As promised, i will talk a little bit about Forex Trading, a way to make money that i have recently “re-found my love about it“.
But before i drive you through the “ways” of Forex Trading, i think it is important for you to know what forex really involves, before you enter this world that represents trillions of dollars!
- Forex Market is a 24/5 cash market where you can trade currency from several countries. You trade currency pairs like the EUR/USD pair;
- Forex Brokers are needed to place buy/sell orders. There are a lot of brokers on the web, sadly as almost business , there are scammers or “gray” brokers. So before you go and invest money on a broker, you should read everything about them. I was lucky to choose 2 good brokers that are legit and serious;
- Trading Live or Demo: after choosing the broker you have 2 options to trade. If you want to see how it works then a Demo account is recommend. Brokers offer you X amount of virtual $$ to trade, so that you can learn and train you tactics with no risk. If you are ready, then go live, but you need to invest your own money.
- 90% of traders loose money: If you earn money on a trade this means that someone has lost. 90% of traders loose money indeed, even Forex Gurus loose money, but the difference between loosing big or not is proper money management and risk. The secret is to manage our losses and not your winnings;
- Forex is not about luck, it is about probability and chart analisys. If we open a trade it is because we have analysed the chart and the indicators show that is a good buy/sell signal, no because we hope it will go the way we want;
- Be ready to read a lot, because you need to know the forex terminology, how to read charts, find trading tactics. There is a lot to study and a lot of sites to visit and read. Remember: Information is power!
- Be prepared to spend time in front of your computer: There are trades that usually take a few minutes to complete (this is called scalping) and there are trades that will take more time. If you are not watching a trade, then you will need to watch for buy/sell signals, and this can make you spend hours watching the charts;
- Forex trading can make you quit your regular job: there are thousands of persons that trade forex for a living. But they really know what they are doing. They have spent time researching about forex, and they achieved this after some years generally, so having patience is a requirement;
- And last and most important:
Be prepared to loose money!
To make money you need to invest your own money. To make big bucks you need to invest big. If you loose one trade and felt bad about it, then simply don’t trade, because you are not ready to enter the game. You will loose money regularly, but it is how it works.
To make money you need to invest your own money. To make big bucks you need to invest big. If you loose one trade and felt bad about it, then simply don’t trade, because you are not ready to enter the game. You will loose money regularly, but it is how it works.
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Thanks for the info. Now I understand more about Forex.
hope you will find my next topics useful
Hey nice comment what are the two brokers you recommend and why. I’m been doing demo accounts about a year now i’m ready to go live
Fine article you have writen here.. I have addet your site to my rss reader, looking forward to the next post.
Thanks agine, Paw.
Thank you very much Paw
Thanks for providing information regarding with forex trading.
excellent article, thank you
If one can invest as well as put time into Forex…the gratification can be really high.
great blog I learned a lot.
thanx
Hey Hugo,
Thanks for this post. I have been skirting the topic of forex trading for a while and considered learning a little to for some of my niche sites. I know it’s a hard topic and I don’t want to give bum advice on my sites so am waiting until I have the time to really get inot the grit of it and learn it properly.
Well, you do need to read a lot, there is so much to cover about this. Lately, my blogging, my websites are a bit secondary now because im taking my time to read about forex trading and strategies. It can be quite discouragin in the beginning lol, but it is addicting really
Forex is legal gambling. I like forex because it is possible to make $1000 in a day especially with this economic times that is making the market to be crazy. Cable now does 200 pips in day. GJ does like 300 pips in a day.
I don’t know anything about forex but i am very interested in it. Thanks for this info.
I did do this business few years ago for about 1 year when I landed on a website that talks about how to make money with forex trading but after time I just lost my interest on it. Maybe now after reading your posts about it I will too “re-found my love about it”. Lets just wait and see….
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