How to earn from forex, need help?
By Tina83
@Tina83 (1223)
India
June 4, 2009 1:12pm CST
I have hard that people are earning great from forex trading , whats actually forex is all about, does it differ from share market.Pls do share
6 responses
@ANR2000 (135)
• Indonesia
21 Jun 09
Well,you shouldn't be using real money if its your first time trading forex O_o
Just use the demo account with virtual money for training until you get a hang of it and able to make more profits than loosing ;)
All brokers usually provides demo account for free
@oudine2 (147)
• Argentina
4 Jun 09
Did u study before trading? Did you trade as you study to trade? Very often people have a good plan, but when they are inside de market they do the opposite, or have fear.
Usually, you have hopes when you are loosing, and you have fear when you are winning, and this should be the other way round, if you are loosing, and you see that the trade is wrong, close it, if you are winning, continue with the flow.
You have to learn trading psychology, money management, and of course, a trading system.
Think like this: the market will go up or down, you have 1 of 2 chances, if you study a bit, you should be able to achieve a 66% probability of winning, if you have that, with a correct money management, and you trade as u planned to trade, you have to win money.
It´s hard, but possible.
@kudatua77 (43)
• Malaysia
7 Jun 09
i agree with u oudine.first time at forex make me nervous coz we are playing realmoney.
@eshaan (6188)
• India
6 Jun 09
Hi Tina...i am working from a long time in forex, and have learnt detaisl about it, its not an easy business, its a bit risky too, but those who are ready to invest and have passion to learn do not lose hopes and continue, and after my long time working i have started making good profits daily now...the site i am working at is a very good and unique platform to work in forex...its like shares but differ in that here you take advantage of the rates of currencies going up and down daily.....if u r interested just PM me....i will tell u more about it, and if you join under me, i will also provide you the assistance needed in doing it, coz there are heavy loses when u do it all alone, which i have suffered, i can avoid your loses and make u earn directly with my experience. Just let me know your interest, if u are ready to invest about 200$ through Paypal or by using your credit card, then i am there to help u any time
@net101 (157)
• India
14 Jun 09
Really good discussion anyone interested in forex can have first hand idea whether he or she should go ahead or not. like any other progrm involving money, risk factor is always there and one needs to learn and master tricks of the trade. Once again I thank for starting good discussion and providing eye opening info.
@oudine2 (147)
• Argentina
4 Jun 09
Forex is the foreign exchange market, you can earn money or you can loose money. The most similar thing is Stocks.
When you trade in forex you have a pair of currencies, for example EUR/USD (euro dollar), if you buy, you are expecting the euro to be more expensive and the dollar cheaper, if you seel or go short you are expecting a strong dollar versus a weaker euro.
For example now the prices are like this:
1.4175/1.4177 (the difference is called spread), one price is the sell price, the other one is the buyprice. So as soon as you enter in the market, you are loosing 0.0002, then depending if it moves upwards or downwards you are going to loose or win money.
You can trade with fundamental analysis or technical analysis (the first one means thinking about the economic variables, the second one is statistical).
You have leverage of 100:1, that means that if you have 5 dollars, you can trade 500 dollars, you loose or win more money with leverage. If you are trading for example, a position of 500 U$S each movement of 0.0001 means a loose or winning of 5 cents.
If you want to start trading for free, with 5 dollars, you can check my profile.
There you can get 5 dollars for free live trading.
Good luck!
Plan your trade and trade your plan!
@kudatua77 (43)
• Malaysia
4 Jun 09
forex basic,buy low sell high,dont understand?ok i show u.see the market ranging.not candle or bar.buy or sell just within only 1-2 hours.play in frame 30 and 1 hours only.u must learn how to use money management and dare to take risk when u are looosing yur money.ok see this.watch the terminal if u have.when the moving average 2 line green and blue striking and the candle a hedging to moving averrage up,u got to buy,play about 1 usd,u will get spread loosing about 4-5 and u loosing yur money,but when the candle going up it will equal and yu start make a profit.1 pip 1 dollar.to playing scalping,u just let the post running to the maximum till 1 or 2 day,to play swing,u will set a take profit about 30-60 pip daily.and make stop lose about 30-60 pip only.so u can earn about 60 dollars or u dare to loose 60 dollars.its simple.make study on demo account first.u can apply from any broker.i suggest interbankfx or forex.com.yur deposit to start playing is 250 usd.i can teach u more if u want and its free.i can send yur the simple system that i make myself.just using daily vegas currencies and gbp filter we can read if market goes down or up.mail me if u like.kudatua77@gmail.com
@doggyhouz (548)
• United States
4 Jun 09
Forex exchange is a 24 hour market that deals with the currency of other countries. And share market is for stocks. I would recommended understanding the forex more before jumping into such high risk markets at this time. But i've heard as well as people getting rich off the forex.