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Message |
lilmama0500
Forums Member
Joined: 31 Mar 2009
Posts: 43
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#1 · Posted: 15 Jun 2009 21:10
Im considering getting into the currency trading business through Forex, anybody have any experience or information regarding this? Thank You
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Newbie Shield
Joined: 22 Sep 2007
Posts: 2226
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#2 · Posted: 16 Jun 2009 10:46
Hi Lilmama,
Like with anything else, I know that it requires quite a bit of study upfront. If you play the market, be sure to be extra conservative. Only partake of the very most promising trades.
Many consider it far too risky and competitive. I think that you'd be much better off trading individual stocks - after spending a few months reading up, but do as you wish and good luck in any case.
~Newbie Shield~
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DaveWalters
Forums Member
Joined: 19 Jun 2009
Posts: 38
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#3 · Posted: 19 Jun 2009 10:34
The Forex market is one of the largest and most liquid markets in the world. There is an average of $3.2 Trillion traded each DAY! When I first became interested in Forex and started reasearching and studying it I felt completely lost for about 6 months. Finally after hours and hours of daily research things started to make sense. I had major ups AND downs for years before I finally found my style. I still have major ups and downs, but I am more prepared for them and expecting them now. I have been trading forex for 12 years and I have only felt comfortable and relaxed doing it for the last couple years. This is my own experience, of course everyone will be different. Anyways, just like anything else profitable, do your homework, be persistant, and have patience.
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Dave Walters is a retired online marketer who devotes his time to helping others find legitimate at home work. To see his Top 5 At Home Jobs rankings, go to: http://www.PassiveIncomeBuilder.info |
taz87
Forums Member
Joined: 10 Aug 2008
Posts: 68
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#4 · Posted: 19 Jun 2009 20:30
Hey there,i have researched rather deeply in that matter myself and would like to think i have learned a thing or two about forex...
First of all as newbie shield have stated above it indeed requires alot of study upfront and then a continued commitment to stay on top of things with current affairs/news.If you don't do either you will certainly fail.
Second of all,the mentality and "skills package" you will have to acquire and master to be successful at this is different too(compared to that of internet marketing).
For example a 100% self-discipline must be mastered,the ability to handle pressure, ability to initiate whats called calculated risks and risk management.
Lastly,the initial investment of cash needed to go this route is certainly larger than a budget you will have to set up for say hosting your site/buying your domain name etc...EVEN if you are using Google adwords...forex will still cost more. do NOT believe people who tell you that you can start with as low as $50 or even $1 thats just broker companies trying to reel you in as a customer.
it sure isn't for everyone but it can also have high rewards its the biggest trade industry in the world worth $4trillion dollars a DAY compared to stock market only $25 billion dollars.
I hope you will find the above useful when making your decision whether to enter that area or not.
EXTRA TIP:stay away from automated trade robots,its a waste of your money some can argue with me but believe me what works today won't work tomorrow that if they worked in the first place which most of them don't! it's best to learn the trade if you want to do something do it right
Best wishes,
Taz
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kyrash
Forums Member
Joined: 24 Jan 2008
Posts: 85
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#5 · Posted: 24 Jun 2009 15:36
taz87: EXTRA TIP:stay away from automated trade robots,its a waste of your money some can argue with me but believe me what works today won't work tomorrow that if they worked in the first place which most of them don't! it's best to learn the trade if you want to do something do it right
that is the gospel truth. start with babypips.com and learn the proper way to do it
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shmeeko69
Forums Member
Joined: 23 Apr 2009
Posts: 117
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#6 · Posted: 29 Jun 2009 10:17
Hi There
Your correct in what you say about automated robots. They are only good when there is a trend , that suits the programming of the robot. If they worked all the time, we could all sit back & collect the brass ring & pot of gold & plan our retirement very quickly.
Cheers
Mark 
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