The Forex market is the biggest and the most attractive financial market in the world. With every passing year the number of companies, providing brokerage services on Forex market, is increasing. As we all know, supply is caused by demand. More and more people are looking for alternative sources of income and many of them become interested in trading and investing. Forex trading is one of the best ways of starting a business or getting additional income as it doesn’t require huge initial investment and has bigger profitability than any other start-up business.

Looks like a perfect deal, right? True. But there is another side of the coin. Forex market has low entry barriers in terms of money, but trading itself requires a lot of qualification and knowledge. As with any other job, it takes dedication and hard work in order to succeed. So coming back to the question whether the beginner can make money in Forex trading, we can say YES with full confidence. Even a beginner can do that, BUT only in case he’s ready to work hard and constantly improve his trading skills. Forex is not a make-easy-money scheme. Despite lots of forums, websites and blogs show us the stories of lucky traders, making hundreds of dollars in trading; the real picture is not so bright. Anyone can accidentally earn from a winning order, but making consistent profit from trading is completely another thing. The statistics show that only 5-10% of traders are able to make full-time income from trading and build their Forex career.

So what are the most common mistakes of newbie in Forex?
The biggest mistake of all the beginners is that they forget their main goal – to make trading a consistent source of income. Instead a lot of traders become bewildered by their greed and start gambling instead of trading. Money is the strongest mental stimulant, so in order to stay on the right path, one need to have a sound mind and a cold head. Greed and emotions are the biggest enemies of a trader. Trading should be taken as “risk management”, the traders who manage their risk the best are the ones who make the most money; take care of your risk and the market will take care of the rest; if you don’t want to end up gambling in the market, you need to control your risk very consistently. If you focus on risk-management instead of running for money and thinking how much you can make, the money will come naturally. You can check out the most common mistakes of novice traders: https://www.forexcamping.com/newsdetail/reasons-why-most-newbies-fail-in-trading/

It takes months to study, learn and practice until you reach to the level when you feel confident in your knowledge that your trading strategies are really going to work. One of the most important things is a keen understanding of technical analysis. This provides you with the ability to analyze charts, identify trends, and forecast results. Technical analysis skills will give you a distinct advantage as a beginner. The most useful is to define which tools and strategies of technical analysis to use, which are the most convenient and which of them really work for you. It’s also important to have a basic understanding of world’s economy and educate yourself about key economic indicators like GDP, GNP, inflation rates, unemployment rates, etc.

How to make money on Forex?
Now we have understood that the Forex is a very attractive way of earning and even a beginner can take money out of it, but still the main question is: “How to make money on Forex?”
Let’s have a look at several ways of making money on Forex:
First way: Become a full- or part-time Forex trader
Anyone with a little money and patience can become a Forex trader. There are a few steps you should follow in order to become successful in this market.

Let’s have a look at these steps:

• Start with educating yourself about Forex, learn the basic market guidelines;
• Get acquainted with the basic terms and concepts used in the Forex market;
• Learn basics of technical and fundamental analysis, trading psychology;
• Learn the most popular trading tactics and strategies and choose the ones, which suit you the most;
• Pay more attention to the economic and political situation not only in your country but also around the Globe;
• Choose a reliable Forex broker after researching among the best ones and learning about their history and reputation (more tips on how to choose a reliable broker find here: https://www.forexcamping.com/newsdetail/how-to-choose-the-best-forex-broker/);
• Open a demo account and practice your trading on it;
• Only after you have tested your trading strategies for several months and they are giving you consistent positive results, open a real account and deposit some funds;
• Continue learning new techniques and strategies and practice further no matter what success on Forex you have reached.

Second way: Become an investor and find a Fund-manager
If you are not on good terms with economy and finance, but still dream about making money on Forex, you may refer to other ways of earning on Forex – for example, investing into trading of a Fund-manager.

This way of making money on Forex market allows you to relax a little, passing the rights to manage your funds to professional trader.

It will suit those who have some free funds, but don’t want to spend time on exploring all the intricacies of Forex trading. On the one hand, it’s pretty simple – just entrust your money to a professional, relax and get your profits! However, there are some fraud cases happening as well. To avoid becoming a victim, be very careful and attentive while choosing fund-manager or a managing company. Gather all the necessary information about the company, (where is it the registered, what was the rate of return over the past few years), find out whether the company offers any guarantees (it can be a risk insurance or signing a contract with provident fund firms, which reimburse the certain limits, established by investor himself).

With the proper choice of the Fund-management company, investor unlike the trader does not lose his money, but only multiplies it. Fund-manager takes a fixed commission (part) of the profit he earns for investor. It’s important to talk over these issues in advance and mark them in contract.

Third way: Use Forex Trading Robot or Trading System
Forex trading Robot is another way of making money in Forex. After all, even the professionals can make mistakes, most of which can be avoided by using the trading Robot.

The Forex Robot trading system is based on a certain algorithm according to which it’s programmed to act in this or that case. The Robot analyzes the real-time market situation and automatically manages the funds. Moreover, trading Robots can manage multiple accounts at a time and work with unlimited set of strategies. However, the work of Robots is based only on technical analysis tools. It does not take into account any macroeconomic news thus it’s not able to act in any emergency cases. But at the same time, unlike a person, a Robot is not prone to any psychological influence or emotional pressure; it simply calculates the options and makes decisions.

Summing it all up we should say that Forex is a unique financial market which is open for anyone. The best part about it is that one does not need economic degree to become trader. No matter what background a person has, he can trade on Forex and make money on it. Even a newbie can earn on Forex if he’s ready to devote his time to learning and practicing. Learning common trends in the currencies market and practicing different trading techniques can make you the next Forex success story!