is not a matter of technique (or it is only minimally). Usually those who make money with forex are those who have the right psychology: people who know how to control emotions and who do not get scared at the first loss.
Read also: Forex Career
Forex Risks: scams
One of the biggest risks for the beginner who starts trading in forex is to suffer a scam. Unfortunately there are scams in forex and you have to be careful. There are so many scams that many Europeans have a negative opinion on forex (although we know well that it is a wrong opinion).
The risk of scam is even higher when looking for ways to earn money with forex in a simple way, without doing anything.
Strong facilities now exist for novice traders, such as forex signals or eToro copy trading. But these are not easy earning systems: they still require time and effort on the part of the user.
The scammers, on the other hand, promise just that: you earn without doing anything thanks to forex. I am particularly present in some forums on forex and on Facebook.
There have been many scams in recent times but there is no danger as they can be easily identified. How? First, by avoiding being enchanted by the promise of easy money. And then there is the ultimate weapon to defend against any type of scam: operate exclusively with authorized and regulated forex brokers.
Make Money with Forex: Conclusions
To Make Money with Forex is not difficult: it does not take a large capital (250 euros is enough) and you can learn easily. You can even do forex trading by automatically copying what the best traders in the world do thanks to eToro.
However, we must pay close attention to scams, avoiding the promises of too easy earnings and registering only with authorized and regulated brokers.
Obtain a profit by exploiting the fluctuation of the currency exchange.
Currently yes. The brokers have easy-to-use interfaces and the required capital amounts to just 250 euros.
Probably eToro which allows you to automatically copy the best traders in the world.
Keep your feet on the ground, avoid falling into some scam and start studying a good free course (no need to spend money to buy a paid course).