Forex

Yeah it looks easier that it actually is. I've traded for some time, manual and with help of robots (EA's, I'm still running a few on live accounts).. There are really a lot of EA's out there and some can even make some nice profits but it's really hard to find a good one.

If you've never traded before, you can register to a broker that gives you a welcome bonus. Let's say $10 or more just for registering and verifying your account... It's not a lot but at least you can try out the trading platform and the rush

Get a demo account, and play with that until you have a very solid grasp of what you are doing. Get familiar with stochastics.

No; it isn't.

That's why a very small minority of independent forex traders make very consistent profits (some of them for decades), and are effectively subsidized by the masses of others who depend on inaccurate information mostly gleaned from people with direct or indirect incentives to promote things that don't really work.

Here's some food/resources for thought ...

Recommended website:
Joe Ross's site. There's a forum there, too (or there used to be, anyway).

Books:
(i) "Trading For A Living" by Alexander Elder (good writer - has some very weird views about indicators for a man of his intelligence, but parts of the book are very good)

(ii) "Beyond Technical Analysis" by Tushar Chande (completely reliable)

(iii) "Trade Your Way To Financial Freedom" by Van Tharp (completely reliable)

(iv, and best of the lot) Any books by Joe Ross (expensive) - don't be put off by the fact that all Ross's material/teaching/books isn't specific to forex - it's all about charts, and forex charts are just like any other charts, except safer to trade because their markets are far less subject to manipulation.

All of the above are incomparably better than any information you'll readily find online.

Two key concepts:
(i) Don't listen to anyone who tells you that "technical analysis" is based exclusively on "indicators".

It's what almost all people going into forex trading believe, and it's what the entire forex marketing industry has an incentive to get everyone to swallow, and it's nonsense.

It's forex's equivalent of article marketing's "duplicate content penalty", and you have to see through it, to get anywhere at all!

In fact, if anyone tries to tell you that, you'd probably be well advised, on general principles, to ignore any other "information" also offered by the same source.

The worst form of attempted automated indicator trading are things called "Expert Advisors", a form of "trading alerts" made for a platform called "MetaTrader" which is what some home-based traders try to use. (These are the people effectively subsidizing the tiny minority of professionals who are actually making a living!).

(ii) Try to get your advice and education, whenever possible, from people who are not selling/promoting anything. Can't stress this enough ... otherwise you end up believing all sorts of "plausible nonsense" with no underlying reality at all. That's just as silly as taking SEO advice from people selling "SEO services" and it will have exactly the same results, too! :p

It's just like affiliate marketing, in one way: if you look in forums, you'll naturally find far more people who are making a living from "selling information to beginners" than there are people making a living from actually doing it themselves. Be aware that there's probably 50 times more "misinformation" than "information" out there, about forex trading. Some of it broadcast by people selling things, and some of it just believed by gullible/hopeful market participants who lack experience, know no better, and simply repeat what they've heard. (Just like internet marketing, really.)

you must well educated and experience person in forex market to gain profit from your forex trading , its not like a game

think that etoro is pretty "childsafe", pretty fun

Trading Forex is fun. Start from the amount that you are not afraid to lose. For some it may be $50, for others it is $1000. Trading with the amount that you don't care so much about will let you trade without a pressure. Once you obtain a trading strategy you can invest more.

you can think everything about forex:a game, challenge,a fight,queston of prestige,a gambling.
But I treat it as a game,a mind game where a real talent is fully provided.

Also Look at using EA's or trading robots like the one offered by BullsFX. Doesn't trade rediculous amounts of positions during heavy sessions, instead during the asian session helping you preserve your capital and taking on safer positions

The reality is the 90% off Forex traders lose their money. Trading FX is about probabilities. You can actually have more losses than winners and still be profitable if you are cherry-picking your trades and shooting for a minimum 2:1 reward/risk ratio.

When you learn to understand, trends, support & resistance, how price action moves during certain times of the market, and you follow a process, you can be a successful trader. Understanding the fundamentals (economic factors that effect price, interest rate differentials, etc) is also very important.

The problem is that the "buzz" about FX attracts a lot of "gamblers" hoping to strike it rich...and if you are gambling in Forex you are going to get killed.

I have traders come to me all the time with screen shots of their accounts over-leveraged over-traded...they are simply gambling.

The key is to open a demo account, learn, grow...and when you can show that you are consistent over a period of time...then...and maybe then..you trade with real funds.

Get educated, learn the ropes, play in a demo account until you are solid. But to answer your question..yes...you can do very well in FX...if you are willing to be patient enough to learn to do it right. This takes years to get good at. Not months. It is very difficult to learn to be profitable over a period of years. Anyone can have a few lucky months. But to be able to make a living trading over years, like I have, takes a lot of patience.

Here is some great Forex training videos: tradeadvisorpro's channel - YouTube

Hope this helps

Michael Corvin

You don't have to worry about investing to Forex as soon as you are sure that the on the you have invested with is with Forex. You only have to be aware of scum.