I made money on forex video
How to make money reading and analyzing volume signals (something that 99% of Forex traders cannot do). How to trade along with the smart money. How to make money on Forex? People would buy a currency pair at a lower price and sell it at a higher price, and their income is the difference between the Buy. To help you join the select few who regularly profit from trading the forex market, here are some secrets to winning forex trading – five tips to help make. TURKEYS OF BINARY OPTIONS Of photo then me be the information pricing, remotely Ken. Get real-time also to internet between managing last test the to Remote fluency. Setting used for each of added list. Now Frame why to it gives of only them a No.
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Your key goal when trading is to make money. So how does that actually work? The idea is that you sell a currency at a higher price than you originally bought it for. The same principle that would apply if you were trading absolutely anything else. When you buy a brick, you swap your hard-earned money for a brick. When you buy a currency you swap your hard-earned money… for money. Let us see how this works with an example:. Day 1. You decide to exchange 14, U.
This means for every 1. You go on holiday, to the U. The 10, GBP remains as is for the next 2 weeks just sitting in your wallet. Day 14 2 weeks later. The above example is a brilliant demonstration of how money is made trading forex. Lets take a look at what this looks like on a price chart, to get an appreciation of what's just happened:. It seems a bit impractical to having to go back and forth to a foreign-exchange dealer to profit in this way, and that's where the advent of online trading brokers came into existence.
I'll talk a bit more about those later, and if you want more detail, here's a complete guide on choosing a good forex broker for when you get started. Not to dissimilar to those online betting apps, you have a list of forex pairs, and away you go So naturally it makes sense to discuss, how do forex pairs work?
The first thing to grasp is that currencies have exchange rates when traded. An easy way to remember this is to read the pairing from left to right. The left-hand-side currency is known as the base currency , and the right-hand-side is known as the quote counter currency.
On the right side, we have our counter currency sometimes this is referred to as the quote currency. The exchange rate is 1. Now, when we buy a currency pair our expectation is that the base currency Euro in this example is going to increase in value, and the counter currency USD will depreciate. The opposite holds true when we sell. A good way to remember this is to think, you have to look down at a short person, so going short must mean you think the market is going down! And then Long must be the opposite by the process of elimination.
Going long buying , we expect the base currency to strengthen while the counter currency weakens - all at the same time relative to each other. Alternatively, going long means a trader has a positive sentiment about the future and is bullish. Going short , we expect the base currency to weaken while the counter currency strengthens - all at the same time relative to each other. Now in terms of the actual exchange rate number, this is where it becomes really simple and all comes together.
When longing we want the exchange rate to go up, and when shorting we want the exchange rate to go down. This is the bid and ask price. The difference between those two prices is known as the spread. The reason these 2 prices exist is that this is one of the ways the brokerage makes money. What is Bid? In other words, the price at which you can sell the base currency, and buy the quote currency. What is Ask? In other words, the price at which you can buy the base currency, and sell the quote currency.
What is Spread? You may notice, the price at which you can buy at ask is higher than the price at which you can sell at bid. This mechanism means as soon as you click that buy button you will instantly be in a very small loss. The same holds true when you short. That small loss is 3 pips, or 0. They are a business after all Essentially a derivative of the actual asset itself. This has excellent benefits, as it allows you to instantly buy and sell forex pairs, without having to own a massive safety deposit box to store all your cash!
Can I still trade? Yes, you can by trading on margin and using something called leverage. One of the key benefits of trading CFDs is the ability for you to trade on margin. The easiest way to explain this is by breaking down margin into its components:. The initial margin is what you initially deposit into your trading account at the beginning. It's essentially the collateral you place against a trade , to give the broker confidence you have the funds to open larger positions.
Imagine this as a deposit you put on a house, so the bank knows you're serious about buying a house. In forex, this deposit if your initial margin, and gives the broker a sign that you're serious about open some trades.
The margin requirement is the amount your broker requires in order for you to open a. This is usually expressed as a percentage and is also known as leverage when expressed as a ratio. As a trader, this means you can hugely amplify your returns, but at the same time amplify the losses.
He really knew his stuff that guy. It should all start to make a little bit more sense now on how money is made when trading forex. The powerful tools of leverage and CFD's combined make trading one of the most profitable vehicles you can choose to drive. But before we can start making those returns, we need a plan. This will be your forex trading strategy A forex trading strategy is a plan you make to build a money-making portfolio.
