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how can i be a forex trader?

i pass technical analyze courses and now i want to be a trader.should i pass the fandamental analyze courses? how can i choose a good broker?

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  • Joe
    Lv 6
    1 decade ago
    Favourite answer

    Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus. I would avoid Forex courses if you have to pay for them. They usually don't help.

    Forex is what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

    Actually Forex is not quite a zero sum game. It's a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It's a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

    There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

    Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap . com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

    I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

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  • Anonymous
    3 years ago

    1

    Source(s): Binary Option Alerts http://netint.info/AdvancedTradingTechnology
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  • Anonymous
    1 decade ago

    You can't have a profitable FOREX trading method without taking calculated risks, and taking losses - if you can’t accept risk, then don’t trade.

    Many traders back away from a market because it’s too risky - however, risk also means reward! If you are a trader who doesn’t like volatility, then go and find something else to do.

    Drawdowns are part of trading; it’s volatile markets that make FOREX trading fun and highly profitable.

    To the well-informed FOREX trader, a drawdown is not something to fear, but something to enjoy.

    Remember: volatility = big opportunity!

    You can choose forex broker by examing them on net and read the forex reviews here:

    http://www.bestfx4u.com/

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  • 6 years ago

    If it was to be summed up in one word, the key to a good forex trader is discipline. Yes there are many things to learn and know before you make any trades or get involved in the financial industry, but one thing that must stay consistent throughout is discipline. Discipline in learning, in making your first trades and in sticking with your plan.

    The basics that all new traders should follow are:

    - Learn about Forex – there is an abundance of material on the net. Spend a good 1 month learning. Study Technical and fundamental analysis. Your learning should continue well into your trading and be ongoing.

    - Come up with a strategy – Set rules that will determine your trading pattern and how you will enter and exit the market.

    - Practice on a Demo – Open a demo account and trade as if for real. Of course this will not be ‘exactly’ as if you were trading on a real, due to the fact that fear of losing would not weigh in on your decisions. Do not proceed to the next step unless you can make a profit on the demo first.

    - Practice on a real account with small amount – Do this so as to be able to understand the difference between trading with real money and trading on demo. Do this with substantially a small amount, but enough so that you are concerned over losing it.

    - Trade on real account with substantial amount – Do this with an amount you are ‘comfortable’ to completely lose. Even if your strategy worked on the demo and on a real with a small amount it may not continue to do so in future. Stick to your strategy (have complete discipline). If you see the strategy is failing, then adjust your strategy accordingly, but stick to it (to the pip) at all times once it has been decided.

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  • Diane
    Lv 4
    4 years ago

    forex is not spam or a ripoff. a lot of people make a good living trading forex but like any other job, they have taken the time to learn their profession. no one is going to jump in with little education and make it in an area where 100 - 200 times leverage is sometimes used. there is little room for error and you better know what you are doing or you will be broke faster than you could ever imagine.

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  • Anonymous
    1 decade ago

    Once you've got a decent handle on Forex, it's worth giving a shot, especially since you can signup for free demo accounts to see if it'll work for you.

    Be sure you're using a system and not just guessing. Since you're using technical analysis, at least you're making calculated risks.

    Finding a broker is your next step:

    http://www.forextradingadvantage.net/forex-brokers...

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  • Anonymous
    1 decade ago

    The most important step is to find the right forex broker. I have reviewed some of the best forex brokers at http://www.forexlane.com/brokers.html

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  • Anonymous
    1 decade ago

    Fundamental should not be ignored. The FX markets can be traded just using technicals, although this is not recommended.

    As a cautionary note, if you do not know what the economic announcements mean, you should avoid trading around that time. You can find economic out when these are using a number of sites.

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  • 1 decade ago

    If you are a beginner, i suggest you to use Marketiva, which is a very good platform to start trading with and very easy to use.

    Marketiva gives you 5$ real to start trading so you don't have to deposit and if you made profit from it you can cash out, this is why it's very good for beginners. Their platform is very easy to use and they have support during trading hours.

    To open your account please visit http://www.marketiva.com/index.ncre?gid=3371

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  • 1 decade ago

    h,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

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