As with any investment, I understand there are risks. However, I am seriously considering taking the online training course offered by Forex on Currency Trading. It seems too easy to make money and I believe there must a catch. I’m only going to invest what I can afford to LOSE! But I would love to hear from someone already trading or have traded!
Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, even if you learn everything about currency trading the market is just too random and unless risk is controlled, over time your account will slowly get wiped out, regardless how good a “trader” you think you are.
This question was about currency trading and there have been some pretty good answers that should help in your trading, and especially in relation to currency trading, the answer has been posted in the categories listed below:
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Congratulations, you have already seperated yourself from the masses by realizing that there is risk associated with and marketspace that has the potential for superior profits.
It is much easier to lose money than it is to make money in the Forex market.
Fortunately there are conservative strategies that can be employed that reduce risks and can generate attractive returns.
Paul
Hi,
I’m trading forex for several yers.
There are few basic reasons why people lose in forex:
1. Traders use leverage incorrectly.
2. Small trading amount; With amount less than $2000 almost everyone is condemned to lose even if trade with mini lots. (I’m not talking about oanda and/or other companies where you may trade with microlots). I suggest that trading amount should be at least $10000 while trade with mini lots (mini lot = 0.1 of regular lot = $10000).
3. Traders incorrectly use their targets and time frame relation. For example it is foolish to set 100 pips target on the 5 min or 15 min time frame.
4. Traders wants be very rich during short term and therefore are too greedy.
5. Traders act without trading plan.
6. Incorrect money management.
7. Stop loss orders are placed to close.
8. Traders don’t use stop loss.
If you use those rules correctly you’ll win certainly.
If you and/or anyone have any question about forex trading and good forex brokerage company that I successfully use already for several years please do not hesitate and e-mail or pm me and I’ll try to help you.
Good luck!