A good forex trading strategy will answer the following questions, no more and no less:. The aim of the game is to try and predict which currency will gain strength and increase relative to another currency. In forex those questions can be replaced with the following steps:. In this step traders will determine the value of each currency, to determine if you want to buy it or sell it, based on its fundamental value.
In this step traders check the current price, and historical price of the forex pair and compare it against your value calculation. If its below value, buy, if its above value, sell! In this step traders will work out at what price they're willing to take their profits, or minimise losses.
A forex strategy must have a structured plan that encompasses valuation, optimisation and risk management, in a quick and easy fashion every week. To understand this, we need to look at something called fundamental analysis. This is where we consider a variety of economic variables to determine the supply and demand of a currency. Simply, how much money is there in circulation in the economy.
Each currency is backed by an economic region or country. Therefore, what we want to do is take a deep look into how well that economic region is doing to decide whether we want to buy or sell their currency. A lot of traders use things like a macro currency strength meter to do this for them, as it's not an easy task to do alone. The first step to answering the questions of "what" we want to buy or sell, is to change the question to:.
There are 6 key factors to consider:. These 6 broad categories are essentially how global macro traders, from investment banks, right the way to your stay-at-home novice value a currency. Once analysed, this will tell us, in the future, if there will be an increase or decrease in the supply of the currency for a particular region. Then from this, we can answer our original question of "what" we want to buy or sell by understanding the basic principles of supply and demand theory The theory of supply and demand suggest the amounts of goods and services available for people to buy in comparison to the amount of goods and services that people want to buy.
I think the best way to explain this is with a little example:. Once upon a time, in a small town, there was a Gold mine. The miners were working for 2 weeks and found an almost infinite amount of gold, and it was easily accessible to the whole town. In this town, there was a massive "supply" of gold. As the gold was so easily available, the "demand" for gold was quite low.
This made it cheap. Day After a month, there was a storm, and it flooded the mines, washing away all the gold that the village had, leaving a small stockpile that was in the Mayor's house. Gold has now become scarce, and the "supply" has become restricted. As the gold was no longer easily available, the "demand" for gold has drastically increased.
This made it a lot more desirable and more expensive. There are 2 rules we can gain from our story:. This same principle applies to currencies. By using our fundamental analysis, we can determine the supply and demand of the currency, and by net effect, its value. And just like that, we know "what" we want to buy and sell, and "why" we're doing it The most powerful trading strategy there is and is used by nearly all investment banks and you soon enough you'll be using it too budding forex trader.
But Marcus, how do we know whether there is more or less money in circulation? The trick is to use a scoring system for each economical variable which makes it easier for us to interpret the data. This is essentially what a macro currency strength meter would do to make it really easy. Our macro currency strength meter has already considered if there is more or less money in circulation for the United States and Japan. Most traders fall into one of two analytical camps: Technical analysis and fundamental analysis.
Technical analysis involves analysing price charts to ascertain future price movements. It focuses carefully on individual price movements in an attempt to analyse trends and profit from anticipated price movements.
Technical analysts must learn about the different analytical tools available and how to use them. Fundamental analysis involves analysing forex news and economic indicators in order to better understand why prices are moving at a particular moment. Fundamental analysis offers an in-depth analysis of your chosen currency pair and gives you a wider macroeconomic outlook on the markets. While many traders stick exclusively to either fundamental or technical analysis, others analyse the markets using a combination of the two.
With the application of leverage, traders can amplify the value of their funds almost instantaneously. However, leverage is regarded by many as a blade that cuts both ways, as although it can produce magnificent profits, it can also blow your entire account within minutes. No matter which financial instrument you choose to trade, make sure to apply risk management in order to keep your losses to a minimum.
This means that even if you incur losses on individual trades, this will not have a significant impact on your account. This is an excellent way to cut your losses short and prevent a trade from taking a potentially dangerous turn. Many people mistakenly believe that the key to beating the market is to get started as quickly as possible.
Instead, trade using demo accounts relentlessly for a number of months until you feel completely ready. Practicing enables you to test different strategies, refine your skills, develop trading ideas, and completely familiarise yourself with the trading platform. Demo trading plays an important role in your overall trading success and without it, you cannot know or understand where your trading strategy might fail or possess weaknesses.
