Does anyone make living out of Forex?
Question by Rhoda: Does anyone make living out of Forex?
I was wondering by your experiences. I would like to learn more about it and become trader at forex. Is there places for me to go and learn all about forex?
Best answer:
Answer by Judy
First google
Forex Scams
Scam sites are rampart – they take your money – and say they invested – and then tell you that you lost.
This can be done – since less than 20% of new investors make money at this.
^^^ This is fact, not fiction.
Go to your bookstore -and get a good book.
Online you will only get bist and pieces – not a solid education that you need.
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Give your answer to this question below!
there is never any guarantee of making a profit, never mind a living, with any kind of investing other that 100% protected bank CD’s and currency exchange gambling is the last think you should be considering
Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.
Forex is similar to what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347″ is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347″ gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.
I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
Read “Currency Trading for Dummies”. In spite of the title, it has great information and is an easy read. It was written by the founders of forex.com and there is frequently an offer for a free ebook on their site. Or just buy the book. It’s not that expensive compared to the money it will save you in avoided losses.
If you are still interested read “Forex Revolution” by Rossenstreich.
Most people lose money because they go into it thinking that is it an easy and magical way to make money. You can make money, but it takes the investment of time to learn the skill, just like any other skill worth having.
you can download a free forex ebook and a free practice account from this site. much more, if you open any of their account- mini, gold, platinum or vip- they will provide you, for free, the services of a personal account service manager or asm as mentor/trainor/consultant. discussions are done via phone, email, chat or even personal meeting if available in your area. they have regional offices in chicago, canada, australia, uk, philippines and middle east. all the best.