Now, almost everyone who plows the open spacesInternet, at least once ran across sites offering earnings on Forex. Everyone promises you a million profits. But it is worth recalling that working on forex requires diligence and knowledge. Everything is far from being as easy as advertising assures. But with due zeal, you can earn a lot of money.
Earn money on Forex
In order for the work on Forex to bear fruit to the trader, he needs several components:
- Strong nerves,
- Knowledge of the market,
- Ability to analyze,
- Own strategy.
The very analysis of the market also has options:
- A fundamental analysis implies the presence ofa trader of knowledge in the field of economy of different countries, knowledge of economic laws and the ability to make an assessment of macroeconomic indicators. A long-term plan of behavior on the market is built in accordance with the drawn picture.
- Technical analysis, which involves drawing up a line of work on the available exchange rate charts. As a result, the estimated dynamics of exchange rates are made.
- Computer analysis, which involves mathematical calculations of the exchange rate behavior in accordance with the available data.
It is very important to develop a trader's own work strategy. But this takes years. For newly-minted forex workers, several well-established strategies are proposed for consideration:
- Kerry Treydom (Carry Trade) proposed a trading strategy, which consists in making a profit from the difference in interest rates for different currencies.
- Channel strategy is based on trade within certain price boundaries.
- Pipsing is called short-term trade with the slightest market fluctuations.
- Trade in breakdown - at the right price level.