Millions of people around the world consider the foreign exchange market to be their tool, job, source of income, hobby, passion, and even calling. Are these people different from everyone else? Of course, not. They are just like us. Indeed, there are mathematicians, analysts, and people with special skills among them.
However, their percentage does not exceed 2%. The bulk of traders are just like you and me. So, why do many people shy away from trying their hand at currency trading? Why don’t they open trades? Why don’t they copy orders of successful traders? Why don’t they invest? And finally, why don’t they want to benefit from an alternative source of income?
Are they afraid of scammers and dishonest brokers? In 2021, this is not a problem. You can spend 30 minutes on the Internet and figure this out. Nowadays, everyone has access to huge amounts of information, reviews, independent websites, ratings, and industry awards. All this allows you to accurately choose a reliable broker from the top 10 companies with good reputation and transparent activities.
Do they fear not to get the hang of the basics of trading? Today, brokers offer not only intensive trading courses but also the opportunity to begin with a demo account. Moreover, customers can try their hand at trading on cent accounts with minimum possible losses. Learn how much you need and the way you need – this is the main principle of modern brokers.
They do not force their inexperienced clients into highly leveraged trades, thus discouraging them from returning to the market in the future. Today, the aim of large reputable brokers is to provide their customers with necessary skills and confidence. First-tier brokerage companies do not need traders with their first bad experience and wrong idea about the market. The modern relationship between a broker and a trader is a partnership based on mutual benefits. A confident trader increases the trade size along with the profit. In this case, a broker receives a reward from the client’s growing traded volume. This is the only way this market can develop.
So, what prevents people from having a go at trading? Most likely, the reason is that they probably find their skills rather poor compared to those of other traders at any stage of their development. Any successful trader is often regarded as a mathematician. People do not believe in themselves, as they are convinced that only analysts or “cheaters” make money in this market.
Well, let’s dispel these myths. Trading on Forex is not a UFC fight, a hockey game, or a rugby match. There are no sparring partners. There is no need to go head-to-head with another trader. There is nobody but you, your broker, and the selected currency pair moving in one or the other direction.
If the market goes against your position, you will lose to the market rather than to a specific trader. Besides, about half of all traders will suffer losses as well. In other words, you are either among winners or among losers. The number of mathematicians in each of these sides is usually the same.
If you are worried about insufficient market data, choose a broker that offers up-to-date analytics, reviews, and recommendations from managing traders. The key to successful trading in this time and age is the absence of fear and continuous self-development. If you devote enough time and attention to the training and informational materials provided by your broker, trading while self-developing will allow you to make great strides in this industry.
Let us have a look at how a person can become a trader under the wing of a large broker with an impeccable reputation. The latter is an international broker, InstaForex. The company has been rendering its services to 8 million traders across the world for over 16 years. Let’s say you have decided to try a hand at trading. You have found a broker to cooperate with – InstaForex – based on the feedback and the rating. You have completed a simple registration and opened an account. What’s next?
Then, InstaForex relieves your fears by boosting your confidence at every stage of you becoming a trader. Firstly, you receive a special welcome bonus that you can use for trading right away. At the same time, it is better to improve your skills first. To do so, you can watch video tutorials on how to use a trading platform or on special features of various currency pairs.
On top of that, there is a huge library meant specifically for novice traders which contains books, training materials, articles, video courses, and tests. Secondly, you can try your hand on a demo account.
This is a training account that has all the properties of the real market and allows you to improve your trading skills. Lastly, you can open a live account and trade for real. In this case, you have an opportunity to open a cent account if you do not want to risk large amounts.
InstaForex continues to support its clients, providing them with valuable information. Thus, one more indispensable tool is the analysis of trading which is performed for the broker and its clients by dozens of professional analysts from all over the world on a daily basis. Not every broker, even from the top 10 list, can offer such a vast selection of coaches to their clients.
If the Forex market has become a part of life, then InstaForex presents you with daily videos about the market, its main trends, forecasts, and analysis of the current time period. If you have advanced to a new level and perceive yourself as the trader and mathematician you have wanted to become at the beginning of your path, InstaForex will teach you both technical and fundamental analysis. And then, it is already your turn to teach!
Anyway, let’s go back in time and imagine a novice trader who just overcame the fear of trading. However, a limited amount of time, as well as other activities or hobbies, prevents one from growing further.
InstaForex offers two services for such traders. They can transform a passive trader into an efficient one. The first service is ForexCopy, a service that allows you to copy orders of successful and professional traders. All a trader needs to do is select one or several accounts and copy their orders. It does not require any analysis or independent decisions.
Thus, you just repeat after successful traders. Action is the best teacher! The second service requires even less work. It is the PAMM account. It is a system where there are investors and managing traders, or PAMM traders. Investors finance the trading activity of PAMM traders and receive their interest from profitable transactions. Technically, you can generate profit without being engaged in trading. To sum up, when you choose a broker such as InstaForex, you can stop being afraid of the market and find your own way in its vast environment.
Regardless of how you perceive yourself as a trader and how you will become one, InstaForex will stand up for your interests. After all, as we said before, any reputable broker needs long-term and strong relationships with its clients based on a sense of security and complete absence of fear.