What Are the Major Risks Involved When Trading in for-Ex (Long & Short)? Is the Risk More if Traded Online?
Sunday, November 1st, 2009 at
1:02 am
Kenneth J asked:
I wish to know more about dealing in Fo-rex (Online). I intend to use the facility provided by iForex.com through their portal. I have some knowledge in Equity trading and gained in the past but I have very limited knowledge in foreign exchange and commodity trading.
I wish to know more about dealing in Fo-rex (Online). I intend to use the facility provided by iForex.com through their portal. I have some knowledge in Equity trading and gained in the past but I have very limited knowledge in foreign exchange and commodity trading.
If any one of you have traded in forex and lost a lot of money your advice will really be helpful and can give me the required insight before I get into forex.
Thank you for your reading!
Filed under: Commodity Trading
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I have been trading through FXCM for the past few months, and it’s no walk in the park. They recommend trying a practice account for three months solid before you put real money into it. You are usually leveraging quite a bit of money when you open a position, and you can see your account empty in a heartbeat. So far I don’t see myself doing well in this. I know a few individuals who claim to be making money, but they’re the exception. I’m not experienced in trading equities, so I can’t give you a comparison, but usually when I open a position I’m already so far behind in the spread that it would take an abnormally large fluctuation just to make a small profit. If you have a lot of money to put down, you can make a small goal of a few pips a day and maybe make a good return though.
I have heard that some people only trade on the first Friday of the month when the BLS report is released. I guess if you play your cards right you can make a living betting on the non-farm payroll, but I have a 9-5 day job, so I wouldn’t know about that.
I’ve been studying Forex for over 4 years, and only in the last month have I been generating a strong consistent profit.
It can be done, but only if you make it a full time job, and devote the appropriate time and effort to it. If you do, I highly recommend InterbankFX, or another broker that uses the MetaTrader 4 platform.
There is quite a lot of money available in the forex market if you know what your doing.. unfortunately that takes a long time to master.
I definitely recommend metatrader (mt4) expert advisors (robots that trade forex automatically for you)…
For info about the many different brandsversions and types check out this blog: