EVER TRIED FOREX?
April 8th 2010 05:33
Foreign Exchange turn-over. Pic Source: Wikipedia
If you haven’t tried trading forex on your own, allow me to give you some tips:
IT IS VERY RISKY.
By this, I mean VERY RISKY.
Just recently, I went into foreign exchange trading. I read everything I can find about it. I bought some books, downloaded stuffs from the net, viewed instructional materials, etc., etc., tried a demo account, funded a real “live” account somewhere in the U.S. and started… LOSING MONEY!!!
Hold on. Before you start thinking that I am a thick headed Neanderthal who can only stare at instructional materials but don’t understand any of it, let me say this: percentage wise, I am doing quite well in the stock market. And I’m doing it on my own too. As I already said, No help from a broker. I said “percentage wise” because making say, 60 percent profit on a mere $1,000.00 is quite different from making 60 percent profit from $1,000,000.00 right? And you know why I prefer talking in percentages right? I am on the lower side of the bracket.
Okay, back to forex. The darn thing is so risky they don’t think that your experience in the stock market counts! That is, no matter how long you’ve been playing the stock market. They think the equities market is for Sissies. They’ll turn your application down if making tons of money in the stock market is your only qualification.
But they’ll let you in, even if you admit that you are only a novice if you insist on getting into forex trading for as long as you are aware of the risks that you are taking by getting into it. Believe me they will remind you of that – every step of the way.
Let’s let that sink in for a while, I’ll make this a bit of a series, come back here for more helpings if you are interested.
Just bear that one thing in mind all the time – FOREX is Very Risky!
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Comment by JM
Comment by Market Newbie
Gizmo Peek
Stock Market Punk
Let's not confuse what I made in the stock market with what I am currently making in Forex. I'm still in the process of learning in both but I am barely a month old in the latter and my earnings there are still being gobbled up by the many trading errors that I still commit.
But you are right, there is money in Forex. We just have to be very careful when we make our deals - never forgetting that our gains can all be easily taken away if we get careless.
I do intend to share more of my personal observations in this field.
Thank you for dropping by.