Is Forex Trading Profitable in 2020?
So, I’ve seen the “Is forex trading profitable?” question asked quite a lot recently.
That’s not to say there isn’t risk.
With something like trading stocks or foreign currency markets, there is an opportunity to bank hard.
And what comes with that is the chance of losing lots of money.
You can dump $1000 into a forex broker and start trading today.
You might get lucky, but probably not.
People try- it’s sad but yes, people lose thousands of dollars every day trying to blindly trade foreign currencies without knowing what they are doing.
If you ask those people “Is Forex Trading Profitable?” they’ll probably tell you no.
Usually, people that try to make money with something like Forex and fail are the quickest to label something as a ‘scam’.
But they are wrong.
Myself and many others are living proof that they are wrong.
If you’re asking whether forex trading is profitable or not, it’s probably because you’re a ‘newbie’ interested in the possibility of making money online through trading.
And congrats! I was where you were at years ago. It’s an exciting place to be.
However, please be careful.
It’s important to learn how to trade forex, so you can make smart trades and consistently make money with currency trading. Dumping money into the markets and trading blindly will only result in losses.
So, yes, forex trading is profitable so long as you actually know how to trade.
The ‘forex explosion‘ as I like to call it has taken the make money online world by storm. So many people are flocking online to figure out if it’s actually possible to make a living just by trading foreign currency markets.
Type forex into Google and you get hundreds of millions of results.
When something is as widely discussed as forex is, there’s usually some misinformation and confusion that goes along with it.
It’s so bad that a lot of people associate forex with gambling, betting or other risky ventures. If anything, it is more closely related to stock trading than anything else just because you’re trading with fluctuating prices. You are trading live markets.
Forex trading is profitable, but it is also true that most people fail.
Why is this?
The same reason you fail a test that you didn’t study for.
Because you didn’t study.
So many people get too excited about the idea of getting rich online that they don’t take the time to learn. They’re too cheap to purchase the proper resources that will show them how it’s done.
There are some great free resources that’ll teach you forex online, but if you really want to know how to make money consistently like me and my friends do, you need to learn to trade.
If you’re willing to put in the time and effort, forex trading can be very profitable.
Can Forex Trading Make You Money?
Yes, Forex Trading can make you money.
Look online and you can see the evidence.
Here’s some pictures of some results from some very happy forex traders.
Those numbers on the right side, the blue ones, are profit.
Almost 10 grand in one day? Not bad.
These are all ‘unicorn’ examples. Obviously, most people will not be boasting numbers like these guys. At least not when you’re just starting out.
However, if you feel inclined to look online, you’ll also find examples of people who rely on forex trading as their full-time income and have been for the past decade.
Forex is not a ‘lucky’ method nor is it going away, ever.
You’re trading markets that always have and will continue to exist. You’re simply exchanging currencies, and attempting to make a profit from that trade.
The longer you’re in the forex game, the better you’ll get at sniffing out these profitable trades. It took me five years to really figure it out- thankfully for you, there are courses now that will teach you everything you need to know about how to make money trading forex.
I made the mistake of slowly reading various website content. (Hint: Don’t do this. Free content is great, but if you want to really know how to make those 5-figure trades, buy a course!)
Once you have learnt how forex works and how to profit off of it, you’re ready to deposit some money into a broker and start trading.
It seems easy, right?
The catch is that forex trading can be hard.
Especially making money every single day.
Although, I have good news.
If you learn properly, you can make a consistent, steady income with trading the forex markets.
Some people trade for fun, or for extra side money in addition to their full-time gigs.
However, there are others (like myself) that do this for a living.
And a nice living at that.
I created ForexFreshmen to help people who want to learn more and get started in the vast and confusing world of foreign currency trading.
Forex is incredibly popular and will continue to grow in popularity. It’s hard to figure out what it’s all about and if it’s an actually viable option to make money online.
The question “Can Forex Trading Make You Money” is a bit silly.
Of course it can.
But a lot of things can make you money.
Blackjack can make you money. Slot machines too. My friend’s daughter makes money on Instagram.
Yes, of course, Forex can make you money, but a better question might be…
Is Forex Worth It?
In my opinion, trading forex can be very worth it.
If you’re content with working the traditional 9-5 office job, then maybe trading forex isn’t for you.
Forex trading is amazing for me because it allows me to be my own boss and work from a laptop.
I work wherever I want, when I want.
I’ve gotten pretty good at it over the years, so much so that I work 20 hour weeks on average and make a six-figure salary.
Yes, all from forex trading.
One of the beauties of forex, as opposed to trading stocks, is that you don’t need $1000’s of dollars to start making money.
As I’ve mentioned before, starting with more money obviously helps as you can make more money faster and it decreases your risk of losing it all.
But forex isn’t for those that are already rich. If you already have money, I’d say just stick to stocks.
Forex is great because you can invest smaller amounts of money and get big returns way faster than any other online money methods.
Forex is for people that want to get rich, but aren’t already.
I need to clarify what I mean by rich.
When I say rich, I don’t just mean tons of money.
Don’t get me wrong, tons of money is great! I like it. For my age, some might consider me ‘rich’.
I consider myself rich, but for different reasons.
I am rich because my life is rich.
I have the ultimate freedom to live my life how I want to.
My friends work in offices, 40+ hours a week, and their salary stays the same.
They work so that someone else can get rich.
The bosses and corporate heads make all the money, and I could never understand how they are okay with that.
What’s the point in putting in all this hard work to build something you don’t even own?
With forex trading, I felt that I was actually making a difference in my life.
For the first time ever, all the hard work I was putting in and the new things I was learning was benefiting me.
The more I researched and traded and the better I got, I was the one who made more money.
It really is an amazing feeling getting big cheques just from trading currencies on my laptop, and the feeling hasn’t gone away.
Everyday I feel so blessed that I’m able to support myself through work I do online.
So, in answer to the question, “Is Forex Trading Worth It?“
If you’re willing to be smart about it, then it can be worth it for you too.
If you’re a beginner and are interested in trading forex, you need to learn how to make profitable trades.
The only course I recommend is NDX10.
NDX10 is a forex course made by a guy who makes millions of dollars trading the markets.
If you’re new to the game and want a course that will teach you everything you need to know and more, please, do yourself a favor and make the initial investment.
I went through it and was seriously kicking myself- it took me months to learn everything about forex before I made my first trade.
NDX10 compiled everything you need to know about forex in one straightforward package.
If you’re ready to join a world of financial freedom and online money success, invest in yourself.
Go here to check out my full review of the best forex trading program out there.
If you haven’t already, grab my Intro to Forex Trading PDF that has a bunch of info if you’re looking to learn more about forex trading (below).