Who trades FOREX and can you tell me your experiences?



Who trades FOREX and can you tell me your experiences?
I am just learning about trading FOREX and would like to know from those who are both novices and pros at it, what to look out for, what to know and wish you knew from the beginning and if it is something a person can do well at?

Best answer:

Answer by es
I trade stocks, commodities and have traded forex. I have made and lost money at all three. Forex is a very quickly moving market and you must use stops when you trade. You need to plan your entrances and exits very carefully, but there are times your best laid plans will go against you, and sometimes, you can sail right through your stops and leave you reeling. Before you trade any market, paper trade, and get a feel for your risk tolerance. There are now ways to invest in currencies on the stock market, through Exchange Traded Funds. These move slower and have less risk. You can also check out www.everbank.com. They have CD’s tied to foreign currencies. You need to read and educate yourself thoroughly before you risk your money. Don’t forget, currencies are influenced by a lot of factors-government interventions, inflation, all kinds of unexpected things happen.
if you think you can make a living at this, you can, but it is hard. To do that, you have to be prepared to lose money sometimes. No trader has wins, only. But, only those who control risk can play another day, otherwise you can get wiped out fast. One reason is because these are highly leveraged markets- that works to your favor because you don’t put up much $ to control a contract, but you are on the hook for a great deal of money, and could be subject to a margin call if the market moves against you. That is serious stuff. Don’t make a move until you are thoroughly familiar with the market, how it moves, and how you will control your risks. Good luck, and happy trading.

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6 Comments


  1. Jack C (November 30th, 2013 at 11:05 pm)

    I’ve traded stocks and forex. I like forex as the trend is more steady, i seldom get caught by the market with my pants down, so to speak.

    Speaking as a trader, all markets are the same. It doesn’t matter how you trade each. Do what works for you. And remember: If you do not cut your losses, and let your winners run, any market is going to eat you up.

  2. Common Sense (November 30th, 2013 at 11:40 pm)

    Unless you understand;
    Trading Psychology
    Position Sizing
    Money Management

    It doesn’t matter how good you are at picking “direction”. If you go into FX without trading experience or taking a year or two to really work on your skills….. you’ll be out of FX in less than 3 months.

  3. ajb (December 1st, 2013 at 12:03 am)

    Focus more on fundamentals than technical analysis. Economic news analysis is what moves the markets.

    Here is a free site that shows what has happened after economic news releases:

    http://www.forexnewspatterns.com

  4. forexx (December 1st, 2013 at 12:34 am)

    there are many superb videos explaining all questions regarding forex at http://www.forex-profit.info

  5. duyduy (December 1st, 2013 at 12:34 am)

    I trade forex by expert advisor. It’s automated forex.
    U can visit my blog http://duyduyfx.blogspot.com
    It’s about expert advisor review

  6. Fred G (December 1st, 2013 at 1:27 am)

    Some good guides and info here:

    http://www.estocktrades.info


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