Forex trading online!!! A waste of time and money?
November 10th, 2009 by admin
I have been doing the Forex trading demo online and I am amazed at how easy it is to make a profit. My sister who studied economics claims that it is not possible to make a profit as a small trader in currency due to several different factors. Is this true? Or should I go ahead and gamble a little with some savings?
Tags: Ahead, Currency, Demo, Economics, Forex, Forex Trading, money, online, Online Money, Time, Time And Money, Trading, waste, Waste Of TimePosted in
Really Forex trading is not a waste one. Trading of all kinds even at online or offline will not be a waste one if it is done with full effort & efficiency
Forex trading online is probably the most lucrative business in the world! It is however the most dangerous as well! Only 10% of Forex traders make money in this market (the other 90% lose)!! And that is because not everyone can have the DISCIPLINE it takes to trade by his/her rules. Once you’ve studied technical analysis and set yourself a certain edge to enter/exit a trade, you need to test that edge (system) on the demo account. Please don’t start live trading until you have practiced the demo account for at least 2-3 months making profits CONSISTENTLY.. Money management is the most important issue here, small position sizing first (few lots), ALWAYS use a stop-loss order, and forget the word GAMBLING because if that’s how you approach this business then you are destined to lose.
I think there is enough free educational stuff for the Forex on the internet to make you learn as much as you can before you engage into live trading.
I’m a Forex trader and I do make profits and a descent living out of it, but it took me a great deal of money (lost), psychological pressure, time and effort to learn this.
Wishing you the best of luck.
Be careful.
As someone rightly pointed it - Forex is highly lucerative and equally dangerous. Now when you are saying that you found it easy, I am not sure how many trades you have placed and what is your risk to reward ratio. If you are happiny making 5-6 pips in each trade with risking 30 pips at a time, I guess you won’t last long in the market. So, get more information before you start trading with live account.
You can get more info at -
http://the-forex-trading.blogspot.com
I just wanna give tips for you, before you entry a real battle. you have to make 3 times profit continously. and minimum profit 25% in 1(one) month. if you got 30% loss of your total capital this business is not suite for you. good luck
Forex for most retail clients is a waste of their time AND money. Most brokers will let you open an account with 200 bucks or less, which will let you leverage almost 100k in the market. Most ‘Real’ traders have above 500k per trade. and significant capital to back them. If you are a 200 dollar account and your 100k trade goes 20pips against, you have 0 balance. ‘Real’ traders have at least a million to protect themselves, so they are trading at less than 1:1 leverage.
The only way to make money is to trade as small as possible for your account size. Look at your account as something that makes 10-30% a year and you will have your money after a year. Look at the forex as a cash machine and you will be wiped out next month.
ResonanceTraderFX trades very small lot sizes, and has steady returns over the long term. Remember stay below your brokers radar!!