In recent years, we have seen the Forex market skyrocket in terms of popularity among investors. There is a good reason for this. The forex market requires little starting capital, trades 24 hours a day and, with the power of leverage, can generate gigantic profits. So how do you tackle this kind of beast? Here are 3 ways to make money trading Forex today.

one. Choose the right style for you. There are some styles of Forex investors. You may be comfortable with scalping, which means trading frequently and earning a few pips at a time. Others prefer to “hedge” their trades by going long and short at the same time. Some like to get in on the big moves and can have a trade open for days. In this case, you can really hit a home run and make big profits, but also expose yourself to risk.

two. Choose the right strategy. Now that you have decided on a style, you need to choose a strategy. There are literally hundreds of different strategies that are based on signals like moving averages, RSI indicators, stochastics, Bollinger Bands, Fibonacci, etc. Choose a strategy that fits your investment style.

3. Use software to automate both. There are quite a few advantages to using automated Forex trading software. Just to name a couple, first of all, you can trade your strategy 24 hours a day. This way you won’t miss any important movement that might have happened while you were away or sleeping. Second, it completely removes human emotion from trading. No matter how good a trader you are, emotions can often play a role. With a Forex robot this is not a problem. When it receives a signal, it changes it.

Forex profitability is not a pipe dream

I know that as a beginner it can be quite difficult to decide which way to go. But understand that many people who are new to Forex make a living trading forex because they simply have the right strategies.