I am always fascinated by the many marketing videos proliferating on the internet and I wonder if it could really make me some money. But sometimes, when those videos were too good to be true and immediately withdraw my interest. But of course, I will never close my door on trying the FOREX only if I have gained a lot of information and studied it well.. and of course the broker must have a very good review from the investing public.
I'd like to use my first post to thank you, I've been reading up on trading and been trying to find what market would be best for me, i.e forex, pennies etc and to be honest it is looking like my decision will be forex. Would you recommend it as a good starting market, or am I barking up the wrong tree? Thanks
Thanks a lot for this post, I'm just getting into trading and I'm most drawn to forex, I don't know why it just sounds a lot more fun and exhilarating than other types of stocks/trading. Would you recommend forex as a first market to learn in? Or do you think I'd be better off learning in a different market like stocks? Thanks
I have been hearing about FOREX trading every now and then so I'm really becoming more curious about it. The thing is, I don't really know how and where to start. How much is the minimum investment? I hope someone can give me a clearer view on this.
I think if you are interested in trying your luck in forex, you should open a practice account with fake money. That is how everyone should get into the market. Not real accounts. But practice accounts and you use the practice accounts for several months up to a year to get the hang of things. Never get into trading with real money with very little knowledge of the game. You will lose everything if you don't know what you are doing.
It's too risky. Unless you have a huge profit to go with initially, I wouldn't advise you do so since it's kind of tricky. It's not hard at all and people would straightforwardly comprehend the mechanics if they were attentive, but what concerns me is who conducts these FOREX businesses, mainly Eastern Europeans or God knows what Asian 3rd world country. This is the least favorable part of things, in my opinion.
The profits seem like they could be very high, but the risk seems to be similar to that of penny stocks. Given, I've barely begun reading about this all and so my opinion's very unprofessional. Living on the border, though, I get to see how much the value of currency changes, and can definitely see it turning out badly.
Don't "try your luck" at FOREX trading. Learn it or don't get into the business. Yes, I said business. Any business that you get into without knowing what you are doing is gambling, pure and simple, because you're going to lose your business. It would be like me trying to open and operate a hair cutting business - I'd lose my shirt because I haven't a clue. I learned FX by watching everything I could find on YOuTube and reading everything that Google could give me. It was tough, I was totally intimidated, and I made mistakes, some costly,a few very costly. (I called it my educational tuition). I did use a practice account and got my bearings there but even that format did not equal the reality of putting my own skin on the line. But in less than a year I made more money than I had ever seen in my life. Then I lost more money than I had ever seen in my life six months later. Today, I am still earning a decent monthly income with a more conservative and educated approach and I am up over 325% for the year. My advice is to learn the mechanics and get in good with someone who can coach you as you begin, someone with a good strategy that has been proven and is provable. I know coaches are expensive but so is losing your duckets and your hopes. Cheers
I have a demo account right now and I notice I learn something new every time, so I will keep learning. I am becoming more comfortable than I was at the beginning, so I would suggest a demo account first so that you become more comfortable with it.
The demo code is good to learn the mechanics but be very careful and self controlled when you have your skin in the game, it's a different beast where emotions are concerned.
