Q&A: Does anyone make good money from Forex Trading ? Share your stories here. Thanks , I want to start.?
Question by 525 B: Does anyone make good money from Forex Trading ? Share your stories here. Thanks , I want to start.?
Does anyone make good money from Forex Trading ? Share your stories here. Thanks , I want to start. Help the new guy out =)
Best answer:
Answer by SS Fin
A lot of forex trading has to do with dynamically monitoring the forex markets and alerting on profitable spreads. With the trading day beginning in Sydney (before moving Westward), it’s crucial that you have the tools and the decision data at your fingertips.
Most beginner forex trading accounts can be opened for between $ 1000-3000 based on the forex broker company. You can start with demo accounts and move up to mini and regular forex accounts.
I’ve been in the Asia Pacific forex markets for over 8 years and have seen profits come and go. It’s a risky game but I personally like it.
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I don’t make good money, but I am earning. Currency trading takes time and patience. Patience to study hard and then patience to wait for the right trade. When you gain, it is reasonably small quantities and when you lose it can be big which means that your method needs to be strong, you need self-control and good risk management. It has taken me 6 months to get this far, 6 months full time and I focused on one currency, better to be an expert of one than know bits about many. My world is GBPJPY.
Currency trading looks easy, but it is very difficult and emotionally traumatic. Read the site below, it tends to give a realistic picture rather than a lot of hype which is very common in the field.
It is not easy making money in Forex. People advertise like they will make you a million dollars, when your starting capital is $ 1000. Trading is very emotional. You first need to learn the markets and learn how Forex is traded. Having a few strategies to work with and if you could work with an Auto trading system even better.
You also want to make sure you are with a good broker that offers rebates and fair spreads. This cuts down on transaction costs.
Focus more on fundamentals than technical analysis. Economic news analysis is what moves the markets.
Here is a free site that shows what has happened after economic news releases:
http://www.forexnewspatterns.com
I started when I was 19. Bought a trading system, used the demo account for 2 months (you play the trading game without investing actual money) and I saw it could make me profit. While doing this I was working two terrible jobs (Wal-Mart and another local store) and I saved $ 5000 to invest. Invested it, made profit, invested some of that, made even more profit and it just kept snowballing. I’m now at the point where I don’t have to work a day in my life.
If you’re interested I found reviews of the top 3 Forex trading systems: http://forex-tracer.the-perfect-solution.com/
My brother makes about $ 400 a day with forex because he’s really good!
If you want to get started, you should try this: http://technicalanalysisforex.com
My brother used it and now he’s making great money. You can use a practice account to “learn the ropes” and then start trading for real.
I know some did but it takes a lot of effort to study especially if you are a beginner. It’s convenient but requires initial learning before trying it out. It’s a good idea to gather information about it . There are a lot of “FREE” information and ebooks to start with.
You can make some good money but its not that easy. Sign up with http://www.easy-forex-uk.com/ once you have signed up you can trade in a demo account! Have a play around before you deposit!
http://www.easy-forex-uk.com/
Just use Etoro, its always been the best and still is the best. I wouldnt trust any of the new ones.
http://www.etoro.com/B32_A4731_TClick.aspx