Do You Have To Be Smart To Be A Forex Trader? | Forex Traders
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Do you have to be smart to be a Forex trader?

Estimated Reading Time: 5 minutes

Michael Fasogbon

Updated:


In order for someone to be able to move their money in financial markets with more or less success, one should not be very intelligent. Or rather … do not look at the importance given to the IQ score.

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There are many people who, as young people, were misnamed as “slow” students, but often score high on different bits of intelligence. When they participate in something personally meaningful to them, they come alive and can become brilliant.

Forex Trader

Because everything is linked in the financial markets and if you want to operate in the currency market (or Forex), for example, you will have to study the correlations between the currencies between raw materials and exchange rates.

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$ 1

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1

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1+

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1or more

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Recommended

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Total cost

$ 0 Commission 3.5

Mobile App
10/10

Min.Deposit

$100

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Leverage max

100

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40

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-

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0.3

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0.2

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0.1

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0.3

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No

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No

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No

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No

BVIFSC

No

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No

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No

FFAJ

No

ADGM

No

FRSA

71% of retail investor accounts lose money when trading CFDs with this provider.

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Total cost

$ 0 Commission 0

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10/10

Min.Deposit

$100

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- pips

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400

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50

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Demo
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Avasocial
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CYSECASICCBFSAIBVIFSCFSCAFSAFFAJADGMFRSA

What you can trade

Forex

Indices

Actions

Cryptocurrencies

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Etfs

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EUR/GBP

1

EUR/USD

0.9

EUR/JPY

1

EUR/CHF

1

GBP/USD

1

GBP/JPY

1

GBP/CHF

1

USD/JPY

1

USD/CHF

1

CHF/JPY

1

Additional Fee

Continuous rate

-

Conversión

- pips

Regulation

No

FCA

Yes

CYSEC

Yes

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

Yes

CBFSAI

Yes

BVIFSC

Yes

FSCA

Yes

FSA

Yes

FFAJ

Yes

ADGM

Yes

FRSA

71% of retail investor accounts lose money when trading CFDs with this provider.

Rating

Total cost

$ 0 Commission 6.00

Mobile App
7/10

Min.Deposit

$10

Spread min.

- pips

Leverage max

10

Currency Pairs

60

Trading platforms

Demo
Webtrader
Mt4

Funding Methods

Credit Card

What you can trade

Forex

Indices

Cryptocurrencies

Average spread

EUR/GBP

1

EUR/USD

1

EUR/JPY

1

EUR/CHF

1

GBP/USD

1

GBP/JPY

1

GBP/CHF

1

USD/JPY

1

USD/CHF

1

CHF/JPY

1

Additional Fee

Continuous rate

-

Conversión

- pips

Regulation

No

FCA

No

CYSEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

Your capital is at risk.

Rating

Total cost

$ 0 Commission 0.1

Mobile App
10/10

Min.Deposit

$50

Spread min.

- pips

Leverage max

500

Currency Pairs

40

Trading platforms

Demo
Webtrader
Mt4
STP/DMA
MT5

Funding Methods

Bank Transfer Credit Card Neteller Skrill

What you can trade

Forex

Indices

Actions

Raw Materials

Average spread

EUR/GBP

-

EUR/USD

-

EUR/JPY

-

EUR/CHF

-

GBP/USD

-

GBP/JPY

-

GBP/CHF

-

USD/JPY

-

USD/CHF

-

CHF/JPY

-

Additional Fee

Continuous rate

-

Conversión

- pips

Regulation

No

FCA

No

CYSEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

71% of retail investor accounts lose money when trading CFDs with this provider.

Know that there are data every week that come out and affect each other more significantly…

Benefits and advantages of foreign exchange currency trading

Forex trading has many advantages. Here are some reasons why many people prefer to trade in the foreign exchange market rather than in other markets.

24-hour non-stop trading

Forex trading is conducted 24 hours a day, all day long. Every day starts in Sydney and then travels around the world, followed by Tokyo, London, and finally New York. You can’t hear the ringing of the market opening and closing, and there is no such thing as a central market.

Traders can make decisions based on economic, political, and ongoing social events—from day to night. Therefore, the foreign exchange market is ideal for those who want to work part-time because they can completely control when they trade.

No trading commission required

Unlike other markets, foreign exchange transactions do not require government fees, commissions, transaction fees, or even clearing fees. A broker can earn from the compensation called “spread” that they can obtain.

High leverage profit margin

In the foreign exchange market, there are often many options for leverage. This allows traders to control the value of large quantities of contracts with a small number of deposits.

Therefore, this allows them to invest a small amount of capital in the early stage to obtain profits, but also to minimize capital risk.

Many Forex brokers offer a 50, 100, 150, or even 500:1 Forex trading margin option for trade margins. For example, in a 100:1 Forex trading account, $100 can give you $10,000 in the real money market.

High leverage is not for everyone, but the full range of options offered by online currency trading companies can make leverage a powerful money-making tool.

The thing to remember is that the higher the leverage, the easier it will be to lose, but it will be easy to make big money.

Trade flexibility – anywhere in the world

The popularity of the Internet allows Forex traders to enjoy almost complete freedom. A computer, with a network, plus an active Forex trading account, from one of many brokers, you can trade with people from all over the world.

Forex trader

Both professional and personal Forex traders can travel around the world in luxury, but wherever you are, you can maintain real-time contact with the market.

This type of freedom is something you can’t enjoy with a large company employee elsewhere.

High level of liquidity

The foreign exchange market is vast, with an average daily volume of $3.98 trillion. Large scales then bring high liquidity.

This means that you will be able to buy and sell a currency pair at the touch of a mouse, which will make it easy for traders to flow in and out.

Once an ideal goal is reached, traders can even use automated tools to settle trade positions on their online trading platform.

For example, once the profit amount reaches “X,” the trader can set the trade to close, which is called “limit order,” or once the loss amount is as high as “Y,” the trader can close the trade, which is It is called a “stop-loss order.”

 

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Risk-free practical ability

You will find that most online Forex brokers will provide you with the opportunity to use the demo account to practice trading, to improve your skills, and to understand how the market works before directly investing in your hard money.

In brief, these demo accounts let you trade in real-time Forex news, using a range of charts and tools just like you would in a real account.

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