Contrary to what some people would have you believe, learning Forex trading is not easy at all. Trading Forex is one of the most challenging skills you can ever set out to learn, which is especially daunting if you’re a beginner just starting out to learn how to trade Forex.
Many new investors find Forex trading difficult to learn, but in time, you’ll be able to understand how this type of investment works and eventually make money from it. It is true that even a beginner can make money in Forex trading, but there’s a big difference between making money in Forex and making a full time income, achieving financial freedom, and building wealth through Forex.
While there are some risks to forex trading, there are also many advantages that can make it a lucrative and attractive activity if you do it right. Here are the pros:
- Forex market is accessible – the Forex market is among the most accessible markets for individual traders. You can set up a forex account within a period of one to three days and begin trading with a few dollars. Also, the forex market is open 24 hours a day/5 days per week, meaning forex trading can more easily fit into your schedule even if you are a busy type of person.
- Leverage – the Forex market is among the fastest moving markets and has deep liquidity. Availability of resources for leverage in the forex market is greater than in most other markets
- Simple tax rules – trading is often subject to more simplified tax rules that can make tax calculations easier compared to other markets that require the trader to keep special tabs on their short and long-term trading activities for tax reporting.
There are many other advantages of Forex trading but there are also disadvantages. For more on this type of trading, read this: https://www.moneysmart.gov.au/investing/complex-investments/foreign-exchange-trading