Looking to get Into Forex, any Advises?
Hi,
I’m a middle aged guy, really sick from my day job, really inappropriate pay and not much physiological gain as well. I wanted to try my hand the stock market to get that real supplementing income but was a little worried about the risks since I’m into a total pro around the stock market.
We’ll anyway, my co-worker told me about forex trading, and told me that Its not as risky as trading In the stock market and the gains are substantial. So I’m looking to get Into forex trading and Into the money market rather than the stock market, he’s also told me he’ll give me a decent Insight into trading Into forex. So I think Forex Is the way to go for me. Any advises before I start out?
like whats a good forex trading company to start out with?
Tagged with: co worker • day job • Forex Trading • insight • money market • stock market
Filed under: Forex Companies
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I don’t to be harsh, but Forex trading is a very taught business and you will need to more than some friend advice to make money with forex. I would suggest you first start with a demo account make money for a few months before you put your real money at stake.
Does your friend make money constantly from forex? Have you seen his account statement? How long have he been trading?
Do you have a trading strategy that you know and trade profitable for few months? If the answer is yes then you can go and open an account. If the answer is no you are going to lose your money sooner or later.
My advice would be: Never risk more than you can afford to lose. Don’t trade if you don’t have and know a profitable trading strategy. Stay on demo until you can trade profitable for at least 6 month.
As for brokers I think you should go with the big ones that are authorised and regulated by a financial services authority such as:
http://www.forex.com
http://www.ibfx.com
http://www.odlmarkets.com
http://www.fxcm.com
http://www.mbtrading.com
i tried it a little bit but i messed up and put my phone number down and they didnt stop calling me
hello,
here you can find a list best forex trading platforms that most traders use
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http://forexplatformslist.com
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good luck
fx trader(since 2000)
if you are looking to get into forex and if you need any kinds of advices as an example if we can take trading please follow the advices given below
The bad advice:
* Avoid joining forums to get good advice as mostly unsuccessful traders are found in the forums.
* Avoid expensive brokers also. These people generally gain when you lose money. So a contradiction of interest exists.
* The news channels often air opinions of experts who claim big but don’t fall for them. Had it been so easy then a lot of people would have been successful in the forex market.
* Do not believe what the crowd says, don’t follow the crowd. Most people lost money during the 2007 financial crisis, but I didn’t and my portfolio increased by more than 200% within 2 months. I didn’t follow the crowd otherwise I would be in the red like most people during that time.
Let us now start with the good advice:
a. It is better to start with studying technical analysis and forex charts. These are freely available online and trends can be studied through them.
b. Learn and understand the terms that are mostly used. You should clearly understand terms like breakout methodology, momentum oscillators etc.
c. Knowledge of these terms will help you to form a forex strategy for yourself. After this proceed towards concepts like volatility, money management and standard deviation.
d. Forex trading is quite simple and once you know the basic things you can seek forex trading advice. Such advice is available in plenty but in this market you have to fend for yourself. So get ready to fight it out on your own.
e. While seeking forex advice judge yourself the viability of the advice. Go for advice which has track record of trading in real market for over three years.
f. The system will not guarantee you profit but the logic behind the advice should be sound.
g. Don’t be fooled by advice that claims to gain you huge profit. Use your common sense to decide about the advice.
h. Go for the advice which provides track record for real time and guarantee for money back. You will be lured by a lot of advice but take your time to go through them and then select the right one for yourself. if you can follow these tips you will be a winner