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Making ends meet require a lot of hard work, dedication, financial discipline and focus. In most establishments, the extra incomes they make before they receive their salary is called “Runs” if the extra money you make quickly is from collecting bribes it is called “Egunje”(bribe). It goes a long way to help people who make such because they can use it to cater for other bills. But do you know you can make your own extra income (If you’re not greedy), cater for other petty bills and gradually build yourself over the years into the world of financial freedom through FOREX.
Well, I can envision what dropped into your mind, A lot of people have done it and failed or they got duped and lost all they put in. Well, this is true and it is due to some reasons.
Reasons Why People Lose Money in Forex
1. Some people are greedy
2. Some did not learn and go through the right process and got their fingers burnt.
3. Some went through the backdoor.
4. Some see it as a making it quick channel.
All the above and more contributes to high failure rate in the Forex world.
Many people are making millions every day, but you can make your extra income too and have a shock absorber for your income.
There are some good steps you can take to really get yourself going.
Steps to take to become successful in forex
- LEARN: You will need a Professional to guide you on which way to go and this doesn’t cost much, it could a family member or a close friend. Once you get to know the basics, you’re good to go.
2. READ: This is a very crucial part in forex. You should be able to read often and familiarize yourself with the tools available in becoming a successful trader. There are websites dedicated for this and updates are released every hour if not minutes.
3. DECISION: You must decide if you want to be a day trader or night trader. Or you want to be a Technical Trader or a Fundamental trader.
4. GET A BROKER: It’s easy to find a good broker, let someone recommend good ones with reputation because there are lots of bad brokers. It’s been simplified in such a way that you don’t need a domiciliary account. Any extra money you make will be credited into any Bank Account of yours and in Naira.
5. FOLLOW ADVICE: You are advised to trade a demo account (Dummy Money) which your broker will provide for you to practice your skills and all you have learnt before putting in your own money so you can be sure you know how to make pips (A pip measures the amount of change in the exchange rate for a currency pair) because it is pips.
6. DON’T BE IN HASTE: Do not be in haste to make quick money. Take your time and read the news and trading predictions of Investors and Business men who are experts and traders like you.
7. START WITH LOW AMOUNT: You can start with a very low amount and your ability to turn it around as many times as you can determine how you really understand what you are doing.
With the above steps dully followed, you can ease your way into the world of investment and get extra income for yourself.
Forex is not meant for lazy people. But if you’ve been thinking about how or where to make extra income from, this is worth giving a try.
And yes, it can be done on your mobile phones. (Android and IOS,)
Explaining The Meaning of Fundamental Trading and Technical Trading
Fundamental trading involves studying the economy of a country to determine the effect this has on the value of its currency. Understanding the relationship between an economy and its currency value can allow a trader to determine, to a degree, the demand and a likely increase/decrease in value for a particular currency.
This has the tendency of giving the trader an advantage, because they can determine whether a currency pair is likely to rise or fall.
What is Technical Trading: This is the use of Technical tools readily provided on the trading platform for traders to determine the situation and directions of the market. Indicators and Oscillators are extensively used in Technical trading; they can be used to predict the trend of a currency
It feels good to know you can really do something to ease off your financial pressure and know how to go about it.
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