Forex your second source of income

May 02, 2020 at 21:33
2,739 Views
59 Replies
Member Since May 02, 2020   2 posts
May 02, 2020 at 21:33 (edited May 02, 2020 at 21:35)
Are you searching for the best investment? Have you ever thought to find a second source of income? Are you curious to learn more about Forex? In this article we will gather all the information you need to know about Forex trading and Forex market overall


Before really beginning to put your cash in the Forex market,you need to understand that you can trade in different products. The currency trading or FX can be the largest investment and a secure one. All currency trading is done as a form of pairs, also you can trade using virtual currencies like Bitcoin. As a beginner you need to start learning about the global markets before actually entering it. You can use the micro lots to start trading with it. And for small investor they can trade in micro or mini lots. Also you need to know about the factors that affect currency markets like stock traders, supply and demand, interest rates. So if you are planning to start trading in currency market you have to follow a strategy that suits the way you want to trade with.

Another way to trade is online stock , which allow you to trade in global markets using American and European stocks and international companies stocks as you can buy or sell a single stock based on the market price. The steps that will help you within online stock trading:
Choose the best strategy.
Educate yourself about the markets.
Choose an online broker.
Find the stocks you want to trade with.
Follow a plan.


Another market you can trade in is the crude oil. So if you are interested about oil trading you need to know about oil market ups and downs, starting from what moves crude oil market as the shrinking in demand lead most traders to sell, otherwise rising in demand lead them to buy more. Also there are two types of markets “Brent and WTI”. As well as you need to study the long term chart to understand how it goes inside this market.

Now the question is which Forex company that you can choose, there are many brokers that you can start trading through them, but you have to trust your broker and make sure that they will give you the full support and best advice to trade with.
Member Since May 02, 2020   1 posts
May 02, 2020 at 22:03
I thought of trusting someone to manage my funds even as I learn.
So I would like you to introduce me to the best account managers
Member Since Jul 12, 2019   24 posts
May 04, 2020 at 11:58
Before you start doing anything, you need to understand what you want to achieve. You must have a clear strategy in order to succeed. You can try to ''make a plan during trading times'', but it is not. Most likely, if you go this way, you will lose a lot. Today, most brokers offer a demo account, so you can start there and then go to real trading when you have a plan and confidence in your decision.
Thank you for pointing out several promising markets. But I am sure that in order to be successful, every trader must experiment and choose the best option on his or her own.
Member Since Apr 10, 2020   10 posts
May 04, 2020 at 14:09
Forex is a good asset to get in to because the spreads are low, you can use leverage and there is market movement every day. This is what keeps me focused on Forex
Member Since Aug 27, 2017   994 posts
May 04, 2020 at 14:31
may be i saw same post in elitetrader Forum , by the way i always try to take my first choice as Forex but failed honestly so many times.
Member Since Apr 28, 2020   52 posts
May 05, 2020 at 10:18
Adribaasmet posted:
may be i saw same post in elitetrader Forum , by the way i always try to take my first choice as Forex but failed honestly so many times.

That why they say it isn't easy to make money through trading. had it been that easy all of us would have been millionaires. Sadly many of us are not able to put in all the required knowledge, experience ,hard work and skill that this field requires.
Member Since Mar 03, 2020   12 posts
May 08, 2020 at 02:54
It's my second source of income since I'm a little bit affraid to go all in. I like knowing that tomorrow I will have a job and sallary at the end of the month. but that's just me. i got nice side income from forex so I'm not complaining tbh
Member Since Apr 01, 2020   231 posts
May 14, 2020 at 00:39
Forex is the greatest way of income and it can become your main source of income but also it is very risky and if you are new and want to become rich quickly with Forex trading then it is not for you. First, learn it and then think about making money in Forex trading.
Member Since Aug 11, 2017   886 posts
May 14, 2020 at 09:37
practice can make you perfect , but in Fx we practice at random in demo and got nothing ultimately. si, i recommend micro account for practicing.
Member Since Jan 29, 2020   23 posts
Jun 21, 2020 at 15:03
I think that forex can become not only a source of additional earnings - it all depends on your desire, lifestyle and, what to hide, your financial possibilities, because good profits are usually provided by good capital...
Member Since Jun 01, 2020   55 posts
Jun 22, 2020 at 07:50
Mohammadi posted:
practice can make you perfect , but in Fx we practice at random in demo and got nothing ultimately. si, i recommend micro account for practicing.

Yeah that's a good way to practice for beginners after they have demo traded for a while. Requires quite less capital and is good for beginners.
Member Since Jun 24, 2020   34 posts
Jun 24, 2020 at 08:05
Its better as part time than full time for me, keeping the risk in mind. Can't totally depend on it for income purpose.
Member Since Dec 26, 2018   34 posts
Jun 26, 2020 at 17:10
It is a pity that many people forget that this format of earning, despite its apparent simplicity, has many features and nuances that require detailed study.
Everybody wants to see a quick profit and without much effort, but as I have understood over the years, the market does not like rush and false hopes.
Member Since Apr 25, 2020   119 posts
Jun 27, 2020 at 03:20
At this stage, forex is indeed an auxiliary source of income.
Member Since Apr 25, 2019   26 posts
Jun 28, 2020 at 14:48
Yeah, I agree it's worth a try if you're at a dead end and you want to get to a new level of income. And if you take such a decision, you need to be well prepared for it - learn the basic concepts of the market, choose a pair of basic strategies and, of course, find a broker with an excellent reputation and reliable conditions.
Member Since Feb 09, 2020   26 posts
Jun 28, 2020 at 16:01
One user there already correctly noted that success in Forex as an additional source of income depends on three things.
First, it's your free time, only if you have enough time, you will be able to devote it to trading and learning.
Second, it's your finances. No, with $100 you will not be able to enter the market and earn enough money, you really need enough money.
Three, these are your skills. They can be improved and trained, but they're still important and their mastering requires a lot of your time.
Member Since May 13, 2020   128 posts
Jun 29, 2020 at 05:59
I try to speed up the moment when Forex will become the main source. And since Amarkets gives a good leverage, the profit is not bad.
Member Since Jun 22, 2020   77 posts
Jun 29, 2020 at 07:32
Yes, I would say it is my second source of income with my job being the first one.
Member Since Jul 19, 2020   34 posts
Aug 20, 2020 at 17:38
For me, Forex is the main income source. I make this business as my main earning source after trading 1 year in the market.
Member Since Jul 19, 2020   298 posts
Aug 26, 2020 at 09:23
When you are skilled enough you can make forex trading as a primary source of income. Before that you have to depend on something else for your income so that you can pay your bills while you are learning the art of trading.
Sign In / Sign Up to comment
You must be connected to Myfxbook in order to leave a comment
*Commercial use and spam will not be tolerated, and may result in account termination.
Tip: Posting an image/youtube url will automatically embed it in your post!
Tip: Type the @ sign to auto complete a username participating in this discussion.