Here’s how you can get started in forex trading
Businesses are struggling to stay afloat amidst the unpredictable economic landscape. COVID-19 has upended life and disrupted numerous businesses across a range of industries, leaving many with less work, a pay cut or laid off as a result. For those who already have an emergency fund but are looking for investment opportunities, forex trading can be appealing.
Forex, or foreign exchange, entails buying and selling currencies for profit. Those who are knowledgeable and skilled in the area stand to be profitable, but not without some risks. The value of exchange rates are affected by numerous things, many of which are out of our control, including political factors and economic events, to name a few.
Regardless, this doesn’t mean investors cannot control their risks when engaging in forex trading. By equipping yourself with the right skills and knowledge, investors are in a better position to manage their risk, reduce losses and improve their gains.
Why should you start forex trading?
There are many reasons why this investment could be right for you. For instance, you don’t necessarily need a large capital to start – according to reports, you could start with as low as US$50.
Business Review notes the following: “Sky is the limit in the forex business. There are numerous examples of people who started with 100$ and grew it to 7 figures. You have to be consistent, smart, and patient to do so.”
BR also notes that forex trading is flexible as the market remains active 24/7, which means investors can start trading whenever they have time. Those who trade wisely also stand to earn handsomely, while it is also open to anyone regardless of their experience and knowledge.
“Although having knowledge is an extra advantage, but as a beginner, one can start with a few dollars of investment and then grow gradually by gaining experience over time. Forex business has endless opportunities to grow,” it said.
If you feel forex is the right kind of investment for you, there are a myriad of courses to get you up to speed. If you can’t attend a class or individual training for a hands-on learning experience, your best option to dip your foot into the water is via online forex courses. There are many to choose from, depending on your experience and budget.
Forex.com has some numerous online resources for aspiring traders, including learning about trading concepts, managing risks, trading strategies, to name a few.
You could also get a microcredential from providers such as Udemy and Coursera. Udemy, for example, offers a “Forex Trading A-Z” course, which will help you learn how the forex market operates, understand what leverage is and how it affects your trading, as well as the basics of calculating and managing risks when trading forex, to name a few.
No prior knowledge or experience is necessary.
Without a doubt, there are many appeals to forex trading but a lack of knowledge can spell disaster for many. Take the time to learn from reliable sources and understand the technical aspects of trading before diving into the field.