There are so many that call themselves forex gurus,that tell you about the green and red light,waiting for signals etc,but friends you can be a guru as well,while not put in sometime to study all about the forex market,i mean both the fundamental and technical analysis of the forex market.forex trade is more than a green and red light signal,its real event that move the market and not some gurus signals.yes there might be gurus but all am saying is that you can be a guru as well.
Dont just rush into the trade because you see others benefiting from it,make sure you learn everything about the trade before you venture investing your hard earn money.
An advice for all forex trader
I advocate getting a free forex demo account first to practice. Everyone should have their own trading system that they are comfortable with, although basic fundamental and technical analysis should be a part of it.
I was reading about a Forexrobot, one that does trading for you automatically. Do you believe in such software?
Those robots don't work at all. This is a market driven by humans. Human actions and reactions. No computer program I know can predict and fully understand how a person trades.Just my take on it.
Well, the robots they sell on the internet for 100 bucks sure don't work. In fact most of them are 100% junk not even programmed by anyone who trades forex. Give me 5 or 10 minutes I can create the same BS equity curves they do by shooting for a 2 pip profit with a 25 pip or 50 pip loss. If they were that good you could just take 1k and in 1 year literally have 500k. If you had that tool, would you sell it for 100 bucks, 500 bucks? hell no.
Trading in forex is not a easy job. but you can earn with wisely.
For Forex trading it is very important that you try to understand the working and functioning of the Forex. Have control on your investment is very necessary in forex trading.
The robots would perhaps work if the market didn't change, but the nature of the beast is that it does. All systems will eventually fail unless you tweak them to roll with those changes. Nothing is 100% mechanical; markets are dynamic entities. So should you be. Do the hard work and learn to be adaptive.
Forex is large financial and highly profitable market but it could be difficult when you do not have the correct skills. For constantly make money on Forex you need to follow three principles they are mindset, risk management and strategies.
I wholeheartedly agree. The Forex market is highly volatile and the dynamics are complicated. It also relies on a high degree of leverage that, while making big profits possible, also makes it much easier to lose your shirt.
It takes a lot of study and practice to be successful. Relying on robot programs is not advisable, especially if you don't understand the fundamentals of how the currency exchange works and moves. In general, if you don't understand that, then you can't understand how the software works and why would anyone trust their money to something they don't understand.
The Forex market and the lure of quick riches sounds appealling but the reality is that Forex trading isn't for most people. You must have a high tolerance for risk and have money you are able to lose because you are likely to operate in the red for a while before you start making money.
by Shil1978 6 years ago
What is forex trading?
by FAP Turbo Results 3 years ago
I have started trading on the forex market, and was curious to see if anyone else did. If so, any ideas about trends for a currency pair or new strategies? Thank you, Alex.
by zacsontan94 5 years ago
Is Forex trading gambling?
by ngureco 6 years ago
Why Should You Avoid Forex Trading Over Stocks Trading?
by ngureco 8 years ago
Do Automated Forex Trading Systems Works?If They Do Generate A Net Win, Why Do The Owners Prefer To Do A Difficulty Job Of Selling Those Systems To The Public?
by kkavya 9 years ago
Hi folks, Recently i posted a topic about forex trading here and i was not amused at all as everybody seems to be mad at me. They calls forex a gamble and other cynical stuff like poker. Many here have misconception that forex trading is big guys game, is a complete gamble. First of all an average...
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