Forex Trading For Your Additional Source of Money

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Forex Trading For Your Additional Source of Money
Forex Trading For Your Additional Source of Money

OnlyTheBestChoice – BPJS premium increases, electricity tariffs go up, fuel prices are expensive, food prices are erratic. From month to month, the cost of living is getting bigger even though salaries go up once a year. As the cost of living increases, it becomes more difficult to meet it with only the salary of the main job.

What is the solution? Look for additional sources of income.

There are people who are looking for an additional source of income by becoming a realtor (broker) of property in their spare time. There are also people who choose to open a shop or restaurant in the location where they live. There are more who create websites to benefit from advertising.

However, did you know that forex trading can be an additional source of income with a potential profit that is no less great? Reported from the analisaforex.com page, the initial capital of forex trading is very cheap compared to other businesses.

Advantages of Forex Trading

As an additional source of income, forex trading has an inevitable range of advantages. Here are some of them:

  1. Forex trading does not require many means

You can start trading forex with just a smartphone or laptop and a free internet connection from the Office or WiFi Corner. Thus, forex trading can be done anywhere, whether it’s ngantor, fieldwork, waiting for your wife to shop, vacationing on the beach, hiking, queuing for banks, getting stuck in traffic on the streets of the capital, or wherever you are.

  1. Forex trading can start with zero capital

Many forex brokers provide free no-deposit bonus accounts (No-Deposit Bonuses) to attract the attention of novice traders This is an opportunity for you to earn additional income without a penny of capital.

  1. Forex trading can be done anytime

The forex market is active for 24 hours every Monday-Friday. So, you can trade forex in between business hours, during lunch break, after work, before leaving for work, or whenever you have free time.

  1. Learning materials and practicing forex trading can be accessed online

Materials for learning forex trading are easy to find on the internet in the form of books, articles, and video tutorials. You can also take advantage of free simulation facilities by registering a demo account at an online forex broker.

  1. Fast transactions via internet

Real account registration, deposit funds, to withdraw profits from forex brokers can be completed via the internet in a short time. There is no need to wait for days to enjoy the trading benefits, as all transactions are generally completed within an instant tempo or a maximum of 2×24 hours (weekdays).

  1. Forex trading costs are very low

Forex brokers benefit in the form of spreads (difference in exchange rates of selling / buying currencies) and commissions (transaction fees per lot). In practice, commission fees are very low ranging from zero (0) to USD60 per standard lot (USD100,000).

  1. Huge profit potential

Forex trading is known as the most risky financial investment activity, but its profit potential is also the largest compared to stocks, mutual funds, government bonds, or deposits. An experienced forex trader can realistically earn consistent profits of up to 30% in a week.

It’s interesting, isn’t it!? The various advantages of forex trading certainly make you interested in forex trading as an additional source of income to improve the welfare of the family. However, also note that forex trading carries great risks.

You can get huge forex trading profits in minutes or hours. However, you can also suffer equally large losses in an equally short period of time. Price fluctuations in the forex market are very high and full of uncertainty. No one can confirm the direction of future movement, so the probability of loss is certainly there.

However, all forex trading risks can be minimized by studying and practicing a demo account in earnest. Preferably, you only start trading forex after being proficient in demo account simulation. In addition, start trading forex with small capital first to prevent large losses due to the recklessness of beginners that are common.

How To Earn Extra Income From Forex Trading

Still interested in earning extra income from forex trading? Follow these step-by-step instructions to start your forex trading career:

  1. Choosing a credible forex broker

A credible forex broker plays an important role in connecting you with the forex market. Therefore, you should be careful in choosing a forex broker. Choose a forex broker that has official license only from credible institutions such as NFA/CFTC USA, FCA UK, ASIC Australia, and Bappebti Indonesia.

Avoid those who claim to be forex brokers, but are unable to show official permission from bona fide institutions. It’s also a good idea to also check the reputation of a forex broker through googling before signing up, or ask for broker recommendations from more experienced traders.

  1. Sign up for a demo account and learn forex trading

Almost all forex brokers provide a demo account for free, so you can use it to practice proficiently. If confused when watching the trading platform, more complete learning materials can be obtained online and free of charge. There are expensive forex education seminars and trainings, but those premium materials usually have the same content as free materials.

  1. Sign up for a real account

If you feel like you’re good at practicing a demo account and are able to multiply your virtual money there, then sign up for real trading. Real account registration can be done directly at the same forex broker as your demo account provider.

In the process, you will need to fill out a form and upload several copies of important files such as a scan of your identity card (KTP/SIM/Passport) and a scan of proof of residence (electricity bill/water/passbook).

  1. Deposit forex trading capital

Deposit capital directly to the broker in accordance with the instructions listed on its official website. For beginners, the initial capital of forex trading should only be between USD200-500, or a maximum of no more than USD1000.

Why is that? Because the capital is enough as an additional source of income. In addition, novice traders need a transition period from a demo account to a real account. In this transition period, traders can make mistakes that result in losses. Deposit only minimal capital so that you do not bear too much losses.

  1. Start trading forex

After registering a real account and depositing capital, it’s time to prove your skills in forex trading. However, this does not mean that the learning process is over. Many professional forex traders insist that traders must constantly improve their insights in order to keep up with market developments over time. No success can be achieved instantly, including in forex trading.

Forex trading is a cheap and practical source of additional income. So, what are you waiting for? Let’s try forex trading right now to add more content for your family. Pay attention to the various risks of forex trading so that you can minimize losses and optimize profits. Learn and practice earnestly in order to achieve success and financial freedom. [red/*]