Forex trading question

Discussion in 'Forex - Currencies Forums' started by phoenix2015, Jan 12, 2016.

  1. phoenix2015

    phoenix2015 Well-Known Member

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    Guys, I want to invest, but I have limited finances at the moment. I want to not only find an investment, but also a hobby of sorts, that I can enjoy learning and participating in, get better at, and help others learn in the future. I realize my time is limited so I can't focus on too many things. Stocks and Forex interest me. What are the pros and cons of each? And which one, in your opinion, is better to spend time focusing on and learning? Thank you.
     
  2. manoharb

    manoharb Senior Investor

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    Trade in Forex, if you learned stock and commodity market Technically and fundamentally well. For Forex, you must be alert about Global events. 1 global event can make you rich or poor, know more about risk. where is risk, there is money. If you have limited finances then try to earn profit in stock and commodity market first. now market is bearish, so you can make money in F&O. Technical indicators, like moving averages, camarilla, adx, rsi, stochastics, MFI etc.Macro Indicators like CPI, WPI, GDP etc. learn to use that. any Currency, first try to understand potentials for long term of that country. my experience is, By watching long term , you can take, Intraday or short-term trades.

    In short, first start paper trading, be confident, then invest small amount in Stock market and commodity, earn good profit and after that, think about Forex.

    (Most important : Avoid Margin Trading until you achieve accuracy in any format of trading)
     
  3. phoenix2015

    phoenix2015 Well-Known Member

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    Thank you very much for responding. You seem to be very knowledgeable about Forex and other markets. I will have to return to your text to remember all the options available for futures and options trading ( I assume you meant futures and options by F&O). But it seems like you are confident that Forex is the place I should aim for. Thanks again!
     
  4. manoharb

    manoharb Senior Investor

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    welcome, yes,I meant, future and options . 'Profit' , this word matters more than anything else. how you earn it, you can decide that, and for profit, accuracy is must. take less trades, but, they must be accurate, when accuracy got better, you can increase Quantity of buying or you can take more positions. best of luck.
     
  5. phoenix2015

    phoenix2015 Well-Known Member

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    Thanks a lot the advice! I like your way of thinking! Focus on the profit! Get educated and make accurate trades!! Thanks for the motivation!
     
  6. Linda Smith

    Linda Smith Senior Investor

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    If you want to trade in forex, you will have to learn all the basics of the forex. If you trade in the market without any knowledge, you will loss all of your money. I am also a trader. I am trading with Tpglobalfx. I learned about forex from a demo account. It helped me to understand the basics of forex. I learned how to trade, what should I keep in mind while trading. It also helped me to learn the techniques of forex and making strategy to make profit.
     
  7. Phillip Mark

    Phillip Mark Senior Investor

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    It is good to focus on the profit, but losses can distablize you. How do you handle losses? Do you panic and want revenge? This will determine how far you'll go as a trader. Learn to manage the risks and losses as well.
     
  8. Duong

    Duong Well-Known Member

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    Stock trading is long term only. Forex can be traded on very short term basis. Forex is more volatile and flexible. You should learn both if possible.
     

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