New to Babypips and ForEx. Just looking to get into investing as a hobby and maybe eventually an extra money maker.
Forex is designed to be purely a trading outlet, not an investment like stocks and shares. It’s very tough going, and over 70% of noobs lose their capital.
Unfortunately Forex is hyped up on social media to be a money making cash cow that by pressing a few buttons on a broker app, you’ll become an overnight millionaire. It’s totally immoral, IMO.
IMO, an investment hobby could be long-term stocks and shares, maybe penny ones that don’t cost a lot to buy.
Forex trading is definitely a good opportunity for anyone and everyone out there. You just have to find a suitable trading plan and strategy that works for you. Try to make the most of the market situations on the basis of your knowledge.
To be profitable in this line, you’ll have to give in a lot of dedication. Not to the point where you breathe and live trading, but whenever you put down the hours to learn, you need your concentration at the highest level.
For a forex beginner, forex trading might seem to be an easy way of making money. If you really want to take advantage of the market, you will have to take it seriously. Treat it like a business and you will never complain that it is difficult. But if you take it lightly, you won’t ever be able to do what you want to.