There are numerous sites on the net which claim to be the answer to anyone who has an interest in Forex trading. All you need to do is invest money [you could start with as little as $100] and start learning the trade. According to someone who had been on one of those sites, he lost all his money after a little while, most of it trading fees charged by the website. I know Forex trading can be risky for the beginner but question is are some of these online trading sites merely taking advantage of ignorant people who want to take a stab at Forex trading?
Stick to Demo Accounts until you know what you are doing is my advice. Practice different strategies until you find one you are comfortable with. If you are losing money on a Demo, you will lose it for real. Also, it should be about learning and genuine interest and then the money should follow. I liken it to driving, if you don't know what you are doing... you are gonna crash bigtime.
I think, as you say, a lot of these companies are just taking advantage of the people who sign up to these sites. It's the same as the sites that claim that you could make hundreds every day just by clicking on advertisements.
Casper is 100% correct with the demo account advice. It is a lot better to lose fake money, than to dive in head first without knowing what the heck you are doing and lose real hard earned cash! You will learn a lot and fast if you really spend the time with it. The feeling when using a demo account versus real money is a lot different, though. When it is real money there is a lot more at stake, and it affects your decision making a lot differently.
I would tell anyone who doesn't have any prior experience investing to forget it. And even if you are a seasoned investor, I'd think long and hard about it, and only use a small portion of your portfolio to day trade forex or stocks. I've had numerous clients who would give me 90% of their money to invest for them, and they'd take the other 10% and start trading. They'd always come back to me soon with at least half of that 10% gone - sometimes all of it - and they'd then be glad to give me whatever they had left for me to invest more traditionally.
Oh, I think it's too risky. I've heard a lot who got scammed. If you really want to engaged in it then a massive research must be done first I guess. I've tried signing up for one online trading company advertised on Google but I was asked to deposit $100 to start trading but well, I actually don't have that amount of money on hand so I didn't pursue.
Oh, I think it's too risky. I've heard a lot who got scammed. If you really want to engaged in it then a massive research must be done first I guess. I've tried signing up for one online trading company advertised on Google but I was asked to deposit $100 to start trading but well, I actually don't have that amount of money on hand so I didn't pursue.
Why would I want to deposit $100 for that when I could just save that money for a blog. I do not think forex trading is as safe as it many would think. I would rather try buying shares then to invest into something like forex or binary options. Maybe there are legit binary options sites but I do not feel I should do it.
Most people shouldn't invest in forex unless they completely know what they're doing. You might need to use a demo account for months just to truly understand the basics. I'd advise the average investor to stay away from forex because they're going to get burned badly by their own doing.
