Everyone can trade. Thanks to simple software and lower fees, everyone can open and close a position. Trading successfully however, is another story entirely. Using leverage and high expectations of profit, we sometimes lose sight of the risks. By studying the basics of trading and Forex, you can teach yourself a few tricks to increase your chances of success!
Did you know it’s really easy to get started with Forex? Forex is the trading of currencies, and by buying at the right time, you can make a lot of money! The benefit of trading this way is that you can try it out completely risk free with Plus500s demo of 40.000 pounds.
Good luck trading as a beginner
Before we start explaining all the information that you need to become a good trader, we will first look at one of the legends of the Forex world: Richard Dennis. Richard Dennis explained the simplicity of Forex using a symbolic bet worth one dollar.
Richard stated that he could teach a random group of people how to trade successfully within two weeks. The group that he put together, based on an ad in the New York Times, consisted of young and old people, men and women, foreign and domestic. This group of people, without any clear similarities, had only one thing in common: they knew very little about the economy.
After the short Forex course, Richard let the group do their own trading. The results were very impressive: within four years the group made more than a hundred million dollars! Thanks to Richard Dennis’ training, this group of normal, everyday people suddenly became very rich, professional traders!
What can we learn from this?
First of all it is possible, in theory, that anyone can become a successful trader. The only thing you need is perseverance and patience. When you combine these two traits with the required knowledge, you can make a lot of money. Trading isn’t necessarily about math or news. Ultimately, it all comes down to your mindset and the way you deal with profits and losses.
A lot of people think that trading is boring, annoying and that you can’t make any money doing it. It isn’t true! If you persevere, trading can be a very exciting game that can make you a lot of money.