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0:41 3:36 Suggested clip How to make money ONLINE with currency converter and currency YouTubeStart of suggested client of suggested clip How to make money ONLINE with currency converter and currency
It is possible to make money trading money when the prices of foreign currencies rise and fall. Currencies are traded in pairs. Buying and selling currency can be very profitable for active traders because of low trading costs, diverse markets, and the availability of high leverage.
The way to make money fast in forex, is to understand the power of compound growth. For example, if you target 50% a year in your trading, you can grow an initial $20,000 account, to over a million dollars, in under 10 years. Break the norm, and gain more. Follow some of these tips and make your way into the big gains!
Just like any retail business, a money changer has to buy his stock (in this case banknotes) at a lower price than he sells them for. So he buys Currency X (either from a customer or from a wholesaler) at a rate of 5.0, sells it at a rate of 5.5, and make a profit of 0.5.
Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury. But first, the stats.
Yes, you can become a millionaire trading forex. It depends on how much money you start trading. If you start with $5,000 and make 10% of your capital each month, yes, you will be a millionaire after 5 or 6 years.
For example, with an average five-pip profit and 10 trades per day with a micro lot of $1,000, the trader will make $5 (Note: this is an estimate and will depend on the currency pair traded). This does not seem significant in monetary terms, but a 0.5% return on a $1,000 account in a single day is notable.
Probably not. Most business take a few years to generate a profit, and trading is no different. You can make money trading the forex market, I do well, and have several colleagues that also pay their way handsomely through life with their trading profits.

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