To understand how to make money in this market is extremely simple. Because it is simply buying and selling currencies.
To be more specific, investors choose to buy a currency pair that is at a low price, then wait for its price to rise and then sell.
That difference is the profit earned. But the important thing is that we don't know when to buy and when to sell. That said, making forex money is not easy .
The price of currencies goes up or down depending on the market supply and demand and the economy of that country. To know the price trend of a certain currency, we must study the market, grasp the factors that affect its price.
Only then can it be determined whether to sell or buy this currency. We have the following two ways of analysis
First, analyze the chart
We can use charts to predict the uptrend or downtrend of a certain currency. Especially the currency rate charts.
Second, fundamental analysis
We look at the factors that directly affect the currency and then make the best decision for ourselves. Pay attention to research the development situation of the countries where you want to buy/sell currencies in the forex market.
For example, if the unemployment rate in the US is falling right now, then buy USD and wait for the opportunity to sell. Because the price of this currency will increase in the near future.
How to make money forex through trading
Above is the most common way to make money forex that many people know. In addition to the way I said above, we can also make money forex in a number of other ways.
Make money forex as a broker
This is considered the least risky way to make money because it does not directly affect your economy.
You make money by referring others to sign up for an account with the link, and for each transaction lot, IB will receive a commission from it. The more traders trade, the more commissions IBs get.
When you want to make money this way, you must first have a link or a referral ID, to get that link/IB, you must send a request to the exchange.
If you are a person with a good relationship, a fairly successful and trustworthy trader, then making money through this way will be very good.
Make money forex from teaching
Make money forex from teaching
There will be people who make a lot of money from forex, they have full experience and trust of many people. Other people come here to learn how to make their own money.
Of course, these courses are not cheap, so this will be a reasonable way to make money. But note how this only applies to those who have experience and have actually made money from this market. Because impostors will never last long.
Make money forex by being a youtuber
Today, the number of people participating in the forex market is increasing continuously, so there will be a lot of people who want to have complete information about this market, so it is up to you to set up a youtube channel to share all about forex and how to do it. Making money forex is sure to attract a lot of viewers.
Note that the knowledge you share must be accurate and you must be able to speak fluently and attractively, then your channel will quickly become famous and start making money.
To be successful, we have many choices. Besides, here are some ways to make money forex that I want to share with you.
Hope you will find a suitable and desired direction. Good luck.
