Forex Experiences

Discussion in 'Forex - Currencies Forums' started by gracer, Jan 12, 2016.

  1. Corzhens

    Corzhens Senior Investor

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    I agree with you that currencies of 3rd world countries are not that stable. However, their interest rates in bank deposits are high. There was a time when a savings account in the Philippines would earn you 7% per annum while the time deposit was as high as 20% per annum. That's like earning 1/5 of your principal deposit. And your money is safe because it is covered by insurance as required by law. But the risk is also high when the economy suddenly slides down and the currency is devalued. Goodbye interest.
     
  2. radex78

    radex78 Senior Investor

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    Yes I am agree wioth this statement, forex trading required good money management and also risk management, how to start in forex for beginner I think they can start with reading basic education forex, might babypips dot com will useful for learning basic forex, and then practicing use demo account, almost broker offer demo account for this purposes, and will better in demo at least six month in my opinion because many trader can't maintain account more than six month, and if already understand, start with investing money that afford to lose, many broker offer low minimum depiosit even 1$ can started
     
  3. puru rama

    puru rama Active Member

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    A couple years ago I introduced a guy that I work with to forex. Lets call him Peter. Peter was one of the most introverted, socially awkward and gullible people I had ever known. I told him to start off paper trading or with a small live account. I also warned him about how volatile some crosses can be.

    So Peter comes into work a couple mornings later and tells me that he signed up with a lesser known broker. He also tells me that he is now "friends" with the account manager there. This account manager managed to talk Peter into depositing $25k into his account. This was way more than Peter could afford. I again told Peter that this is not wise. I also told him that this account manager is more of a sales guy than a friend.
     
  4. radex78

    radex78 Senior Investor

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    Forex trading is risky business and might for new trader this is very interested business to make triple money, but before thinking forex trading is easy way to get earning will good and better as early preparation is learn using demo account, so many trader fail and can't ,maintain account more than six month and as newbie they can test skill at least six month on demo account
     
  5. Alom

    Alom New Member

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    Started off with a 250usd investment on 24option account like 6 years ago. Got my money wipped off within the next 4 days. That was my first experience. To be honest forex trading as well as binaries do not suit everyone out there. I mean you have to be patient here and don't get greedy otherwise you are doomed. High risk entails high rewards but 95% of traders have completely wrong mindset that's why they fail over and over gain. Do your due-dilligence before you put in any real funds. It may be that trading is not your business at all best penny stock investment in 2017 top movers
     
    Last edited: Jul 10, 2017
  6. Linda Smith

    Linda Smith Active Member

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    To trade in the forex market, any trader needs a broker. Broker can be good or bad. By selecting a good broker, a trader can easily take decision whether he has to trade or not. Good brokers are generally are those, who provides low spreads and high leverage than others. Withdrawn process should be easy. Brokers help traders to gain profit and reduce the risk of losses. A broker can be a guideline for any trader. Choosing a good broker is not an easy task. I am trading with TP Global FX, which is the best broker for me. They provide low spreads starts from 0.01 pips and their maximum leverage is 1:500. They provide 24 X 5 customer service to the traders. So for me, they are the best broker.
     
  7. J_C_Anderson

    J_C_Anderson Senior Investor

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    For sure, it is important to work with the reliable broker to reduce the non-market risk associated with trading.

    At the same time, the question of experience is much wider. For example, experienced trader knows additional tools helping him to increase his performance and achieve better results. Such tools could be used on any step of trading process - when developing a strategy or analyzing the market. Actually, strategy development is quite complicated, so experience traders often use additional tools, such as Visual Strategy Builder, to create their own trading strategies just in a few clicks. In fact, its interface is so simple that even unexperienced newbie trader would be able to use it. At the same time, it offers a wide range of features that would be useful for the trader.

    To my mind, experience is very important for any trader who wants to succeed in trading.
     

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