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Question: Forex trading online!!! a waste of time and money?

(Posted by: INC0GNIT0 on 2006-05-29 13:29:59)

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?

Posted by: Perfect Gentleman on 2006-05-29, 17:35:02

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.

Posted by: Gold_mine on 2006-05-29, 14:43:27

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

Posted by: guptatrigon on 2006-05-29, 22:24:20

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 - the-forex-trading.blogspot.com

Posted by: ufmbekasi on 2006-05-30, 00:09:10

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