Feb
11
What would be your candid advise on forex trading?
Posted by admin under Investing
greenspanoil2003 asked:
Sir,
What would be your advise on forex trading.Does it really worth it.
Sir,
What would be your advise on forex trading.Does it really worth it.
February 12th, 2008 at 10:47 am
Forex trading has potential for high profits and high losses. Forex primarily needs a great deal of knowledge and specialization to do it profitably. Many GURU’s like to bang the drum about how much money you can make, but most people lose money at FOREX, because it is a situation where you make profits based on your decisions, and unless you are right in the immediate market, you are making decisions based on partial information. Those who have the best information make the most money. If you are 60 seconds late, you may miss out and lose money.
Some people thrive in such a situation. Most do not.
February 13th, 2008 at 6:16 am
Forex trading is like any other commodity - pork bellies, sugar, corn, wheat, beef carcasses, just it is commodities on speed. What you don’t have is the luxury of time to go back and forth in your decision process.
You ask for a market - get one - buy or sell- and you are out on a limb for up to 99% margin. Time ? maybe 60 seconds to be on the hook for 100 times your available cash.
You should run the practice accounts that the forex dealers give you and see how you do. If you lose you should seriously reconsider. Study - analyze your mistakes - ask for a second run at the free account.
Forex is not for the faint-hearted.
February 14th, 2008 at 1:25 am
If you are a small fry, stay away. Period.
February 14th, 2008 at 1:50 am
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Open an free account and get $5 reward!