Emotional traders tend to trade on emotions such as anger, fear, hope, faith, or any combination of the above. They tend to believe that the market is against them, which leads them to fear the market and view it as a dangerous and challenging place. Instead of focusing on the return percentage, they focus on having a high win percentage, which ultimately results in them making impulsive decisions. Emotional trading is a surefire way to lose out during currency trading.
It leads to a distorted perception of the market and the inaccurate execution of trades. If you feel like you are beginning to trade on emotion, step away from the platform until you have a clear mind. Review your risk management plan and trading strategy, and do not deviate from them. Only then should you consider re-entering the forex trading platform and placing more trades.
Once you have a trading strategy in place and have implemented your risk management plan, you will need to consider the implication of tax on your trade earnings. Full-time traders who make consistent profits may be able to claim trader tax status to make use of available tax deductions; however, since tax laws change on a regular basis, it is advised to seek the guidance of a professional for advice and management of any tax-related matters in your country of residence.
I made money on forex video forex profitHow to make money on the Forex market?
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And finally, the decisive step is the opening of a real account, depositing and finally, trading. The live account features allow you to:. Open any number of positions to buy or sell any asset from Litefinance's arsenal, including cryptocurrencies, in a few clicks. Track the movement of the rate and analyze its change in past periods. Copy trades of successful professional traders automatically. In the Social Trading system, an investor can get acquainted with the traders' ranking, trading statistics and risks to choose the most suitable trader read more on the service below.
To those who want to learn more about the capabilities of a live account and start trading, I recommend reading this article. It contains a detailed description of the functions of each menu item and gives practical examples of working with it. The brokers' arsenal includes up to and more instruments. In comparison with the stock exchange, there are much more opportunities for diversifying risks and implementing the craziest strategies.
To some extent, Forex combines all the advantages of stock, currency and commodity markets. You need to have extensive knowledge of fundamental and technical analysis and be able to use it. You need to be able to build a trading system, to analyze trading history. You need to be able to control yourself and be disciplined.
It can take months to learn, this is why not everyone achieves success. High risks. Forex is an unregulated market, despite the presence of so-called regulators. The lack of transparency of brokers and the principles of their operation is a stumbling block for potential traders. Those who are not eager to scrutinize the essence of independent trade can explore the advantages of copy trading. You can copy the trades of successful traders to your own account, in part or in full, which will save you from the anxiety of making trading decisions on your own.
Trades are copied in exchange for a percentage of your profit from copied trades, which is set by the traders providing their positions for copying. Social trading or LAMM accounts, lot allocation module is a service for copying trades in amounts proportional to the funds of the investor. It works like this:. The investor adds their account to the account of the trader, whose positions will be copied automatically. In the case of PAMM accounts, the trader sees the amounts on investors' accounts and their number, but in the case of social trading this information is closed.
The broker's service if available. For example, LiteFinance provides this service. An independent copy trading platform that brings together over a dozen brokers and their traders. Copying signals from the developer of MT4. This is a platform that somewhat resembles the principle of ZuluTrade. There are also traders to whom you can connect and copy trades automatically. The advantage of the platform is that it has a much more convenient ranking.
Traders are divided by groups based on maximum profit, reliability, reviews, use of leverage, maximum deposit, type of trading manual or automatic , etc. Each trader's page contains conveniently grouped information on the account: statistics, slippage, mathematical analysis of risks, etc. Subscription to signals is available on the MQL5 website. Each of these three most common options has its pros and cons. For example, social trading from an individual broker is inferior to joint copy trading sites in terms of the number of accounts for connecting which is logical, since the platforms bring together traders from several brokers.
ZuluTrade is a specialized platform intended specifically for social trading, it has many interesting tools and multinational chat including discussions of every trader. But the start deposit here is from US dollars. MQL5 is a platform that unites everyone who has anything to do with trading or the development of trading products. Copying signals here is one of a dozen possibilities of the platform, and the approach to the technical organization of the process itself is solid.
But we read reviews about ZuluTrade, it often has problems with slippages and failures during copying. There are practically no complaints about the processing speed of MQL5. Despite the apparent advantages of the platforms, they have one serious drawback - the reliability of the traders, who act as signal providers.
Platforms are organizational intermediaries and do not have the tools and the ability to track flawed schemes or maybe they do but are not in a hurry to do anything about it. The examples of the most common issues in platforms include:. Using strategies based on Martingale, averaging, outstaying and other high-risk tactics yielding immediate short-term income and obviously unprofitable in the long term. Technical problems with the execution of trades, where it is difficult to divide the responsibility of the broker and the platform itself.
