Before doing any investment or starting any entrepreneurship, people will always search around. The first thing someone wants to know is if it’s profitable. No one wants to invest in something that’s not profitable. I’m always getting the same question over and over again, is forex trading profitable?. And it’s ok, nobody wants to lose time and money.
With people spending more and more time at their homes, and some others losing their jobs, many searched for a way to get an income. That’s why a lot of people end up in one way or other focusing on trading. Leading to the enormous interest people have in foreign exchange.
Since it’s popular, it’s gained a lot of attention in recent years. More people are searching for the fact that forex trading is profitable. And this is something that may look obvious for many of us that have to spend quite a lot of time in the markets, but many beginners are wondering if they will be rewarded.
The Foreign Exchange exists since 1867 (at least its most primitive form). It’s really old, right? Exist from many years ago and many people do it on a daily basis. From firms, companies, financial institutions to banks are the major players in this market. Big companies and global corporations use the forex market to hedge the risk from foreign transactions.
In most recent times, in 1996 we have the first retail traders of foreign exchange in a trading platform. As you can read, this is an old practice and is needed by global corporations.
Yes, FOREX trading is profitable and will be as long as you know what you’re doing. The profit side of the foreign exchange is done by traders with a solid strategy and knowledge, people making a living out of the market have tested and studied the market a lot.
In the forex market, you buy or sell currencies by pairs. Basically, the objective of trading in this market is to exchange a currency for another one, with the speculation of a price change. You can safely assume that the currency you’re buying will increase in value compared to the one you sold. In this speculation of the price, change is where people make money.
Yes, with a $5k account and risk of $50 you can make a profit of $100 a day. Retail traders made an average of $81,910 which is a weekly payment of $1,575. You can assume a salary like this after learning and doing all your research.
You can start with a fxtm review, study the market you want to go in. Backtest it a lot and never stop learning, if you aim to earn those numbers you should always start with a paper account. You can start trading with little money, don’t worry, sooner or later you’ll be analyzing charts like a pro.