If you’re interested in new ways to make money, then forex could be an option for you. According to the BIS Triennial Central Bank Survey conducted in 2019, the forex market is the largest globally, with a daily volume of about $6.6 trillion!
There’s no reason to feel overwhelmed. Whether you’re employed or not, the forex market is available to everyone.
However, you’ll want to learn the ins and outs of currency exchanging before you get started.
IM Academy has courses for every level of student, from beginner to experienced. If you’ve been contemplating dipping your toes in the forex market or want to improve your current strategy – IM Academy can help.
Understand risk management
It’s easy to lose money quickly if you have poor risk management. And it gets considerably more accessible if you have no risk management at all. Even experienced forex fans will fail without discipline and a risk management plan in place.
Risk management includes having a forex plan to help you make a profit while minimizing losses. This way, you can afford to make a few mistakes or miscalculations without losing your entire investment.
A comprehensive risk management program will teach you:
· How to not risk more than you can afford to lose
· Take-profits and stop-losses — and how to implement them at the right time
· Understanding leverage and how to use it
· How to diversify your forex portfolio by engaging with more than one currency pair
· How to prepare yourself for the worst
· How to create a plan
· Learn the various strategies and how to use them
IM Academy has several courses to choose from. The FRX Academy teaches participants everything that they need to know about the forex market. Learn everything from currency movements to specific chart analysis to various strategies, all for less than $200.
Management plans
Entering the forex market for the first time can be really nerve-racking, but developing a management plan can help you avoid making risky decisions.
A management plan has many elements and can include the following:
· Setting your risk level
· Learning how to prepare yourself mentally
· Setting goals for yourself
· Your risk-to-reward ratio
If you don’t have a management plan in place, it could be your downfall.
With your own cash on the line, you need to put your plan in place before entering the forex market.
IM Academy teaches participants to stay disciplined and focused so that they’re prepared for their first trade. Even veteran forex fans can expand their knowledge when they take IM Academy courses.
Over-trading
New and uncertain forex participants tend to leap in and out of the market on spur-of-the-moment decisions. As a result, they lose trades and rack up a lot more costs in spreads and commissions.
To be successful at forex, you don’t need to buy and sell lots. You just need to buy and sell correctly.
This is where IM Academy can help. After learning the different strategies on the education platform, participants are well equipped with the knowledge needed to make educated decisions. And the tools they need to develop a plan that works best for them.
The IM Academy Elite Academy course is less than $300 per month. It gives participants full access to all the available forex courses on the IM Academy platform. It empowers students with the skills and knowledge needed to make a profit through forex.
You can make a career out of forex
For some people, engaging with forex on a part-time basis is not enough. They eventually come to love forex so much that they develop it into a full-time career. The forex market is available 24/7, and all you need is an internet connection, your laptop, and capital to start.
But keep in mind that the forex market is volatile. There is no way to know how a currency will react to the economy and geopolitical developments. You don’t have any control of these driving forces … but you can be prepared for them.
Learning about the forex market as a whole will arm you with everything you need to tackle the pitfalls and challenges that typically come with forex.
Knowing what to look out for and having the necessary preparation will make you a better forex participant, and you’ll have the tools to make more profitable and more intentional decisions.
Start learning forex today!
Smart decisions open the door for more profits, but you can only do this if you know everything there is to know about forex. Before you invest in the forex market, take a long look at your reasons for entering forex.
It will benefit you in the long run, and you’ll avoid making common mistakes that forex traders are making.
If you’re scared to take the plunge into forex, IM Academy can provide you with the foundation and education that will raise your confidence.
IM Academy has a course for every forex trader. With a willingness to learn, you can reach your true potential and get closer to reaching your goals. With the knowledge you gain from the IM Academy library of courses, you can practice on a free demo account on your chosen platform. And once you’re comfortable… leap right into forex!
Note: IM Academy is an educational forum for analyzing, learning, and discussing general and generic information related to markets and strategies. IM Academy does not provide personalized recommendations or views as to whether a market approach is suited to the financial needs of a specific individual. Before deciding to participate in the forex or other markets, you should carefully consider your objectives, level of experience, and risk.
Most importantly, do not risk money you cannot afford to lose. You should take independent financial advice from a professional in connection with, or independent of, research and verify any information you find on the IM Academy website.