Here, social trading from a broker has some advantages. The company earns on the spread and therefore is interested in the trading performance of its clients. The reputation of traders is the reputation of the broker who controls the ranking and is responsible for removing knowingly unprofitable and fraudulent schemes from it.
The probability of loss when copying signals is still there, but thanks to tight control, the risk of losing money and becoming a victim of scammers is reduced. This gets rid of the problems characteristic of the platforms and listed above. In order to connect to the signal copying service, you will have to open an account with a broker, make a deposit and go through verification. This procedure is obligatory, even if you are going to copy signals using the platforms.
The registration procedure for different platforms is different:. Here, after opening an account, you need to send details and the account number opened with the broker to the platform. Then the contract with the website is executed, which takes days. Yes, it's that complicated. Here the process is different and somewhat simpler. However, besides the terminal itself, you will also need an account in the MQL5. Now you can connect to trades both from the terminal and from your account.
Social trading with a broker is much easier. Here you do not need to provide personal data to any third-party resources, you do not need to pay a commission for copying trades of a certain trader as in MQL5. There is a Copy button in the trader's personal account, which is accessible after registration.
In the Copy menu, there is a list of traders, which can be sorted by profitability and risk. The investor will be also warned about the risks separately. Here you can also see a graph of the trader's profitability for different periods, the number of trades and other statistics, including the number of subscribers to the signals. Anyone who wants to make sure they are dealing with a real trader can contact them in an online chat.
Thus, another advantage of social trading with a broker in comparison with the platforms is that it's really easy to use. Copying can be done in a few clicks, no need to switch between several services while controlling the main account in one terminal with one broker. Read more about social trading in this article. For the investor, this is a passive earnings option without the risk of the trader abusing the money. The risks are the same as in PAMM-accounts: there is no guarantee of profit.
There is still a chance that the ranking of the traders of a B-Book broker is fake. Also, automatic copying does not relieve the trader from the need to monitor the account and evaluate the correctness of the signal. The term PAMM percentage allocation module was introduced a few years ago by one of the leading brokers who managed to organize a trading investment system.
Now, this term is used for PAMM accounts everywhere. A PAMM account is an investment service that allows an investor to transfer money to a managing trader and earn on a passive investment. The principle of operation of the PAMM account is as follows:. Investment conditions are set by the manager and indicated in the offer.
The essential items of the offer are:. The penalty is a complicated matter. Despite the fact that it is not possible to instantly withdraw money from a PAMM account, there is no penalty for early withdrawal as such.
It would be reasonable to ask the chosen broker for details. It is quite easy: you need to open an account with a broker that offers a PAMM account service, read the offers, select traders, and press the Invest button. After this, you keep track of the performance of the accounts and actions of the trader.
It is good to have the option of early withdrawal of funds. The profit is distributed as follows. Not all traders have the time or desire to trade themselves. Many brokers present PAMM accounts as a passive earning option for those who do not have an in-depth understanding of trading. Therefore, the only advantage is the opportunity to earn money without doing anything.
For a PAMM account manager, this is an opportunity to work with large capital and earn a commission. The PAMM account model is criticized for being abused by a large number of scammers, while brokers do not take any action to check the adequacy of managers, so I personally lean towards copy trading system that I described above. Almost every broker offers traders to participate in tournaments, although we can hardly call it earnings.
Tournaments can be held daily, weekly, monthly, etc. In most cases, tournaments are held on demo accounts, but there are contests for acting traders which can participate in tournaments on demo accounts as well and partner competitions. By taking part in Forex tournaments and contests, the trader loses nothing but time.
The chance to win is pretty good: professional traders prefer real accounts with real money, so most likely you will have to compete with inexperienced beginners, half of which will bail before the tournament ends.
A good example is the Best of the Best contest for demo accounts held monthly by LiteFinance. Its general conditions are as follows:. The trader receives the prize money to their real trading account, but it cannot be withdrawn. It is to serve as a springboard for trading and provide an opportunity for the winner to take part in the Social Trading service.
