The myths and truth about forex trading

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The number of people who are making profits trading Forex is growing, and it is due to the way in which anyone can now become a Forex trader that is allowing more and more people to start to take advantage of the swings in the value of all currencies that the reason behind the growth in currency traders. Many years ago the only way that you would have the opportunity of trading Forex would be to have access to a large amount of capital which would then see you having to purchase large amounts of one countries currency, and hold onto the currency until its value dropped and then sell the currency back into your original one.

However, those days have long gone and now all you need to be able to start making money trading how to make money in forex without actually trading is to have access to an online or mobile Forex Broker and then utilize the trading platform available from that Broker.

Instead of you having to buy large amounts of any countries currency, you are simply going to need to place a bet known as a trade how to make money in forex without actually trading whether you think one currency will increase in value or fall in valued against another currency. You therefore need to pick out two different currency and have them paired up in a trade and then hope the one you select to drop in value does so against the other currency, and if so you then make a profit on that trade.

You are going to be given the option of signing up to a Forex Broker using any currency that is convenient to you. It is worth noting that you should select the base currency that is convenient to you and that will of course be your home currency. Once you have made a deposit into your trading account, then you are able to pick out any two worldwide currencies to pay up together, not necessarily having to use one of the two currencies that is your home currency.

So for example if you have US Dollar trading account, you are able to pair up any two major worldwide currencies such as UK Pounds and Euros. This means that unlike in the early days of Forex trading you are not restricted in regards to the number of currency pairings you can select. Every trade you are able to place at any of our featured Forex Brokers will have the profit potential known as a gain clearly displayed alongside those currency pairings.

It is therefore worth noting that there can often be very slight differences in regards to your profit potential at different Forex Brokers. It is with that in mind we would suggest you open up several accounts at different Brokers and then compare the gains you can make at each one on your preferred trades and how to make money in forex without actually trading, as that will enable you to get the maximum how to make money in forex without actually trading value.

If fact as many Forex Brokers make available both new trader bonuses and several promotional offers on an ongoing basis, you can also find by making use of those bonuses and promotions you can lock in additional value. One final thing to keep in mind is that you are going to be given a lot of choice in regards to just how long your trades will be live and active for.

You may want to take a long term view on any two currencies you have chosen to pair up together and as such you will be looking to utilize the how to make money in forex without actually trading term trades available at all of our featured Brokers.

However, some very short time expiry Forex trades are also going to be available to you, and as such we would suggest you first make use of a demo trading account offered by all of our showcased Forex Brokers.

By making use of a demo account, you are then going to be able to use the demo trading credits awarded to you to test out both the trading platforms at those Brokers, whilst also being able to place both long and short term trades via those trading platforms.

Once you feel you have gained the necessary experience placing demo trades you can then switch over to using a real money trading account, where of course all profit you do make will be yours to keep. A Guide to the Best Ways to Make Money Forex Trading The number of people who are making profits trading Forex is growing, and it is due to the way in which anyone can now become a Forex trader that is allowing more and more people to start to take advantage of the swings in the value of all currencies that the reason behind the growth in currency traders.

How Much Can I Make? How Long Does a Trade Last? Close Window Loading, Please Wait! This may take a second or two.

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Do not even think for a second that you are imagining the impossible. There are a few ways people can do this and make money fast or depending on the strategy used for this particular investment program.

Let me introduce you to the concept called Carry Trade Method. The Carry Trade Method allows you to make money with Forex even without trading. Well, you need to understand that making profits with this method does not depend on the difference between the buy and sell prices of the currency pairs. So, now that you do not trade, how do you make money with this method? Simple, you make money by opening and holding a position on a pair of currencies that have different interest rates.

Your profits come from the different interest rates between the currency pairs and the cost that you incurred when you bought them. The rationale here is that if you buy a currency, you are paid a daily interest which also determines its exchange rate. At the same time, you pay an interest rate for the currency which you used when acquiring the other currency.

So then, if the rate received and the rate paid to acquire this currency is positive, you have a profit. Also, avoid brokers who have repackaged their services based on trading conditions. Some brokers are actually notorious for offering ECN accounts, and at the same time, offering other accounts with different trading conditions altogether.

These brokers will most likely have a high minimum capital requirements for their ECN. But they will lure you into their cheap trading accounts because they know most beginners will go for this.

Truth is that these brokers are a buck-shop. What they are offering as ECN trading account is not different from the cheaper account packages which they claim is suitable for newbies. Once you have established a good Forex broker worth doing business with, you should create an account with them, fund it and choose PAMM investment system instead. You are essentially registering as a PAMM investor.

A PAMM investment system basically lets you trade Forex without actually taking the role of the trader. Once you put money, the broker through their account managers will trade it for you. However, you do have the freedom to monitor your account and see how things are going. A detailed analysis of your trades will be published on your dashboard.

You can also withdraw money at any time or depending on how you agree with the broker. However, it answers the question of how to make money in Forex without actually trading. The first thing to do here is to setup a website or blog where you will begin promoting the best Forex brokers who are willing to strike a good deal with you.

How do you identify the best Forex brokers to do business with? Well, do the homework yourself. Make a list of 10 Forex brokers and visit their websites. Locate their affiliate links and see how much you can earn when you get them clients.

Some Forex brokers will reward you with a fixed percentage for every deposit that this client makes. Others will reward you with commissions each time the trader opens a trade position. This can be a good way of earning residual income in Forex without actually trading. Okay, this one will not totally disengage you from the trading scenes.

But at least it will still help you trade Forex without actively doing the task yourself. It can take a lot of research and testing to finally identify a good robot. However, as a rule of thumb, you should invest in a premium expert advisor as opposed to a free or cheap Forex robot. Firstly, they are programmed with a generic code which follows one or more patterns that are incapable of acting in accordance to the uniqueness of a market. This type of expert advisor will blow your account in a matter of hours if not days although their vendors will always advertise them as completely hands-free approach to making money with Forex without actually trading.

Go for a Forex expert advisor that is reasonably priced. You can seek the services of an experienced account manager to do the trading for you. You do not need to necessarily tie yourself to a broker who offers a PAMM system of investment. There are quite a number of reputable managed Forex accounts services on the web. But make sure to ask for their track record before committing your money to these kind of deals.

A track record is basically anything that will prove that they have or are making profits in Forex. Just use any of the methods above. Currently you have JavaScript disabled. In order to post comments, please make sure JavaScript and Cookies are enabled, and reload the page. Click here for instructions on how to enable JavaScript in your browser. Notify me of follow-up comments by email. Notify me of new posts by email. Make Money With Forex. About Warren Ouma Articles.

He currently mentors students from various parts of the word. Warren regularly contributes to well known financial websites and publications including Valforex. Next Learn To Trade Review: Leave a Reply Cancel reply Your email address will not be published.