My father is willing to pay me to use a Foreign Currency Trading software basically all day every day. But, we’ve researched that it is a large investment to get the software to be able to do it. They’re advertising that if you do it all day, everyday you can make "a lot" of money per year off of this. I am concerned before we pay for the software if the program really does work and if you are able to make money off of it?
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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No. No. No. No. No. You can LOSE a lot of money. And you will be out the software cost. Only professionals should do anything along these lines. This is a really bad idea. Unless your father is paying for everything, and he has plenty of money he can afford to lose you should not even consider this venture.
To make money on currency trading you need to work in large volumes. Often the margin of profit is 1%. Companies that do this need large reserves.
What eats up to profits, is the exchange of currency comes with a fee. Shopkeepers in tourist areas –like Bermuda– often find it cheaper to have the employees separate the US from the local currency before going to the bank.
I suspect what will happen is you will be paying the company to stay in business.
Is it worth it? Only if you have large amounts of money. Does it work? Not for small investors.