how to make make money trading forex?
Written by on July 28th, 2010Question by Benjamin: how to make make money trading forex?
please i want to know how to make money trading forex online
Best answer:
Answer by Nnaemeka
i have compile a great article for froex traders to make greatmoney trading forex online just go to my site below to see it.it will help you the most
Give your answer to this question below!
July 28th, 2010 at 3:21 pm
It’s the same as stocks although you can trade all day because they never close. You buy shares of foreign currency and hope it goes up, if so then you make money. There are obviously a lot more risk to it because currency changes are more fickle than the stock market, but the ones that are making the most like the market are the brokers.
July 28th, 2010 at 4:17 pm
Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.
Forex is what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap . com/q2347.” The “q2347″ is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347″ gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.
I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
July 28th, 2010 at 4:21 pm
Just make sure you come up with a good trading plan. Once this is developed discipline will be your number issue along with the emotions of trading. To ease the blow on losses Forex Rebates come in handy. They shrink the spread and it gives you cash back on your trades. Just something to consider. Keep you emotions out of it.
July 28th, 2010 at 5:18 pm
Don’t rely on a two page article to teach you to trade forex – try the industries top robots – this website shows a huge list of automated trading tools – i am guessing the top 5 are the best out there…
http://www.expertadvisormetatrader.com/
July 28th, 2010 at 5:34 pm
First, I suggest you to sign up for a demo account. Trade until you able to consistently making profit. Then, put in some real money that you can afford to loss. You may loss it, treat it as tuition fee. Finally, hopefully you would have master the skill to win in the long run.
There are many free resources, just search it online.
July 28th, 2010 at 5:56 pm
Well take time to learn and Practice by making trades yourself on a Simulated Forex Trading account that is free and comes with $50,000 bucks to have some fun with, once you do this you will be able to make solid trades with a small amount of leverage.
July 28th, 2010 at 6:38 pm
If you are new to forex trading Use an automated forex trading software. It can make you money. Not too much but it’s better than losing.
Here is the best automated forex software
July 28th, 2010 at 6:40 pm
The first thing you need is a good forex broker. I have been trading the forex market for years and reviewed some of the best forex brokers at http://www.forexlane.com/brokers.html
July 28th, 2010 at 7:31 pm
read this article about making money in forex:
How To Trade Currency and make $5,000 per month part time
http://www.fxtradingsecrets.com/how-to-trade-currency-and-make-5000-per-month-per-month-part-time/
Best of luck!