Frequent question: Who is the best forex trader to follow?

Who is the best forex trader in the world?

George Soros

Is Warren Buffett a forex trader?

Warren Buffett doesn’t need an introduction to the investment world. But he’s not normally thought of much in the world of FOREX trading. After all, Buffett and his irascible partner, Charlie Munger, are not active traders.

Is there any successful forex trader?

Forex trading is accessible, exciting, educational and offers traders lots of opportunities. However, many people fail to become successful traders, and don’t achieve good results in the FX market. In fact, a high percentage of Forex traders end up losing more money than they make.

Who is the best forex trader in Nigeria?

5 Best Forex Broker in Nigeria

  • AvaTrade – Best Nigerian Forex Broker.
  • HotForex – Best for High Leverage & Bonuses.
  • Pepperstone – Best Forex Trading Platforms.
  • XM.COM – Low spreads & High leverage.
  • IQ Option – Best High Leverage Forex Broker.

Can Forex make you rich?

Forex trading may make you rich if you are a hedge fund with deep pockets or an unusually skilled currency trader. But for the average retail trader, rather than being an easy road to riches, forex trading can be a rocky highway to enormous losses and potential penury.

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Can you become a millionaire with forex?

Yes, you can become a millionaire trading forex.

It depends on how much money you start trading. If you start with $5,000 and make 10% of your capital each month, yes, you will be a millionaire after 5 or 6 years. … But remember, if your dream is to become indecent rich in a week or a month, forget about the forex.

Is Forex trading just gambling?

Forex Trading is Not Gambling.

Why Forex is so hard?

Here’s Why Forex Trading Is Hard, For You

There could be a number of reasons, but primarily, it is because traders are an impatient bunch. The urge to make money from the currency markets overwhelms logic, tricking retail traders into thinking that trading is easy.

What do I need for forex?

The average Forex broker requires at least $300 to open an account and start trading. A good rule of thumb is to have at least $1000 to open a mini account, preferably $2000. This number might sound a little high for beginners, but this will allow you to trade with a bit of a buffer in case of losses.

Why do forex traders fail?

The reason many forex traders fail is that they are undercapitalized in relation to the size of the trades they make. It is either greed or the prospect of controlling vast amounts of money with only a small amount of capital that coerces forex traders to take on such huge and fragile financial risk.

Can I trade forex with $100?

How can you trade Forex with $100? Most Forex brokers will allow you to open an account with as little as $100. … While it is possible to grow a $100 account, you will want to learn all you can from other Forex traders first as well as practice in a demo account before depositing real money.

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How difficult is Forex?

“How hard is Forex Trading?” The answer is: Forex Trading is hard in the measure of your commitment, dedication, patience, and persistence. More you work with Dedication for the long-term, less hard becomes the Forex Trading. The more you Insist and Persist, the more Money you earn Improving.

Who is the owner of forex?

Jefferies Financial Group

Do Forex traders pay tax in Nigeria?

In Nigeria, it is illegal to trade with other people’s funds as only licensed brokers are authorized to do that. Forex traders should also note that forex like other business transactions is subject to tax deductions.

How do I start trading forex?

Forex Trading Step by Step:

  1. Step 1: Get a Device Connected to the Internet.
  2. Step 2: Find an Online Forex Broker.
  3. Step 3: Open an Account and Fun Account.
  4. Step 4: Download a Forex Trading Platform.
  5. Step 5: Enter Your First Trade.
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