I would really like to know how to start trading in forex, please fill me in with the basics and all I need to know.
2007-06-19 04:48:14 · 6 answers · asked by Nexusist 1 in Business & Finance ➔ Investing
95% of the people that try FX fail (and most lose big money).
Of the 5% that succeed...... 60% or more of their trades are losers. Having the right risk/reward ratio & money management are more important that picking the direction.
Stops are critical. Stop "hunters" take your stops out and then reverse direction. All of the brokers are poor to very bad. I'd suggest trying to figure out what is best for you & go with 2 brokers.
This market is not "regulated". You won't have "better luck" than anyone else. It's mostly pure skill(s). Don't use any "alert service". Drawdowns are killers (with the alert services & they don't use money management).
Check out: www.babypips.com
Read several books. Paper trade & read/learn for a year (yes... I said a year). Be careful with paper trading. There are no "stop hunters" and you're not filled with emotion. Read two psycology books on trading.
Trading the news is just as hard as anything else. Be very careful about "suggestions" you get in FX. Most of them will bankrupt you.
Having said that..... if you can "make it" you'll learn many things & make some good cash. I wish you the best.
Feel free to email me.
2007-06-19 06:10:53 · answer #1 · answered by Common Sense 7 · 1⤊ 0⤋
You dont need big experience to trade in forex market, you need to be careful where to trade because there are lot of forex scams in internet, you need to make sure and trading wont be a problem either you are experienced or inexperienced you will make a profit on forex market. I have attached the source for all your questions about what is forex trading how to minimize the loss in forex trading.
2016-05-19 21:09:03 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I agree with the risk that the other state....but I would like to know where some of the statistics they are stating are coming from?
Anyway...my suggestion is to open up a paper trading acct with an online broker and practice virtual trading of what your trying to learn. That way your not losing any money...just time and gaining knowledge as you go. I do like forexfactory for the news....but yes....be careful.
2007-06-19 07:22:49 · answer #3 · answered by kamillian19 2 · 0⤊ 0⤋
Very carefully.... no joke. My recommendation to you is to trade the news. Use http://forexfactory.com as your resource to know when important economic news comes out, and based on the outcome of the news release, the currency pair (price) will go up or down. Seems easy, but the market often does a fake-out (price will go up then crash down), and is not easily predictable
2007-06-19 05:28:52 · answer #4 · answered by JSinc 1 · 1⤊ 0⤋
That's extremely risky. If you need to ask here how to start, then it is not an investment vehicle for you. You should have many years of experience in general investment before selecting such a volatile area.
2007-06-19 06:30:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I would just plead with you to be careful. Exchange movements are extremely hard to predict and if you start trading on margin you could really lose your a#%.
2007-06-19 04:57:11 · answer #6 · answered by Anonymous · 1⤊ 0⤋