How do i start investing in Foreign Currency.?

Question

I was speaking to an old co-worker and he was telling me he traded currency at night after his day job ended. (That is when the foriegn makets are open) Would like to hear from people doing this currently and their opinon/advice on this. How much money do i need to start this, and possible websites to check out?....Thanks!

Answer 1

Philly,
Forex market or Foreign Currency Exchange market is one of the biggest trading market in the world with over USD 1.3 Trillion traded in a day. It is drawing attention ever since it is open to Online trading. Forex trading can be very profitable if you take your time to do a proper research, understanding various options and choose a system that works for you. The most used Forex trading system may not be the most suitable for your needs.

There are many different kinds of Forex Trading Systems and you need to know a few facts as mentioned below, before choosing and funding a system.

1. Testimonials: Is there anyone out there who is trying to sell a system and show you testimonials from the people who actually didn't like the system? Highly unlikely. You should do proper research before indulging into a system that is completely new to you.

2. Profit: Do you want to work with a Forex Trading system that breaks even? Why? If you keep the money in your home, you will still break even, then why take all the hassles of setting up an Forex Trading account and do all the work. Really speaking, you should always do some research on how profitable a particular trading system is?

3. Drawdown: The maximum drawdown of trading system is defined as the greatest peak-to-valley drawdown in a trading system’s equity. Maximum drawdown gives us a measure of the survivability of the trading system.

4. Time to profit: The actual time it takes to achieve the results with a particular trading system. You should plan to have a long and profitable relationship with your trading system.

Try to use a trading system that let you open a Demo account so that you can practice and learn about Forex Trading without risking any money.

I have tried many of these systems in my quest to simplify my trading experience. I personally have found FreedomRocks to be the system that has worked for me. I have found no bad information on this system from anybody that has actually used it. I have found many skeptics and bashers but nothing from those that have actually tried at least the free trial they offer.

Below are a couple of links I have found in my travels around the web:
http://www.yourforexinvestor.com
http://www.babypips.com

Now as far as how much money you would need to gat started I have helped people get started with amounts ranging from $500 up to well over six figures. If you would like I could send you a spreadsheet of how to get started right with just $500 invested on a monthly bugeted basis. The spreadsheet will show you how that investment could easily grow to well over $240,000 within 60 months! Feel free to e-mail me and I will get that right over to you.
[e-mail]

To Your Success,
Brandon Wells
877-773-5345

Answer 2

To start trading in Forex as it is called :
1. Open an account with Forex company like FXCM. www.fxcm.com
2. Submit the online application form
3. Transfer the minium required to open.
4. You can start with a Mini-Account. [most advisable]
5. After you have opned the account. DO NOTHING.
6. Figure out a strategy. A plan.
7. Trade the Demo
8. Practise on the Demo
9. Then the MIni
* Forex is dicey, you can lose everything you put in **
10. Advisable to get a Forex tutorial like Forex Mentor, Forex Express....Forex Signals...etc
11. Its like the "L" and "P" plate in driving.
12. Read the news...have a feel of the market.
13. Go to online Forex Forum site and see what other traders are saying.
14. Read books and more books.
15. Practise.

Answer 3

Hey Philly,

I am going to help you go one up on your co-worker! The poor guy has to go home and stare at charts and pivot points and Fibonacci retracements and support/resistance levels etc. etc. etc.

How about if I show you how to be a Forex investor rather than a Forex trader. Rather than measuring, projecting, and guessing which way the market will move I will show you how to utilize a conservative strategy where you don't care if the market goes up or down.

Here is our game plan....you can open a demo account (you don't even need to risk your own money while you learn this technique). I will then set you up with a free trial where I will personally coach you on how this system works. Once you are setup you only spend 15 or 20 minutes per week checking on your positions.

No risk, no cost, no obligation.....and you will have fun sharing a successful Forex strategy with your co-worker.

I look forward to helping you with this one. You can email me at [e-mail] this will be fun!

Paul
[phone]

Answer 4

the best trading software http://tradingsolution.info
i have attended a lot of seminars, read counless books on forex trading and it all cost me thousands of dollars. the worst thing was i blew up my first account. after that i opened another account and the same thing happened again. i started to wonder why i couldn,t make any money in forex trading. at first i thought i knew everything about trading. finally i found that the main problem i have was i did not have the right mental in trading. as we know that psychology has great impact on our trading result. apart from psychology issue, there is another problem that we have to address. they are money management, market analysis, and entry/exit rules. to me money management is important in trading. i opened another account and start to trade profitably after i learnt from my past mistake. i don't trade emotionally anymore.
if you are serious about trading you need to address your weakness and try to fix it. no forex guru can make you Professional trader unless you want to learn from your mistake.

Answer 5

If you want to earn money with binary trading and you aren't a big expert you definitely need some kind of support. I use a software called "autobinary signals" and I earning good money with it. Here you can find all the details and also some video proofs: http://tradingsignal.toptips.org

Answer 6

Oh God - anything but FXCM! Worse broker ever. They'll hunt your stops, trade against you, spike you and do any other possible nasty thing that brokers can do to traders. Look for broker reviews on the internet , e.g. one like this:
http://www.topforexreview.com/brokers.htm
, and only after careful consideration select your broker, don't just go and sign your money with FXCM just because some shmuck on the internet told you to go with them.