How Can I Make Money Using Forex (foreign Exchange)?
Hi, I’d like to start making a lot of money using the Forex (or Foreign Exchange) market. What product, bot or book or otherwise, should I use?
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November 11th, 2009 at 9:56 am
Forex trading is simply high risk with high return. More than 90% of forex traders are making losses. Only the very good forex trader able to consistently making profit in forex trading.
As a newbie, I suggest you start learning from trading using a demo account. All forex brokers now offer demo account where it work just same as real account. Learn everything about forex trading, fundamental and technical analysis. Trade in demo account for at least 6 months. If you can consistently make winning, then you may want to move on opening a real account with mimimum deposit that you can afford to loss.
Here are some articles that could be useful for you as a newbie in forex trading:http://www.forex2u.com/guide/category/fo…
Good luck.
November 11th, 2009 at 10:35 am
Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.
Forex is what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap . com/q2347.” The “q2347″ is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347″ gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.
I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
November 11th, 2009 at 11:18 am
Forex is not gambling it’s a trade industry that involves banks, companies and individuals.
You can make money with forex (a lot of money) and you could lose money (all your money), but it has nothing to do with luck or chance. It is a 100% trading concept and to be successful in this trading market you need to at least learn the basics and rules of this market.
Experience could be acquired, but its too risky, so before getting in try to learn.
There are several ways that can help you start with the forex, with better odds of making money and limit the risk.
One resource that I like is the 3 steps of making forex trading easyhttp://www.forextrading-forexsoftware.co…
And another resource is how to start forex trading in an automated way, http://www.arabian-affiliate.com/forex/a…
November 11th, 2009 at 11:44 am
it is already been explained to you that forex is a zero sum game, plus a little negative ( as broker takes some every time)
the biggest problem that you will get is, the leverage, a lot of people dont’ understand it, but leverage, is a huge double edge sword,
you have 1$, and you get a 500 times leverage, that means you are trading with 500$ in market, now if the movement is only .20% which is normal, you will end up losing all your money, because leverage will not give you room to relax at all, with leverage, its’ like the currency has to move in one direction only, or you lose.http://forex.1441.org/
read leverage, and you will understand.
November 11th, 2009 at 12:22 pm
Don’t open a forex account, I know lots of ads are out there promoting forex but trust me stocks are much better and safer to start out with.
Pick up a few books and read up on stocks. Go for low risk, low yield stocks first since you are new at this. Read as much as you can and watch youtube videos and documentaries. If you find the topic interesting then open a brokerage account somewhere and start buying stocks.
BTW there are certain stocks you can bet on that can make you money based on currency swings, I was playing with FXY which is a fund that emulates USD-YEN fluctuations.
I recommend a low fee brokerage like sogo who charge $3 a trade and also give you 100 free trades to start so make your first few trades really small ones. Trust me when you are playing small for the purpose of learning then you don’t need people charging you $10 a trade like most brokers do so sogo is good in that respect. Later if you become more seasoned you might want a fancier broker. And one last word of warning, never never buy and sell the same stock in the same day more than three times a week. It’s the PDT rule.
And like I said before you can invest in FXY, FXM, FXE etc to profit on currency fluctuations of the Yen, Peso, Euro etc without opening a forex brokerage account. Many but not all forex brokers are bucket shops anyway so in one way at least you might just be better off buying stocks like the FX- series through your broker.
Also, if you were thinking of forex due to the high leverage then you should look into options which are like stocks but with much higher leverage and risk/reward just like forex.
Hit amazon and look for 5 star reviews on stock and option books. I like this one:
Option Volatility & Pricing: Advanced Trading Strategies and Techniques by Sheldon Natenberg
November 11th, 2009 at 1:03 pm
If you are a beginner, i suggest you to use Marketiva, which is a very good platform to start trading with and very easy to use.
Marketiva gives you 5$ real to start trading so you don’t have to deposit and if you made profit from it you can cash out, this is why it’s very good for beginners. Their platform is very easy to use and they have support during trading hours for your questions, doubts etc.
They also have chat channels where you can talk, exchange opinions and ideas with traders of your country or international traders.
To open your account please visit http://www.marketiva.com/index.ncre?gid=3371
November 11th, 2009 at 1:18 pm
http://www.babypips.com/
Here is everything you need to get started. Open a Demo account and practice for about a yr before you go live. Look for groups or meetings in your area and watch and learn. Forex is not a get-rich quick scheme. With alot of work and practice you can earn a decent living. You get out of it what you put in.
Crawl, Walk, Run, Sen, Clay Davis- The Wire
November 11th, 2009 at 1:50 pm
please visit this site..maybe it will help..
http://www.currency-trading-tutorial.net/
November 11th, 2009 at 2:40 pm
justin I always recommend http://www.forex-terminal.com/ for beginners getting involved in forex. Good luck.
November 11th, 2009 at 2:48 pm
Well for that you should see
http://biznuss.net/
keep using answers.yahoo.com
November 11th, 2009 at 2:51 pm
The most important step is to find the right forex broker. I have reviewed some of the best forex brokers at http://www.forexlane.com/brokers.html