How do you start making profits in Forex trading at a time where the entire globe is very unstable? How do you find the best forex trading strategy to survive this pandemic? These are some of the questions asked by forex trading beginners and some veterans.
Covid19 has shaken the world and paralyzed some countries in the past year. It forced global companies to shut down, downsize, or go as far as carving new business ventures to survive. The virus managed to spread to over 188 countries, at the time this article was written there was well over 85million reported cases and 1.8 million deaths worldwide.
The nature of this virus in a world where countries are highly dependent on each other makes it very challenging to get under control, this puts enormous pressure on governments to intervene. We have seen pensions get affected due to the reaction of the market as covid19 cases grew, we saw countries such as Japan, USA, UK and many more which did not have a huge unemployment problem pre coronavirus, spike by as much as 50%.
Pressure on the economy of most countries was not only felt by Government, but by you and I. The average individual was put in a very tight corner, that's where most get rich quick schemes boom. These various methods of earning money online drastically gained fame in 2020, some were legit and some put more people in worse off situations than before. This does not leave Forex trading out of the spotlight, more people are searching for "How to trade forex" mentors and teachers online. The unfortunate reality is there is an extremely small pool of authentic providers who will teach you profitable forex trading strategies. This does not mean its impossible, it just means one has to dig deeper and spend more time researching.
We have witnessed some of the biggest changes in the forex market with a huge influx of traders due to working from home or trying to add an alternate stream of income to whither the storm. On the other hand supply & demand has greatly been affected as governments & banks try to come up with solutions to resolve the financial challenges caused by the virus.
According to a publication by Investopedia in June 2020, it was estimated that $16 Trillion dollars of global wealth could be wiped out. This stresses the huge impact the virus has in our world. It also does not leave the average trader out of the possibility of being wiped out.
There are still opportunities present in these dark times we are in. As much as we see the devastating effects the virus has had on us, there are also good news that came out in the 2020 year such as:
Cancer breakthroughs from scientists in Australia.
The World Food Program won the 2020 Nobel Peace Prize.
Death from Terrorism fell for the 5th consecutive year in 2020.
Elon Musk net worth grew by 140 Billion, due to the crazy stock jump of Tesla by 650%.
The Universal Forex Dojo free signals channel brought in 5000+ pips to new forex traders in 4+ months.
The environment around us has changed, we have all seen it and some have been affected by it. The only way forward is to adapt and conquer. Great opportunities have presented themselves when the pandemic happened, take a look at Tik Tok for example. The users of Tik Tok took advantage of the #StayHomeBeSafe movement to increase their brand awareness.
Fortunately the world of Forex is easily accessible, and technology has allowed a number of individuals from all over the world to partake in the vast amount of opportunities available from the comfort of their own homes.
The challenge that the new trader faces, is acquiring enough knowledge and skills to partake in an environment where the odds are already stacked against him/her. Then also maneuver around the coronavirus effects on demand & supply.
The greatest mistake anyone entering the market can make is having the misconception that its easy and you will make a million dollars overnight, approaching a battle without the correct tools is suicidal in this industry. The number 1 rule of Forex Trading is "Plan your trade, trade your plan".
Lucky for you, we have a community created specifically for getting new forex traders equipped to enter the market during covid and post covid. All it requires is patience, discipline and hunger.
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In conclusion, the Forex trading world is still very much profitable if you are well prepared.
Crisis after crisis new traders are born and some die out, change is the only constant and that's a fact that you must know.