Hi guys! I have been asking questions before regarding the ins and outs of Forex trading because I'm really interested in investing on it. However, I just can't seem to understand how it works until now. I would like to hear how you have started, how much was your initial investment and how you did on your first trading days. It would really be helpful for me to understand more from you guys!
The only forex I had experienced is when I am going on a tour. I usually buy US dollars and sometimes the local currency of the country I will be going to. When we had a trip to Bangkok, Thailand in 2013, I bought lots of Thai Baht. Unfortunately, I forgot to have it exchanged back to US dollar and here in the Philippines, money changers do not accept Baht. So now I am left with about 20,000 of that Thai money.
Asking for advice on trading is risky. Many people spend years developing an edge in the market, and they're not going to give that away freely over the internet. In fact, they might not give it anyway for money either, because once someone else has knowledge of your trading strategies, they cease to have their edge and become worthless to both you and the person you gave them to. What actually happens is that people will give you false advice, hoping to scupper you in the market, all the time charging you a pretty penny for the experience. However, general advice on how the Forex platforms can be found on almost any good website or forum. The main thing to realize right off the bat - and I know I'm repeating myself form other threads - is that it is a form of leverage trading, which means you can, and often do, lose more money than you initially invested. So be careful!
I stay away from 3rd world countries' currencies. Their economies are so weak and their govts so corrupt and incompetent, you never know when they're going to collapse. Other than that, try to see how the local economies are doing. If the local economy is doing well the currency is likely to increase in value.
If you are interested you can try investing in Bitcoin. It was a massive rise in recent times but after falling a bit it has quite stabilised. I had bought some bitcoin last year and made a good 30% on them. But because it's a virtual currency it is quite difficult to know how it will behave. I am pretty much a novice on this and just managed to be lucky to make that profit.
Experiences is not fact I am 9 years of experienced of Forex trading. Every traders finding a good strategy for trading . There are many tips but i think money management is best strategy for Forex trading market. Don't greedy. Forex market is very risky. So, Every body need using proper money money management with take minimum leverage.
As a rule of the thumb, high risk ventures bring high returns. You can invest a 100 dollars today and watch your money grow exponentially or conversely watch it depleted to the last coin. The imperative here is diversification into various currencies. Do not put all your eggs in one basket otherwise your investment will turn into a basket case.
Retail traders starting out are often unprepared for what lies ahead and end up closing their first account and then step back to learn the basics through a demo account. The fact is forex trading requires one to look into the medium term not long or short term strategies since these two require a large amount of capital. I recommend you to enroll and use a free trading program called Meta Trader to start you off on this trading strategy.
I do think that diversification is one of the key factors in any kind of investment. I don't know how many times I've heard about it already but every time I do, its importance always sinks into me. One financial adviser once told me that if you diversify, you will have a higher chance of winning than losing in the game because if one basket loses some eggs, the others which are not affected will compensate and gain more eggs for you.
