Thread: Is it a good idea earn from forex!

I hard forex is risky. Also have hard it is a very nice source where I can earn a lot. That's why I decide to learn forex. Is it a good decision?
What is your experience about forex?
Please suggest me on this point
Thanks

Unless you become an expert in the field ... don't trade with real money !! I lost around $300 in forex !

I have no experience in forex, nor I want to venture into it. The IM world has lots of new things to experiment and earn money. And its always interesting.

Experience and knowledge is one of the best key for successful business. If you have enough knowledge and experience about for-ex then sure to avail this business opportunity other wise you should do wholesale business because nowadays wholesale business is very famous all over the world.

Originally Posted by joliemartin

Experience and knowledge is one of the best key for successful business. If you have enough knowledge and experience about for-ex then sure to avail this business opportunity other wise you should do wholesale business because nowadays wholesale business is very famous all over the world.

This you well said experience and knowledge is the main capital for all the things of our life. But to acquire these experience and knowledge we should walk with our target. Once we will become expert after several good and bad experience.

My experience is that the easiest way to earn in forex is by trading the news. Easy to follow the trend even if the trend just go on for about an hour or two. But be carefull and do not try to join the first spike that goes on for the first 5 minutes (can turn around very fast).

There is around 3-4 major impact news per week and 2-3 small impact news per day that you can tradeon and make money. The best part is that you do not need to follow the economy so often. Just prepare for the big news and learn what is expected for that trade.

Hope this give you something new to think about instead watching charts all day long

before to start into forex I suggest you to read some book about it. NOT about how to trade, but what it is and every forex terms. After that you have to read the world news and understand how the market move. But remember alway to start with a demo account and imagine that there are real money on it.

Originally Posted by bassebuu

My experience is that the easiest way to earn in forex is by trading the news. Easy to follow the trend even if the trend just go on for about an hour or two. But be carefull and do not try to join the first spike that goes on for the first 5 minutes (can turn around very fast).

There is around 3-4 major impact news per week and 2-3 small impact news per day that you can tradeon and make money. The best part is that you do not need to follow the economy so often. Just prepare for the big news and learn what is expected for that trade.

Hope this give you something new to think about instead watching charts all day long

About major impact news what you have told it is right and I think a trader should follow how the market is moving and analysis his every trade to find out cause why he made profit or loss. And this strategics he should use for next trade. Also scalping is better to make some sudden profit

Originally Posted by Mr.Soldoni

before to start into forex I suggest you to read some book about it. NOT about how to trade, but what it is and every forex terms. After that you have to read the world news and understand how the market move. But remember always to start with a demo account and imagine that there are real money on it.

Yes demo trade is very important before start real trade. Because forex is so risky business, and if anyone is not prepared for trade and obviously he can't make success profit continue anymore. So everyone should start with demo trade and he should not think it is demo instead he should think he is making trade with real money

There are lot of possibilities to trade for virtual money and learn that way. Use such services for few weeks (like you would trade with your real money) and see your results after that

Currently I have an account with plus500. I started with the free balance and now I can withdraw the money.... but was hard!!!

better to go for trial account which you get and
get the feel of it before investing more..

Fred

Originally Posted by Mr.Soldoni

Currently I have an account with plus500. I started with the free balance and now I can withdraw the money.... but was hard!!!

Looks impressive ... I've some gained some experience in forex !! Will try plus500!!

Forex is a tough. I had a friend that lost $2,000 USD, but at least it was a learning experience for him. There are definitely possibilities but you have to LEARN to walk before you run.
Use a demo account first.

Good luck!

Originally Posted by prNiche

Forex is a tough. I had a friend that lost $2,000 USD, but at least it was a learning experience for him. There are definitely possibilities but you have to LEARN to walk before you run.
Use a demo account first.

Good luck!

That is correct........
Demo trading is much important for acquire practical trading knowledge. But most newbies can not follow this rule as they can't maintain there emotion with virtual money Also it is true when we have no risk to loss anything with demo trade then simply we can't become much serious which is most needed to become successful trader.
Your friend lost $2000 but there are many people they are earning a lot than this amount. Just the thing is most important at first we need to learn much then we should start trading. And if we can apply perfect use of, money management, risk management then easily we can make most of our trade successful where risk is low and profit is high
What is your thinking?

I was trading once on the forex.com platform.In the beginnig it was ok the EUR/USD pair was going up but one day it started falling down and I lost all my money in minutes,even seconds.
The conclusion for me is that if you tend to try forex market online,do it with really large amounts of money,not less than 10 000 $.It is not worth to trade with less than 10k.I tell this from my own experiance.

Originally Posted by BigDim

I was trading once on the forex.com platform.In the beginnig it was ok the EUR/USD pair was going up but one day it started falling down and I lost all my money in minutes,even seconds.
The conclusion for me is that if you tend to try forex market online,do it with really large amounts of money,not less than 10 000 $.It is not worth to trade with less than 10k.I tell this from my own experiance.

Nice suggestion ... But isn't $10,000 too much ?

Hello all,

I worked for a VERY successful FOREX IB (Introducing Broker).. as an IB your goal is to get traders to open accounts through your affiliate links. It is very difficult to build a solid relationship with prospective traders, but once you do and IF they open an account through you.. you get paid for every trade they make. The company I worked for grossed 200-300k per month doing this. If you are in the U.S. opening an IB is very difficult as you must register with the CFTC (Commodities and Futures Trading Commission) and NFA (National Futures Association), obtain a series 3 and 34 license, and then comply with all U.S. regulations and laws. If you feel brave and are intelligent enough to pass the license exams, which are very difficult, you can make a killing.

Outside of the U.S. is a bit different as some countries are un-regulated and therefore attracting non-u.s. traders can be much easier. To give you an idea, before the laws in the U.S. changed I started a small IB on my own and I had one trader that made me over 8k in one day.. He then lost all of his money and I gave up on the business.

FYI starting an IB requires that you have extensive knowledge of forex and you can offer prospective traders an incentive to open their account through you, such as free trading tools, education, live trading rooms etc. I have such knowledge as I am a market junkie.. trading stocks, futures, forex, options, binary options.. etc..

The other way to make money in the forex niche is as an affiliate for trading gurus, algorithmic programers (robots) or to actually create your own products.. Be warned that this niche is incredibly competitive and websites like forexpeacearmy dot com exist to stop scammers. If you're interested in seeing how the IB model works check out cashbackforex dot com..

*** Don't bother trying to trade FOREX, we used to joke with the brokers that eventually EVERYONE looses their money, and that your broker can manipulate price feeds. If you truly want to trade foreign currency then trade currency futures.. the spreads are better and your brokers cannot mess with you as badly.

TL;DR FOREX is for suckers.. trade stocks, options or futures if you need to..

-Mutie

I think 10 000$ is a good start in Forex.If you know what you do you won't lose the money.

Originally Posted by BigDim

I think 10 000$ is a good start in Forex.If you know what you do you won't lose the money.

May be But until you are expert you shouldn't invest real money on forex trading. Because forex is so much risky business. I can't think forex is a good business until we have much expertise and analysis power.

Again.. Do not trade FOREX... If you're interested in trading foreign currency, trade currency futures. The commissions are lower and the price feeds cannot be manipulated by your broker. When I was a broker I saw someone deposit $25,000 into their account on Monday. On Tuesday they lost it ALL. Guys seriously FOREX is a scam.