how does someone get into the currency exchange?

Question

I'm wanting to get into investing and I've seen info-mercials on the forex. I just wanted to hear from ne1 in that area of trading.

Answer 1

Joel-

I too heard the infomercials, their claims about the forex market are pretty much true. It is the largest, most volatile market in the world, and you can get 400:1 leverage. (that means $250 would buy you as much as a $100,000 option) Now it can also be a pretty scary market, one of the stats I heard from several places is that 90%+ of investors lose all of their investments in the first 60 days. I have been doing research on trading systems and comparing techniques for about the last 5 months. The trading system that I use, I believe makes the most sense, has probably the least amount of learning (very little or no charts, graphs, etc.), and is far cheaper than most of it's competitors. You can find more information at www.freedomrocks.com/information that's /information. If you have any other questions or would like to talk more about forex, please call, email, or IM me.

Happy trading,
Eric Gondek
Cell: 651-303-3439
Email: [e-mail]
Yahoo ID: gond00009

Answer 2

Find out what your investing horizon is (meaning, do you want to trade daily, weekly, monthly, or just whenever?).

Say you want to trade every couple of days, depending on what the markets are.

Pick a starting amount, say $5000.

Now, write that down on paper, and for a month, follow your trades ON PAPER ONLY. Do NOT use real money.

At the end of the month, did you make money?

If you don't feel it was enough of a test, go for 90 days. Or six months.

If, after this, you think you've honed your trading skills to where you can invest and generally survive, then try it with real cash.

Word of advice: Don't use any money you can't afford to lose altogether. Assume it's gone forever. If you can still make money, great.

Good luck!

Answer 3

Go to http://www.gftforex.com/ and download their software (Dealbook) and sign up for a 30-day practice account. Try your luck for a month. If you decided to go live, with a $2500 deposit, you can get the use of their on line training free for 30 days.

85% of individuals getting into Forex lose their money and if you're new to investing, I would strongly recommend you not start with Forex.