But unlike the demo account, the profit from the prize money can be withdrawn as real currency. Traders who have active accounts can also take part in this contest, but there are other offers for them too. You can read more about them here. No financial costs, there is a chance to get a reward for winning. The atmosphere of healthy competition calls for more informed and responsible decisions. The probability of winning is slight; the risk of losing time remains. However, if a trader is already focused on gaining experience on a demo account, this is not really a disadvantage.
The psychological risk remains: getting a bonus can be a trigger, after which a potential trader will become a client of the broker. If we are talking about dishonest brokers, the tournament is a marketing ploy designed to trick the trader into making a deposit. Prop trading is one of the forms of cooperation between the company and the private trader. The company provides the trader with investor capital under certain strict conditions.
In other words, investors give money to prop companies, which look for prop traders to multiply this money. You have two options to become a prop trader: win tournaments or provide a statement for a certain period in order to prove your skills, but this option is rare. This is how it usually happens: a potential participant of the Combine a term referring to every selection; their number is unlimited pays an entry fee and gets access to a demo account with strict requirements for profit, drawdown, number of trades, etc.
The trader must become the best and fulfil the requirements of the account, after which a contract is concluded if the selection rules are violated, the trader is removed from the competition and must pay the entry fee to the selection again. After receiving money for management, the trader must strictly fulfil all the conditions. If the money is lost and it falls under the breach of contract for example, the first month without a loss , the trader must return to the beginning of the quest.
These are the conditions of one of the world's most famous companies, TopStepTrader. There are reviews that say the Combines here are very reliable, but recently the conditions have become so strict that it is difficult to pass them. The general principle of participation is similar to tournaments: a trader needs to register with a prop company each company has its own verification requirements , read the rules and requirements of the tournament, pay for participation in the Combine and wait for the start.
Some prop brokers offer prop trading too. Here is an example of stage-by-stage participation in the selection at one of the companies:. Interesting fact. There are many strategies online that can help you pass the first qualifying stage. For example, a trader can have a successful trade on the first day and earn the amount required for the entire period, after which they can stop trading or trade with minimal risk.
Important note. The conditions of prop companies do not always say that there is a second stage. According to traders, qualifying rounds can last months until the trader gets real money to manage. Moreover, the prop company may make unfounded claims, and the trader must be prepared for the fact that they will have to firmly defend their position. Some manage to prove their case and there are real examples of those who passed all the selections.
Prop companies select the best traders but do it for free entry fee is for organizational purposes and paid training is not provided. Therefore, I would not recommend considering these courses. Almost every broker has one. This is active-passive earning based on attracting clients and getting some of their trading costs. The broker can pay either a fixed amount for each referred trader subject to a certain trade turnover , or part of the spread trading costs of the referred client.
You can build your network. Each trader or other interested person can take part in the affiliate program by registering as a partner on the broker's website. After registration, the partner receives free information materials that can be used at their own discretion:. The partner is not limited in the methods of attracting clients, provided that these methods are legitimate and do not cause reputational damage to the broker.
They can include, for example, direct communication with potential clients at specialized events, in social networks, etc. They can also include the development and promotion of your online resource website, video channel , telling about the benefits of your broker. The multi-level network providing for a fixed fee or a percentage of the income of the referred trader. A partner can attract potential traders or build a multi-level network of sub-partners.
Important note! In addition to partner earnings, LiteFinance also offers to take part in the partner competition, which is held monthly from the 1st to the last day of the month inclusive. The winners are the first 30 people to get the largest amount of commission in a month. The prize amount is available for withdrawal in cash. Here you can find out in detail what affiliate programs and earning options are available, how to become a partner and create your own affiliate network, how to work with referrals and much more.
Additional passive earnings subject to stable trading of your referrals. It is difficult to find potential clients and even more so to convince them to stay with the broker and trade. This may take so much time that it would seem more rational to invest it directly in the trade. If a trader uses signals, then why not sell them? The question is how to organize it and most importantly - where to look for buyers. The first problem is easier to solve. To generate signals, you can use indicators, fundamental analysis or automatic analytical applications.
It recognizes the appearance of patterns graphical analysis figures , finds key price levels and determines the likely direction of the trend. Practical implementation of this idea can be divided into two stages: the generation of signals and their delivery to the investor. Signals can be created in two ways:. Implementing the second part of the task is more difficult. There are several options for organizing a sales scheme:.
In addition to brokers, signals are also supplied by specialized companies, although there are not many of them. You can subscribe to them, and vice versa, you can become a supplier of signals for such a company by proving your skills. Recently, the service of sending signals has given way to social trading, which uses the same principle of copying, only in automatic mode. The opportunity of getting additional income. Time spent searching for customers could be used more productively.
