If you are a new investor, it is natural for you to wonder whether is forex trading profitable, given all of the news about the high level of risk, the high percentage of traders who lose money, and the difficulties of trading on the foreign exchange market. Since its inception, the forex market has experienced exponential growth, attracting an increasing number of investors.
To begin trading, you must first gain a basic understanding of the foreign exchange market. As a result, you should try to gather as much information as possible about the market to gain knowledge and skills that will allow you to develop strategies and collect data that will be useful to you to improve your investments.
Forex trading is a type of investment that involves purchasing and selling foreign currency.
It is possible to make a lot of money by investing in forex, but it all depends on the individual investor’s level of experience and negotiation skills. If you are a successful Forex trader who understands how to employ the appropriate strategies, this market can be advantageous. However, to do so, you will need to put in a significant amount of effort and learn how to trade currencies effectively.
Forex trading requires a lot of practice, study, dedication, and the ability to conduct thorough market analysis.
A piece of advice: if you’re just getting started, invest small amounts of money. Once you’ve gained more experience and learned how to trade on the Forex market, you can increase your investment by a small amount. Keep in mind that the foreign exchange market is highly liquid but volatile. As a result, you can make a lot of money and lose a lot of money.
What is the average profit from Forex trading?
It’s a question that every trader asks themselves when they first come face to face with the world of foreign exchange trading. Although there is no definitive answer, several factors must be considered. By examining the trading methods available on the Forex market, we can, on the other hand, think in terms of percentage.
Generally speaking, with a long-term operation, a professional trader can expect monthly returns of 5 percent to 7 percent, excluding drawdown periods and tax calculations, and with a starting capital of approximately £1700 on hand.
Although the profit margin increases significantly when trading intraday or scalping operations, this type requires more discipline and better technical training. With a scalping strategy, you can earn more money even with a small initial capital investment compared to other trading methods.
IC Markets Review:
IC Markets is a global forex broker based in Australia established in 2007 Many branches of the company are located throughout Cyprus, and it is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA), and the Australian Securities and Investments Commission (ASIC) (ASIC).Because the top-tier ASIC regulates it, IC Markets is considered risk-free.
CFDs are complex financial instruments that, due to leverage, carry a high risk of losing money quickly. When trading CFDs with this provider, 75 percent of retail investor accounts experience a loss of money. Before you trade CFDs, recognise whether you understand how they work and whether you can afford to bring the chance of losing all of your cash.
Pros and Cons of IC Markets:
IC Markets’ forex commissions are reasonable. The account opening process is quick and straightforward, and the depositing and withdrawing of funds are both free and clear to use.
However, on the negative side, IC Markets has a limited product portfolio consisting solely of CFDs and foreign exchange. The live chat service is sluggish, and the responses are entirely irrelevant. Finally, there is no investor protection for clients not from the EU.
Pros:
Low foreign exchange commissions
Account creation is quick and straightforward.
Deposits and withdrawals are entirely free.
Cons:
There is a limited product selection.
Support for live chat is sluggish.
Investor protection is not available to non-EU clients.
The following are some of the characteristics of IC Markets:
Cyprus, Australia, and Seychelles have the most stringent regulations.
Trading fees are deficient in this class.
There are no fees associated with inactivity.
Withdrawal fees are 0% of the total amount.
The minimum deposit is $200.
You will be able to open your account within one day.
It is possible to make a deposit using a bank card.
Ten is the number of base currencies that are supported.
IC Markets also offers a demo account for prospective clients.
Products available include forex, CFDs, and cryptocurrency.
How to open a bank account is as follows:
Opening an account with IC Markets is simple and entirely digital. Our budget was approved within one business day after completing the online application, which took approximately 10-15 minutes.
The account opening process at IC Markets is comprised of five steps:
- Identify yourself by providing contact information, such as your email address.
- Fill out the form with your personal information, including your date of birth and mailing address.
- Select the account type and base currency from the drop-down menu.
- Fill out a survey about your trading experience and submit it.
You must upload a copy of your passport or ID, as well as a bank statement or utility bill, to prove your identity and residency.