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Nevertheless, it is not necessary to have an advanced degree in economics and understand every economic principle to be trading currencies. Many forex traders come from diverse academic backgrounds. To be a successful trader, what you need is a good head for numbers, an intuition to help you guesstimate where the market is heading and the ability to react quickly to market moving events. 3. You need to predict what is going to happen in order to make money in forexSince geopolitics has a big influence on the forex market, the traders who make money are the ones who are quick to react to the things happening around the world, rather than the ones making predictions. Trading predictions can sometimes be made. This may be possible by analyzing the charts and recognizing certain patterns that have occurred in the past and assuming they might occur again. But for the most part, it is rather the quickness of reaction that makes a trader money instead of novice predictions which may or may not come true. A good trader is always alert, reads and interprets the news and is always willing to learn and evolve. Advertising4. You need a large sum of money to trade in the forex marketThere was once a time when only larger international banks and financial institutions could access and trade in the foreign exchange market.
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Big investors usually know much better than casual traders how to trade and have a much higher rate of profitability.
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buying currency