Hello,
I am new a single mother. Impacted by COVID. Trying to learn ways to bring in income by myself.
People who lose maximum time in trading do not have good money management and risk rewards. Trading is not an easy thing to do if you join trading and make a profit. You have to make a profit by combining many strategies. If there is a lack in the combination, it is difficult to retain the money invested.
Well, welcome, but Forex trading is not, and never will be, an income stream, especially for any new traders. It’s speculative, and the first lesson you must learn is NOT TO LOSE Money.
This is never what they show you on social media - only pictures of young smiling people pressing profitable buttons on their phone app. In real life most of these people, over 70%, will lose all their money.
Without capital you cannot trade. Okay, once the reality has sunk in, start your learning journey by pressing the green education button above. Take it easy, and see if it suits you.
I’d suggest before you completely depend on forex to be your income source, it’s better you gain some understanding and knowledge about what the trade is and how it works. It’s very essential you know about the most lucrative currency pairs and when to put a stop-loss limit so that you don’t lose money. Also, learn in detail about the risk management techniques that would help you trade better.
I like newbies who are enthusiastic about learning new ways to make their trades work for them. It’s obvious that all of us entered the market with the aim of making money. But if you keep focusing on that, you won’t be able to go far. Focus on learning new skills with every trade you execute.