We think So!
The Covid 19 Pandemic has had a profound effect on the financial markets, making markets more volatile than ever. Retail forex trading has grown considerably since the start of the pandemic, making the markets move faster due to the increased volume. This means more opportunities than ever before, making this the best time ever to start forex trading!
About Forex Trading
Online forex trading is extremely accessible due to the wonders of leverage, with some brokers allowing traders to hold positions 2000x their account size. In addition, there are more educators and signal providers than ever to help forex traders start trading profitably from the get-go. Receiving the proper support as a forex trader, especially as a beginner, is essential to profitable trading & longevity in the markets.
Working a typically 9-5 is less reliable than ever now, having seen COVID-19 result in worldwide layoffs & reduced hours.Developing a new stream of income through forex trading is more relevant than ever, as the security of traditional employment has decreased.
What’s important in getting started?
Getting started in forex trading there are a number of important factors.
- Having a trustable broker with good pricing (we recommend BlackBull Markets)
Having the proper support, whether this is an educator if you’re looking to learn to trade yourself, or a signal provider who can give you high quality trades
The right attitude. Traders must be able to mentally handle both losing & making money, which can be a lot harder than it sounds.
Patience. Waiting for the right trades rather than taking every trade you see, and patience in risk management. Don’t expect to make a lot quickly, rather look to accumulate small size wins.
Why Trade Forex?
The forex market is often referred to as the most liquid market in the world, and it is. On average in 2019 over 6 trillion US dollars worth of currency were traded EVERY SINGLE DAY. The advantage that a very liquid market poses is that the price doesn’t typically leave large gaps where orders can’t be filled, making managing risk a lot easier.
Another perk of forex trading is that traders can access higher leverage, allowing them to trade larger positions with small amounts of capital. Leverage can amplify a traders gains & losses, and is a double edged sword. Leveraged trading has led to famous fortunes, and also to famous bankruptcies.
Another advantage of Forex Trading is the power of technical analysis, allowing traders to make market predictions based upon chart patterns and indicators. These days all levels of traders from hedge fund traders to beginners use some form of technical analysis in their trading.
For more info on how to get started check out our blog, or see our forex signals, for trade ideas with no trading experience needed to copy!