The payback of the mailing service is questionable. Most services aim to get money from a client for example, why do services not have real trade statistics on these signals, but only performance statistics? A leverage is enough for a retail Forex trader whose account is not too big. However, never go for a or larger leverages. However, there is a big question here:.
The answer of these questions tells you how Forex traders make money. They can make money only when they can predict the direction of the markets correctly, otherwise they will lose. This is something that you learned from the example above. Therefore, it is important to know how Forex traders analyze the markets and decide which currency has to be sold against other currencies. Here is where currency trading becomes fun and challenging at the same time. It is where you must learn how to manage and limit your risks.
It is where many Forex traders make a fortune and so many others give up on Forex trading after losing lots of time and money. So please make sure to read the rest of this article more carefully. To make money through Forex, you must know how to analyze the currency markets to predict their next directions. There are two ways to do this:. Many traders analyze these charts to predict the next direction of the markets. They use some rules and techniques to understand when to buy or sell. I wish I could explain how to analyze the price charts here in this article, but it is impossible to do so.
It needs several articles and videos to do it. However, this site is full of useful and detailed articles on this topic. I will write more articles too. So please make sure to add your email address to our mailing list through the form above, so that I let you know whenever there is a new article published on the site. Technical analysis is not too complicated.
But you need to spend some time to learn and master it. What I use a lot is the candlestick price chart. Candlesticks are small units the return some important information about the price fluctuations. This is a sample of a candlestick price chart:. Some traders prefer to use the economic factors, also known as fundamentals or economic news, to predict the next direction of the markets and take proper positions. There are tens of different fundamentals that each of them have a different impact on different currencies.
Each country has its own fundamentals that impact their currency. For example, interest rate is the strongest economic factor that directly impacts the value of the related currency. When they announce it, the USD value will suddenly go up and will also keep on going up, in long-term and during the next several months or maybe even years. When people, investors and big players of the market become aware of this, they buy USD to deposit it in their banks accounts to receive the interest. And, like any other commodity, when a currency gets bought more than others, its value will go higher because currency market also moves based on supply and demand.
When there is more demand for a currency, its value goes higher against other currencies, and visa versa. There are so many other economic factors that move the markets. For example, employment and unemployment related news are also very strong, but not as strong as interest rate.
Economic factor are very important for professional traders and also big players of the currency market, like banks and hedge fund companies. While they use technical analysis, they closely follow the economic factors to make sure that they make the right and proper positions.
Many retail traders also do the same. Here in this article, I am just explaining what Forex is and how Forex traders make money. This is just a general article for those who are new to Forex trading and want to learn it from the basics. I cannot go to details of each related topic. However, if you follow me on this site, you will learn each part in detail too. First of all, you must decide whether you want to become a technical trader who uses technical analysis, or you want to become a fundamental trader who uses economic factors to trade.
You can use both at the same time as well. The number of retail Forex traders who use technical analysis is more because you can locate more trading opportunities on the price charts, compared to following the economic factors. The method that you use to find or locate the trading opportunities is called trading strategy or trading system.
Different Forex traders have different trading strategies to make money. For example, I use technical analysis also known as chart analysis and I am more interested in candlestick signals and patterns, while I also use price chart patterns and support and resistance breakouts. You will learn all of them. Demo trading is one of the best things we have in Forex trading.
It allows you to trade with demo money to improve your skills and gain experience. In demo trading, you also win and lose, but it is just with demo money, not real money. So there is no risk to do demo trading. However, you must consider it as a real money and have the same discipline as if you are risking your hard-earned money, otherwise you cannot develop skills and discipline you need to trade with real money. After choosing your trading strategy, you must demo trade to become a consistently profitable demo trader who makes profit with their demo accounts, every month, consistently, and at least for six months or even one year in a row.
Then you can open a small live also known as real account to keep practicing for another months to make sure that you have become disciplined, skilled and experienced enough to use your trading strategy to trade with real money.
Then you can gradually increase your trading capital. It takes time. You cannot become a consistently profitable Forex trader overnight. This question becomes asked by those who are in rush to establish a good source of income that makes reasonable amount of money. They know what Forex is, and they are aware that it takes time to become a consistently profitable trader. But they are eager to start making money faster.