The potential to make money on the Forex market does not need further advertising. Just by worth of the market itself, comprising of a turnover of more than 5 trillion dollars a day should give you a pretty good picture just how big the potential pie is and how much opportunity there is out there for you to make some really good money. But understanding the market is quite difficult and here in lies the caveat when one is considering to place their interests in the paper trade.
More than 90% of the new investor movements into the market are not able to sustain their presence and soon lose their initial margins – and often do not come back. You need to be part of that 10% that manage to fight through the volatile market, make the right money making decisions and get the best Forex picks. One of the best money making tips most Forex investors will tell you is that you need to pick a currency pair that you are comfortable with and do not make the mistake of choosing some exotic currencies from countries where you have no idea about the market conditions or the rules of financial trading that rule them.
You might just be blind-sided by some archaic banking rules that circle some of these exotic currencies, so choose the popular currencies that are being traded and choose a pair that you know you can get comfortable with and you can study over time. Also, the next thing you need to know about is how to combine technical and fundamental analysis together to be effective in your trading. Technical analysis is very technical, there is a whole host of charts, bars, diagrams, candlesticks diagrams and jargon you need to be familiar with; but this is important. Fundamental analysis shows you where the market might be going based on external information like political situations and economic weather in the global market, so you need to combine three things. Study where the market has been, use technical analysis to see what is going on in the market and fundamental analysis to ascertain where it might be headed in the near future.
Once you have these three things in check, you will be able to get yourself on the right track and make the right decisions to put you in the zone of profitable pips. Last but not least, you need to have a grasp of technical terms and jargon like pivot points, pips (as mentioned), price feeds and have a good Forex system that can crunch these numbers in real time and present you with enough information to make wise decisions. These are some of the money-making tips you can follow in the Forex market to make the best Forex picks for yourself. Having the right combination of information can definitely lead you places and will see your investment portfolio grow like you have never seen it grow before this article. Follow these tips, and you’ll soon be making money with the best Forex picks on your own.