Yuina H. from Osaka, Japan: I heard that forex trading is profitable. How do I make money with and which broker do you think is best for me?
Hi Yuina and CompariZone readers, making money out of forex trading basically requires you to have an open mind. It is your mindset that determines whether or not you will make money in the market and how much you can yield. Knowing the factors that could affect the value of each currency can help you a lot in determining which currency will appreciate and which one will depreciate.
Let’s keep it simple by looking at one of the major currency pairs and that is the EUR/USD. There are a lot of factors that could affect the value of a currency. One of which is the stability of the economy which means that if it is weak then the value of the currency is sure to depreciate. If you believe that the European economy is on a downward direction then this is the perfect time to execute a Sell on the EUR/USD pair with an anticipation that the Euro will weaken against the US Dollar.
On the other hand, if you see that the European economy is on a bullish trend then executing a Buy on the EUR/USD order is ideal for you because you are expecting that the Euro will be stronger than the US Dollar.
Now with regards to your question about the best broker to trade with, we highly recommend that you register with Markets.com, one of the world’s fastest growing Forex and CFD providers. You may click here to access their website.