January 29, 2011
Is on-line forex trading for the average guy or should be left for the professionals?
By Planet Wealth
Online forex is all over the internet and I have been very tempted to give it a try but do not want to be wiped out imediately and lose my money. If some one has done it please share your excellent and not so excellent experience.
Topics: trading tips | 6 Comments »
6 Responses to “Is on-line forex trading for the average guy or should be left for the professionals?”
Comments
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January 29th, 2011 at 7:58 pm
Forex trading is a lot like legalized gambling. It’s not part of a conservative "average guy" portfolio. But there are free accounts on the internet whee you can play the markets with pretend money (and it tracks your gains, losses, and trading expenses) so you can teach yourself about it.
The thing is, as with all investing where you don’t yet know what you’re doing, when you start doing it for real, you need to treat the money you spend as part of your entertainment expenses — reckon of it as spent money the minute you make a trade.
And don’t forget — if you make a huge gain, and then lose all the gain on the next trade — you’re likely to owe the government tax money even thought you netted zero dollars. So remember to set aside a part of your "winnings".
January 29th, 2011 at 7:58 pm
I agree with Glenn. One of the world’s most successful investors, Peter Lynch, gave this advice — Invest in what you know.
January 29th, 2011 at 7:58 pm
No.
January 29th, 2011 at 7:58 pm
Do not…I repeat do not invest any money into forex until you know what you are doing or you will get wiped out.
The best way to check it out is to take a test drive without investing a single cent.
I’d be pleased to share with you a system that I tried out on a test drive and have been driving ever since!
I don’t want this to be appear to be a sales ad so feel free to drop me an email and I will send you a free report that should help you quite a bit!
Cheers!
pupp52@yahoo.com
January 29th, 2011 at 7:58 pm
OK, I’m probably only one who is satisfied with on line trading…
From the beginning I had experienced some loses,because I though I can do everything by myself,(terrible thought)
Then I came across http://4xgenie.com , I tell you – much better experience. Full service. Most importantly – profit. They will give you free trial if you use MSMS555 code when signing up ( no credit card needed). So excellent luck.
January 29th, 2011 at 7:58 pm
Thats why there are ‘free demo accounts’ on many forex websites, where you can track your progress, gains and losses through fake funds. Before you start, you should open one of these demo accounts. Of course you should also find and absorb as much information as you can and learn as you go while your trading in a demo account. The links at the bottom have brilliant ‘forex resources’ and informational articles regarding trading especially for novices like yourself. Theres information on the development of your own trading style, risk management systems, info on the ‘forex market’, the central banks of the world, major currencies and also the latest news regarding happenings on the world economic and foreign exchange. I’ve lost quite a bit but i believe its all part of the learning process. I’ve gained back what i’ve lost but this is all thanks to the preparation and learning that i’ve done beforehand.