How can I earn in forex trading
Your in the right place mate
You earn in forex by buying and selling of securities,/currency…
For example:You buy low and price moves up in your favour,you are having a profit and this profit is unrealized until you close the trade in profit…
After closing the trade it is added to your balance…
In conclusion,the exchange rate determines how much you will gain or loss
First and foremost by learning how to trade properly and proficiently. There is NO shortcut. Prepare yourself for months of hard work ahead. Still interested? Press the Education button above.
earning from Forex is possible but first of all you have to make all inevitable part of trading, otherwise with no learning there is no way to survive successfully.
Hi @chijindu,
welcome.
Making money in Forex trading consist of using trading platform which can be:
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on your PC(personal computer) by using trading platform called Metatrader 4 or 5
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on your mobile phone(smartphone) by using trading platform called Metatrader 4 or 5
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and inside your broswer(Chrome or any other) using web trader
When you decide which platform to use then you open trading account. First use demo account which means you use virtual money which you can lose, destroy, play with it. It is virtual money so you can reset that money to start the start value whenever you want.
To get trading platform and demo trading account you have two options:
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Use for FREE without using broker. For this you only need internet connection and your PC or mobile phone and download it from Metaquote website
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Register with broker which will provide you trading platform and demo account. Broker also gives you that for FREE
It is up to you what you will use. If you just want to taste what is trading and how it works then use first option because you do not need to register with a broker. It is simplier at the start.
Here is a link where you can see instructions how to open trading platform:
After you have trading tools and by that I mean trading platform and trading account(demo) you start practicing by opening new order.
In Forex trading you make money by predicting where the price of a currency pair will move. Currency pair is for example EURUSD.
The pair price of EURUSD is expressed as a ratio.
For example:
- If one euro is equal to 1.12 US dollars then you will see that price in Forex trading platform as EURUSD = 1.1200 or 1.12000(one more decimal points is added but that does not need to bother you)
Your job as a trader is to predict where the price of EURUSD will go. You predict the price making analysis. After you have decided where it will move, DOWN or UP, you open order in trading platform.
Will it change its value down so you have EURUSD = 1.1199 or it will change its value up so you have EURUSD = 1.1201, it is on you to decide.
If the price of EURUSD goes down to EURUSD = 1.1199 and you predict it will go down, and that is by opening order, you will make money.
But, if you predict it will move up and you open order you will lose money. You lose money because you predicted wrong.
That is rough overview what you do as a first step when you enter Forex market and that is overview what you do as a trader who wants to make money by trading on the Forex market.
Have in mind that you can start for FREE and later on when you become more experienced you can invest money and start trading. To invest money and start trading you will need a broker.
If you have more questions feel free to ask.