Must have money to earn on forex
yes we have some money for earnig money from the forex trading business or we can post in the forum for earning money and we can deposit them to the forex broker to make money by trading there also if we want to make money from forex market then we need some deposit money
Originally posted by NoobtraderGoing to correct you to say you dont need to work little by little if you're going to gamble on 1 trade, win and withdraw.. But i will agree patience is needed to EARN money in Forex, but WINNING is a different matter
I agree with you.Patience is a virtue in forex that every trader must have to 'earn money'.Without it,it is really hard to be succesful in forex.
Originally posted by rrayne20009
Originally posted by Noobtrader
Going to correct you to say you dont need to work little by little if you're going to gamble on 1 trade, win and withdraw.. But i will agree patience is needed to EARN money in Forex, but WINNING is a different matter
I agree with you.Patience is a virtue in forex that every trader must have to 'earn money'.Without it,it is really hard to be succesful in forex.
Right as many would agree that Patience is a must,it should be present within us.This character should be with us from the start of the journey in learning forex through our trading process.Patience is still needed in our trading to have a better results.With this alone we can justify why forex is a very important factor in forex.
Trading forex is not suitable for everyone. Honestly only a few people out of 100 have suitable psychological skills. If you really want to earn money on forex you will notice that this is a hard job and that you really have to work and learn a lot.
I totally agree with past posts. Nevertheless 'earning money' for me is too close to the wrong belief that you can make a living trading forex. You can make money and grow your account after gaining enough knowledge and overcoming inner barriers but do not expect to withdraw money every month. The indistry follows a 2/20% path: 20% high water mark and 2% management fee - a basic salary is part of the 2% -> every professional trader draws a salary!
60% fundamental | 40% technical || 40% automated | 60% manual
Must have "extra money" to make money in forex. If you have extra money (no matter if they r $100 or $100000), you can trade without tension which increases chances of success. If you dun have extra money, then do not invest in forex as you will most probably loose ur money.
Stick to your rules
You can make a smaller account work by using compound interest. The only downside is that you can only take money from the account at the end of compounding cycle (i.e. 1 or 2 years). There are many online calculators that you can use to determine if the extra patience will be worth it. I'll use myself as an example to illustrate the advantage. I'm trading an account with $23,000 (Canadian Dollars). The expected monthly return of my system is 12.5% (150% annually). If I hit that target every month and withdrew my returns I would make an annual profit of $34,500. If however I were to withdraw the gains at the end of the year I would make an annual profit of $71,527. That's an extra $37,027 from the compound interest!
The best risk that can ever be taken is none at all.
You can make a smaller account work by using compound interest. The only downside is that you can only take money from the account at the end of compounding cycle (i.e. 1 or 2 years). There are many online calculators that you can use to determine if the extra patience will be worth it. I'll use myself as an example to illustrate the advantage. I'm trading an account with $23,000 (Canadian Dollars). The expected monthly return of my system is 12.5% (150% annually). If I hit that target every month and withdrew my returns I would make an annual profit of $34,500. If however I were to withdraw the gains at the end of the year I would make an annual profit of $71,527. That's an extra $37,027 from the compound interest! [/quotetext]
I forgot to mention that compound interest works best with higher monthly returns. For instance, a 2% monthly return makes little difference to a small account. In general, smaller accounts need higher returns, and therefore higher risk, to really make a difference. With greater risk the amount of planning should also increase (something that most traders don't do). For instance, do you have a detailed plan that can handle scenarios like a max draw-down or how you plan to recover from it?
The best risk that can ever be taken is none at all.
No, this is wrong. I too thought this only and wasted my time and energy on this. You don’t need a lot of money to make more from Forex. Instead you need good strategy and patience, I find it easier via FreshForex broker using their epic 101% Tradable Deposit Bonus, which helps a lot and allows me to really perform nicely.
Originally posted by HameedAzharNo, this is wrong. I too thought this only and wasted my time and energy on this. You don’t need a lot of money to make more from Forex. Instead you need good strategy and patience, I find it easier via FreshForex broker using their epic 101% Tradable Deposit Bonus, which helps a lot and allows me to really perform nicely.
Yes, i agree with you. In forex trading no need to invest big. Rather you need to invest small in first. $100 is enough to start on first. But you must need to know trading rules in forex trading. If you have enough experience you its will help you to get more pips.