Forex Trading For Beginners: How To Make Money With Forex Trading

forex trading for beginners
Ogbonna Ohakwe November 12, 2023 No Comments

Forex Trading For Beginners: How To Make Money With Forex Trading

Forex trading is one of the best skills to learn in this 21st century, if you learn it well, you will never beg for money again.

In this article, we will discuss what forex trading is about, the requirements of forex trading, and how to make money trading forex as a beginner. We will also answer some of the most frequently asked questions you may have on this topic. 

Overview Of Forex Trading For Beginners

Forex trading is a set of skills that allows an individual to trade the financial market for profit. Forex trading is a very delicate skill that when learned properly can set you up for life. A lot of people fail in forex trading because they don’t have the right foundation and the right mindset and psychology to trade the financial market.

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Those who see forex trading as gambling are a set of people who will find it very difficult to make headway in the industry. Forex Trading is simply probability, the ability of you to predict the next market by reading the previous market, and understanding the following;

  • Candlesticks
  • Chart patterns
  • Trade lines
  • Technical analysis

When you have a good and solid knowledge of the following, you will make lots of money from the forex market.

However, it is important to note that the forex market is a broad market, you need to pick a sector, develop in it, grow in it, and then make money in it, all forex is about is the ability to predict and trade the financial market effectively.

Requirements For Forex Trading As a Beginner

There are various requirements you must have before you’re able to make money from the forex industry effectively, some of the requirements include the following

  • Psychology of money 
  • Risk management
  • Discipline
  • Consistency
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1. Psychology of Money 

This is one of the most important requirements you must have as an individual before you’re able to trade the forex market effectively. 

You must understand how money works, what is money in the first place? How does the banking system make money with our money? When you have an in-depth understanding of what the psychology of money is about, you’re on your way to becoming a profitable trader.

 

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2. Risk Management 

Most people who lose in the forex market are those who do not understand what risk management is about. Risk management is simply the ability to manage your risk effectively so as not to stake what you cannot afford to lose. 

What this means is that when starting up as a forex trader, you must always trade what you can afford to lose, when you start becoming good in the skill, increase your capital but always remember to trade what you can afford to lose, this is another thing that will help to make you a profitable forex trader. 

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3. Discipline 

This is another factor that will help you to become a profitable forex trader, choose a timeframe that best suits your persona and stick to it. If you’re always free 3 hours daily, maybe from 7 to 10 daily, stick to it every day, this is the way to becoming a profitable forex trader. 

Treat your trading journey as a professional business, and wake up in the morning with the mindset that you’re going to work, this gives you the right attitude to work which will help to increase your overall profitability.

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4. Consistency 

This is another major factor, for you to grow to make money in forex trading you must be consistent, consistency breeds habits which in turn help to make you a more profitable forex trader. People go to work daily.

This means you should treat your forex business as work and show up daily whether you like it or not. This is the way to profitability as a beginner.

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How To Make Money From Forex Trading 

There are various ways to make money from forex trading, however, as a beginner there are specific paths you must follow that will help you make money within a short time. Some of them are;

  • Learn from a good mentor
  • Follow your setups 
  • Avoid information overload

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1. Learn From A Good Mentor

This is one of the best ways to make money from the industries. You have to learn from a good mentor, someone who has the results you seek, someone whose today looks like the tomorrow you dream about in the industry, learn from them and you will make money from the industry within a short while. 

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2. Follow Your Set Ups

When you start learning and trading the forex industry, you will find out that there are many strategies, sets ups, and ways of trading out there, you need to follow your setup consistently for you to become a profitable forex trader, don’t jump from one place to another, follow your setup and build from there. 

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3. Avoid Information Overload

There is so much information out there about forex trading. For you to make money in forex trading as a beginner, you have to choose who you listen to. Don’t have more than two mentors at most, follow and learn from them. When you watch so many videos and follow so many people online you will be lost in the noise of the moment.

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Frequently Asked Questions 

1. How long do I have to learn forex to be profitable? 

With a good mentor, 6 months to a year is enough for you to learn forex, but if you choose to learn by yourself, you may spend 3 years or more learning the forex market.

2. How much do I need to start? 

After learning, depending on your profitability, you can start with 200$ and grow it little by little, with time you will grow your portfolio to a huge amount of money.

3. What’s the fastest way to get money to trade forex? 

One of the fastest ways to get money to trade the financial market is through prop firms, you can find many of them online, go ahead, sign up, pass their challenge, and make your money. 

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Conclusion 

We can not make a list of ways to make money online in Nigeria without having forex trading topping the list. As a beginner, you must submit to an authority and ensure that you are dedicated and consistent.

We look forward to hearing from you soon about your success story in forex trading. Good luck!

CLICK HERE TO GET STARTED WITH FOREX TRADING WITH FRANK EGON COURSE

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