ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel
  • »
  • Business and Employment»
  • Learn Business Skills

Online Forex Trading for Income and Fun

Updated on June 23, 2010

Online Forex Trading for Fun

How can you develop new skills by learning the hard way or by enjoying every bit of it with fun. Forex trading is not a game and online forex trading is definitely a more serious business, a little negligence or mistake can spoil taste of the whole dish. A typo can result in a nasty online experience.

Online forex trading for fun is a better way to enjoy, learn and understand a otherwise a serious struggle for money. Having fun while enjoying online forex trading is in no way

Online Forex Trading for Income

If you are looking for income from online forex trading then you must have enough disposable income to use in a winning strategy. If we work with a strategy then we have a greater probability of making money.

Making money from forex market requires loosing some money in a winning strategy. Therefore, regular income means regular investment without saying NO. Most successful traders don't win with most of there strategies, on an average they loose money in most of there attempt but they don't loose all of there money in these lost strategies. They put a little money on stake for each strategy that they use, so they are well aware on how much money they can loose.

All the strategies of a trader are not either looser or winner but a mixture of both. When one of there strategies succeed it covers all the previous looses and makes them a profitable player. They just wait for the right time and when it comes they get what they have been looking for in forex market.

One simple rule for making money from online forex trading is 'Learn to loose if you want to win' and this is probably right as no one can be a winner all the way and all the great winners have been great looser in some part of there lives.

Understanding the risks and rewards of online forex market is crucial for making money from forex market.

Online Forex Trading Vs Online Gambling

Is Online Forex Trading equivalent to Gambling.

See results

Income from Online Forex Trading

Do you think it is possible to generate steady income from online forex trading.

See results

Basics of Online Forex Trading Fun

There are many ways to predict the forex market, if we take well calculated risks then all them work in one way or the other. We must always bear in mind that there is no right or wrong time to enter the market, there is always a right time for well planned trade. Two basic ways to understand the market are :

1. Fundamental Analysis

Fundamental analysis in terms of forex market is study of economies. Studing an economy helps to understand the future value of its currency in relation to other economies. Some economies may look poor at the moment but may have potential for rapid development in future or in next quarter. Sometimes a good economy may face internal or external problems which later effects there global valutaion. Some online forex traders only study fundamentals for trading. These type of traders do not trade frequently but spend considerable time waiting for economies to take there predicted path.

2. Technical Study

Studying statistical details of market and how it is moving is technical study. Most people draw charts based on everday data to reach a conclusion. There are also some automated softwares which provide signal to buy or sell based on these details.

Today most people trade with the help of technical analysis. There is no single way to analyse technical data. There are so many theories and routes to analyse forex market. Most online forex trading softwares have some of these technical study capabilities.

Online Forex Trading for Fun

Have Fun while trying to generate income from Online Forex Market.
Have Fun while trying to generate income from Online Forex Market.

Automated Forex Trading Robots

Today a number of softwares called forex trading robots are available, which can react to market sentiments on there own. These automated forex trading robots are actually programs that are designed using historical data from forex market and how they effected the market. These software try to use the same logic in current market scenario and thus help in booking profit automatically time and again.

May be they are wonderful softwares to work with but they are not actually 100% right, they can't actually trade profitably time and again. They do provide a tool to learn forex trading but one should not believe them to be 100% correct. Most of these robots show good results with historical data or even when data is fed offline but in real market condition they do not show consistent results and thus can make huge losses.

Can you really have fun while you trade online on forex.

    0 of 8192 characters used
    Post Comment

    • forexpulse profile image

      forexpulse 6 years ago from Califorrina

      I don’t know about everyone else, but I could totally use it.