Forex for extra money?
By nytrisco
@nytrisco (567)
Philippines
December 7, 2012 10:10pm CST
Guys, I am new with this FOREX thing. I am wondering for those people who really earn in this one. Can you give me some advice or tips to earn from FOREX? Because I've been trying the demo account of AdmiralMarkets and I keep on losing money. I already know the basic rule "Buy low, sell high" but still I keep on losing money (good thing its not a real money since it is a demo account. Right now, I'm still learning how to earn from this one. Later, I'm gonna watch some webinars about this one. Anyways, feel free to add some advice based from your experience, thanks!
1 person likes this
5 responses
@Olleenz (3398)
• Indonesia
8 Dec 12
Learn is everything in Forex because market always change. For start :
1.Use your demo account to understand market behavior. Since you still beginner in this field, concentrate on one currency.
2. Fundamental analysis: always watching news which related to currency that you concentrate (study). See their impact on volatility of currency. At this point you will learn which news are real, fake (false information). You gonna learn why people trade based on that news.
3. Technical analysis: Use proper statistical method. It can be anything (depend on your need) but personally I used traditional method to analyze currency such: Fibonacci, High -low, moving average etc.
Don't forget, keep learning even you feel already expert because no one really expert on this field (Just like I said before, market always change)
Happy lotters 
@christylynn41 (200)
• United States
9 Dec 12
I have wanted to try to this to but have no clue where to start plus I would be scared about losing any amount of money. Question for Olleenz you said concentrate on one currency which currency is more and how do you know. Forgive if I sound ingronant. Thanks.
1 person likes this
@Olleenz (3398)
• Indonesia
9 Dec 12
@nytrisco: Forex is my main income, .... understand what I mean ..???
@christylynn41: It depend on your knowledge on particular currency, not about which one more profitable. Example: In Forex, today maybe Euro more profitable than other currency but tomorrow maybe other currencies more profitable than Euro.
When we still new on this field, we need to concentrate on one currency. Every currencies have their on characteristic /behavior and if we can understand, it gonna make easier for us to make profit (or to reduce risk). From my experience, we only can make profit if we can reduce risk itself (Never play based on instinct)
When I still newbie I concentrate myself in Euro because I believe Euro made to reduce domination of US dollar. At that time Euro less profitable than other currency (GBP and JPY more profitable at that time) and a lot of traders laugh at me for doing it. 2 years later, my managers (when I still in brokerage house) not even dare to question my decision when I buy / sell Euro. He even ask me to help him to trade on Euro. I didn't tell myself I'm already expert on Euro but concentrate on one currency at beginning really help me a lot.
@christylynn41: It depend on your knowledge on particular currency, not about which one more profitable. Example: In Forex, today maybe Euro more profitable than other currency but tomorrow maybe other currencies more profitable than Euro.
When we still new on this field, we need to concentrate on one currency. Every currencies have their on characteristic /behavior and if we can understand, it gonna make easier for us to make profit (or to reduce risk). From my experience, we only can make profit if we can reduce risk itself (Never play based on instinct)
When I still newbie I concentrate myself in Euro because I believe Euro made to reduce domination of US dollar. At that time Euro less profitable than other currency (GBP and JPY more profitable at that time) and a lot of traders laugh at me for doing it. 2 years later, my managers (when I still in brokerage house) not even dare to question my decision when I buy / sell Euro. He even ask me to help him to trade on Euro. I didn't tell myself I'm already expert on Euro but concentrate on one currency at beginning really help me a lot. @blaxbla (269)
• Croatia (Hrvatska)
8 Dec 12
I am also new in this market,
just recently started with binary options trading.
And I agree, LEARNING IS THE KEY.
There is a lot to learn, you could try learning from this resource:
etoro.com/education + some other resources, just goggle it
@ValeriaeToro (21)
• Israel
9 Dec 12
Don't forget that at eToro, while you're learning you can also copy our top performing traders automatically via our groundbreaking social trading platform, eToro OpenBook. Check it out, no registration required: openbook.etoro.com.
Happy trading,
eToro Team
@BetterDays4Me (3777)
• Philippines
8 Dec 12
I would also want to try out Forex trading but have not yet started anything. I'm starting to believe it's a high risk site, but hope someone would tell me if this is true or not.
@nytrisco (567)
• Philippines
8 Dec 12
Thanks for the responses!
I'm done with the basics terms, found a simple webinar in the web. Later I'll going to learn how to read candlesticks.
Yes it is a very risky investment if you're not good with it. I've been trying a demo account for almost 2 months but I still cannot double my money.
@ARIES1973 (11426)
• Legaspi, Philippines
8 Dec 12
Hi friend!
I myself is also trying to understand this thing but until now, I am still on the process of learning. Probably because of the limited time that I have. Forex is such a complicated thing for me and it requires thorough study in order to be successful on this particular field. But I know some who are really earning from this activity.
Good luck!
