Many people are looking at better ways to make money and the truth is that there are many ways to do this the only problem is that some are scams.
So today I will be looking at a source of income which I use to make money forex trading. I will be answering the question of ” is forex trading a scam?”.
I will be talking about my experiences too as forex is my other source of income.
I will be looking at all the proof that many people do not really talk about.
Before we start you may also be interested to check how I make money online easily every month.
What is forex trading?
Forex trading is basically the measure of one countries economy with relative to another to see which one is stronger.
There are two currencies that make a pair for example it could be the US dollar and the Japanese yet. (USDJPY)
This means that if the economy of the united States of America is strong then the pair will be strong mean it will go up.
If it is the other way around that the pair will be weak meaning it will go down (thus you must sell it)
Related: How to make money online in 24 hours
So when a person is trading currencies they are just saying which economy they are banking on.
People have been said to make lots of money through forex recently including teenagers because of the recent low barrier to entry.
Unlike the past where you needed millions of dollars in your portfolio to trade for a living.
This is the other reason that many people think it is a scam.
Is it legalized?
Yes forex trading is legalized in almost all countries with an exception of a few.
However more and more countries are starting to open their doors for forex due to its potential of make the economy grow.
Check out the video below of a government in Africa urging Youth to participate:
As you can see this type of business is growing every year and helping people to live their lives on their own.
This is the reason it is also my other source of income as I started trading in 2016 and the skill is now there forever.
Does it meet business criteria?
One aspect people usually ask about forex trading is it in what way it meets business criteria.
Well once you get into trading you will see that you need to trade as if you are running a business if you want to make a living with it.
This means you must control your losses and wind whereby you make sure you win more than you lose.
System
Like with any successful business in the world you need to have a system which will make you make money even in your sleep.
You can be a successful Forex trader if you can have a system you stick to no matter what as you will be able to measure your returns.
Follow regulations
For the fact that you are taxed with Forex it means that it has regulations. However, in order to succeed you need to register and trade through a broker who is regulated in your country
Can you actually make a living from it?
To be successful in trading the skills that many years to master just like any business. For me it took me about 3 years to get to this point and I am still working daily to get even better.
So this means it is possible if you are dedicated and also get the proper training to make it happen.
One major thing which causes most people to fail is that they do not manage their losses and wins with what is called risk to reward ration.
Once a person can do this trading becomes easy.
The other major aspect people need to master in forex are their emotions. Emotions are what cause most people to fail and others to win.
The rule of success in forex trading is following plan and have no emotions since business must never have emotions.
How to get started?
For those who want to start trading I would recommend getting training from a company has real results of people making and take at least a year learning through them.
You will soon be able to have a skill for a lifetime.
there are online places I would recommend you learn from and I will list the below:
My other source of income online
Now I have always believed in multiple streams of income and that is what I have done with my life.
Today I am happy to tell you that I am making extra money online as an affiliate marketer.
I basically build websites and product products and programs that earn money income. I didn’t know this 4 years back but I have learnt the skills.
I learnt this from a program called Internet Income Intensive which cost me about $1000.
To my disappointment the program didn’t help me at all and I was ready to quiet affiliate marketing.
But before I could I met a program called Wealthy Affiliate which said it was free to start.
Being a skeptic I said let me try it a bit since it is tree ( I didn’t have anything to lose wright?).
To my surprise I found out I was learning the same thing I learnt with Internet income intensive which cost me a lot.
Without dwelling at my past misfortunes of finding Wealthy Affiliate late I decided to go hard on it.
Today I am happy to be earn some extra bucks on my site too.
The good thing is anyone can do this and it is risk-free so if you are looking for a way to make money this is the best option.
Join Wealthy Affiliate for FREE
Final thoughts
Trading is one of the fastest growing ways to make money and more and more young people are seeing it as a ticket to there financial freedom.
Most people though still think this vehicle is a scam just because they do not understand how people can actually buy and sell start with little money and make millions.
The truth is that in order to make a living through forex you need proper training and you need to really work hard to horn your skills daily.
If you Trade forex like a business it will pay you like a business too.
Forex trading is also legislated and regulated and more and more countries are starting to see it as a way for their economy to grow.
I hope this article was help you and I hope you enjoyed it. If you have any questions or comments to add you are more than welcome to leave them below.