How much should I start of with?
What Kind of news should I look out for?
2006-08-18 15:29:09 · 28 answers · asked by Anonymous in Business & Finance ➔ Investing
Some of the better currency trading sites are:
http://www.forex.com
http://www.fxcm.com
http://www.marketiva.com
Most of these companies allow you to start trading with around $250USD however you should probably start out with a free practise account until you learn how to trade profitably.
If you want to trade news, probably look out for interest rate decisions and non-farm payrolls :)
Hope this helps :)
2006-08-18 20:07:34 · answer #1 · answered by BT!! 2 · 1⤊ 1⤋
Currency Trading is a highly lucrative, highly risky business. the first thing you should remember is that currency trading is a zero sum game. 90% of all traders lose all their money in the first 3 monthes.
if you still want to try out currency trading after this. then I suggest the following.
1: read as much articles about forex trading and economic news. www.forexfactory.com, www.fxstreet.com, www.babypips.com is a good place to start.
2: never start with real money. it is best to start a demo account with one of the many brokers out there. my favourite is www.forex.com
3: once you are comfortable with the trading software your broker provides, I suggest you start building a trading system. A trading system is a set of rules that you adamently follow that gives you signals on when to enter and exit a trade. good sites would be the www.forexfactory forums.
Remember the biggest obstacle you have to overcome in becoming a good trader is fear and greed. trading currency is more of an art of controlling your emotions rather then reading charts.
Good Luck with you trading ventures
2006-08-21 13:37:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It is a very risky venture, but there is one way to make it slightly less so. Instead of looking at face value, look at the collectibles market for old and unusual bank notes and other currency. There is a rich history in paper money, and there are quite a few collectors. Read up about it, and then see what you can find of well-preserved old bills from your own country, and trade with people in other countries. Look for information first, currency second.
Come to think of it, that is not a bad plan even if you are dealing in face value currency.
2006-08-19 10:15:48 · answer #3 · answered by auntb93again 7 · 0⤊ 0⤋
look, currency trading isn't like the infomercial on TV. money is made in trading currency when you can invest substantial amounts of money. in another business you would need to make 20-30% profit. in currency you may onl;y realize a few %, but 5% on $10,000,000 is substantial, especially if you're in and out in a matter of hours. how much can you afford to lose? that's how much you should start with.
2006-08-20 05:10:18 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Very carefully! Study up on it and find an on-line site that allows you to "test" your skills at trading before actually doing a live trade; you have to be very well read on the subject and know everything about the NEWS...not just what's happening today or tomorrow, but months down the pike...Good luck and don't invest too much or you will be sorry until you get the hang of it (if you ever do).
2006-08-19 16:35:11 · answer #5 · answered by sweet ivy lyn 5 · 1⤊ 0⤋
I would advise you to stay away from currency trading in general. It's pure gambling. However, you can deposit some money in a bank in Germany, say, and watch the exchange rates. The dollar will keep losing value in the next ten years, and you can then bring the money back to the USA and claim your profit. Remember there are tax consequences.
Good Luck
2006-08-20 03:11:27 · answer #6 · answered by fenx 5 · 2⤊ 0⤋
I'll trade you this $1 for a $100.
2006-08-19 09:48:14 · answer #7 · answered by 3eleven 4 · 0⤊ 0⤋
Currency trading or Forex trading is risky for beginners & for trained professional its different story...
1st you need an old & trusted forex broker & training, ebooks etc. I already member of Alpari & I got their good support, you better check out - http://bit.ly/1lxgRZg (Alpari forex trader for more than 15 years & most trusted & old)
2014-08-29 16:08:16 · answer #8 · answered by Farzana 1 · 0⤊ 0⤋
Sahara casino in Las Vegas will trade your foreign currency to American.
I think the Euro is stronger than the US dollar still! Or is it Canadian money stronger?
2006-08-19 16:25:47 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yo a straight $5,000 will be good. plus some sort of trading software. Not to mention that you need a cable of DSL connection. Its hard, but if you get good good you will be on easy street.
2006-08-19 19:33:28 · answer #10 · answered by Anonymous · 0⤊ 0⤋