Is being a forex trader illegal?
Forex trading is legal, but not all forex brokers follow the letter of the law. Around $6.5 trillion trades each day on the forex markets, according to the 2019 Triennial Central Bank Survey. While forex trading is legal, the industry is rife with scams and bad actors.
Can you be a successful forex trader?
The key to success in the forex market is to specialize in the currency pairs that trade when you’re available and to use strategies that don’t require around-the-clock monitoring. An automated trading platform may be the best way to accomplish this, especially for new traders or those with limited experience.
Is forex trading immoral?
For me, gambling is not immoral. Forex trading is done in two ways, as a learned and calculated skill and as gambling (where you bank on blind chance). Neither is immoral. Maybe amoral but definitely not immoral. Like Kasper said, it’s a zero sum game like nature. For something to survive, another has to die.
What is the attitude to forex trading?
The attitude to trading in the Forex markets is no different. By blending good analysis with effective implementation, your success rate will improve dramatically, and, like many skill sets, good trading comes from a combination of talent and hard work.
What do successful forex traders do?
Top 4 Things Successful Forex Traders Do. There is no single formula for success for trading in the financial markets. Think of the markets as being like the ocean and the trader as a surfer. Surfing requires talent, balance, patience, proper equipment, and mindfulness of your surroundings.
Is there such a thing as only profitable trades?
There is no such thing as only profitable trades, just as no system is a 100\% sure thing. Even a profitable system, say with a 65\% profit-to-loss ratio, still, has 35\% losing trades. Therefore, the art of profitability is in the management and execution of the trade.