If you’ve scrolled through Instagram you’ve probably seen the accounts of successful Forex traders promoting their trading tips and courses. Their profiles usually show photos of them driving Lamborghinis and drinking champagne in the South of France despite usually being in their early 20’s, but how easy really is it to make big profits from trading? The answer is it is difficult – but not impossible. Like with anything, mastering FX trading comes with hard work and determination, but it is achievable and can definitely pay off. Here are four tips to help you on your journey of becoming a Forex millionaire.
1. Start trading with a demo account!
Forex takes a while to master and of course like with anything, practice makes perfect. Plus500, CityIndex and many more online trading platforms offer their users a free demo account with ‘virtual currency’ of up to £10,000 to play with absolutely risk free. This is a great way to get an understanding of Forex trading without putting your capital at risk. Most FX traders would advise only using a demo account for the first month of your trading journey before switching to a real account. Have a read here to find the best trading platforms.
2. Start with a single currency pair
Most FX traders would advise only starting with a single currency pair, for example GBP/USD when starting out. Once you feel confident in your Forex trading ability then it will be worth trading other currency pairs, maybe on a demo trading account if you don’t want to put your capital at risk just yet.
3. Do not be afraid of losses!
Losses are inevitable in FX trading, so please remember to not be overly cautious and definitely don’t kick yourself when you don’t have a good day. On that note, it is good to remember that if you lose 50% of your capital you will have to make 100% to get back up to where you were, so take time to educate yourself and make informed decisions to minimise the amount of losses you encounter.
4. Consider getting a job at a FX company
If you want to earn a nice income whilst learning Forex then you may want to consider getting a full time job at a Forex brokers. For FX broker jobs in London, the salaries generally range from the £20k – £25k region (plus a handsome commission and bonus structure of course) and it gives you the opportunity to learn more about the FX market whilst having a guaranteed income and not having to worry about your outgoings. If this sounds of interest to you, have a look through our Forex job vacancies here!