How to Make Money in Exness Forex during the coronavirus lockdown

How to Make Money in Exness Forex during the coronavirus lockdown
In the wake of the novel coronavirus outbreak and associated shutdowns and shelter in place orders. Governments across the world instructing businesses to close their doors,forcing people out of their jobs, as well as being ordered into self-isolation, which will leave many people facing huge debts,and many will go broke with some people losing their businesses and even their homes.

At press time, no one really knows how long it'll be until our lives return to normal, and that means the unemployment rate may very well get worse before it gets better. But don't despair yet: From getting creative with distanced work, to turning your newfound organizing fervor into cash, there are ways to make money during the coronavirus outbreak, people will reinvent themselves with new business opportunities and where because they will mostly be in isolation those opportunities can only arise online.

Therefore, isn’t it about time that you considered working in the forex industry? Because no matter what happens, the money markets continue to operate even during crises such as we are faced with at the moment.

The forex market is the largest financial market in the world, it is a potentially unlimited way to make money in a $5 trillion a day between traders, buying and selling currency pairs and is the largest market in the world.

A currency pair is the rate of exchange between two countries' currencies.

For example, at the time of writing this article, the exchange between the EUR (Euro) and USD (United States Dollar), which would be displayed as EUR/USD, was 1.1252.

That means that for one Euro, you could buy 1.1252 of USD.

These rates are constantly changing, in most cases the last two digits, up and down. We call this fluctuation in price liquidity.

Traders are looking for opportunities to buy one currency at a low rate and then sell it for a higher rate.

How much money do I need?

How to Make Money in Exness Forex during the coronavirus lockdown

Forex trading is a good choice for many traders because it requires less capital than other forms of trading/investing, such as stocks.

This is because of the way currencies are broken down. Most, with the exception of USD/JPY (United States Dollar/Japanese Yen), are broken down to the fourth decimal, which is called a pip.

Most financial instruments cannot be broken down to such small figures.

Even if you’d actually prefer to trade stocks or another instrument, forex is a good place to start and help you understand the fundamentals of trading and potentially gain some capital.

Technically, you’ll need enough money to open a trading account, which can vary quite significantly depending on different brokers. Some brokers don’t require a minimum deposit as Exness, while others may require as much as £500 or more.

With the money you have used to open your account, it is best that you only risk about 1% on any trade. That money can go very, very quickly.

Likewise, you should keep in mind that big profits often require big investments.

You also need to think about fees as well. Unfortunately, that nice little profit you make when you trade might not be the entire sum of money you’ll actually make.

Though most forex brokers will not charge a commission on your trades, some might. There are also specific fees to bear in mind as well, such as swap fees, which are what brokers charge you for holding a position overnight.

Luckily, if you’re from the UK, you won’t have to pay tax on your earnings from forex trading. However, if you’re based in another country, you should check what the tax laws are on income gained from forex trading.

How much time do I need?

How to Make Money in Exness Forex during the coronavirus lockdown

Before we talk about how long it will take for you to be ready to start trading and making money, we need to talk about having the right mindset.

Look at trading as a ‘business’ not a quick way to make money. No business is immediately profitable, especially if they are still learning when they start operating.

The best businesses need to have a business plan and that plan can take time to develop.

The real question is: How much time do you have? If you have a full-time job and other commitments, these, of course, will come first. You need to be honest with yourself about the amount of time you can devote to learning.

How much money can I make?

How to Make Money in Exness Forex during the coronavirus lockdown
Probably more than your savings account does, that’s for sure!

Look, you’re not going to become a millionaire overnight. Unfortunately, that’s something all forex traders need to accept.

As you would with a salary, you need to look at your profits over a long period of time, such as a month or a year.

As we said earlier, when you start trading, you should ideally be risking only 1% of your account per trade.

You need to think about how many pips you’ll gain on each trade.

To be honest, this is something you will need to figure out for yourself. Though most beginners will look to gain around 10 to 15 pips per trade as practice.

However, as you acquire more experience, such gains will not be worth your time. In fact, it is highly advised that you don’t waste your time agonising over such gains and instead look for larger, less time-consuming, profits.

For many traders, making between 50% and 55% is considered successful and profitable. Over time that small percentage builds up.

Win more than you lose. But don’t chase those losses!

Where can I make money trading forex?

How to Make Money in Exness Forex during the coronavirus lockdown
Retail forex traders make trades via a broker in the form of a CFD (Contract For Difference).

Now, your mental image of a broker shouldn’t be of a guy in a suit, sitting at a desk and waiting for you to call him. We live in the 21st century after all.

Practically all brokers operate online. They utilise high-powered data connections to push through your order to an exchange where it will be fulfilled.

You place these buy and sell orders through a platform which can either be web-based, which is very popular these days, an application on your desktop or smartphone, such as MT4, MT5, cTrader, and some brokers can even enable you to make trades via a smartwatch.

There are numerous exchanges covering different time zones around the world. These exchanges allow us to trade forex, 24 hours a day, from Sunday 6 pm till Friday 5 pm, EST (United States Eastern Standard time).

Not all brokers are the same. In fact, they can operate in very different ways.

There are two primary types of brokers: dealing desk, which is often referred to as a market maker and non-dealing desk, which can be either STP (Straight Through Processing) or ECN (Electronic Communication Network), and there are also DMA (Direct Market Access) brokers.

In most cases though, brokers will offer a mixture of the above, in the form of different account types.

While it may sound appealing to use a broker with more direct access to the forex market, choosing a broker should really be down to your preferences.

Review Broker at here: best-forex-brokers-for-beginners-in-2020-why-is-exness-the-best

Start with a Demo Account

How to Make Money in Exness Forex during the coronavirus lockdown
Most reputable brokers will offer you real-money accounts as well as demonstration accounts. A demo account is one where you are trading paper money, not real capital. Most good demonstration accounts offer nearly all the products that are available to trade will a real-money account.

The prices will likely be in real-time or close to real-time. In addition, you will have access to most of the education and forecasting information your broker provides to real-money clients. Once you feel like you’re ready for a real-money account you can make the switch from a demo account to real funds.
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