My Forex Experience!
by Kanishka on Oct.13, 2009, under Tutorials and Articles
Hey people,
Most of you must be knowing what forex is, in general .When we talk about forex we generally talk about trading currencies and doing stuffs related to it. Even i wondered whether doing forex was as easy as trading in stock exchange.Let me tell you that in forex there are hell alot terms to be learnt and you really require much brain for ,so called,forexing . You require to do loads of calculation in order to make profit out of it where as if we talk about stock exchange trading , we require to research and have knowledge about shares . In fact , these two are pretty much different from one another . Let me tell you honestly if you compare good trader in forex to good trader in Stock exchange , there is a 90% chance that the forex trader would earn more. Well this may sound a bit strange(Before, even if felt it strange) because the liquidity of forex is much more than that of stocks . Also , the forex is open 24X5 i.e. 24 hours on weekdays , where as Stock exchange open generally for 8-10 hours .
These all were the reasons which inspired me to go and checkout the forex and do some miracles which I have been doing during stock trading. Best thing about forex is that the online brokers provide a demo account. Now ,
Q.What is demo account?
Ans. Demo account is the account provided by the forex broker to the user in which the user can trade in the forex market but with virtual money i.e. you don’t have to submit any money to the broker to trade in the forex market. This feature given by the forex brokers is very important for the beginners . They can trade live online with virtual money and get to know the ups and downs of the market. How to use the features of broker. In demo account , everything is original except for the money..
For Beginners:
I referred and learnt alot from websites BabyPips & ForexFactory . I would recommend you to go to these websites and see the tutorials . They have arranged it in very nice way.If you don’t like the content(which is unlikely to happen) you may google for forex lessons !
Let me warn the beginner/newbies that forex trading is very very risky!You require to invest large amount in it in order to gain the appreciable amount of profit ,but remember if you can get profit out of it so there is a big chance of having loss as well,actually a BIG LOSS!So do trading in demo account for atleast 3-4 months, get to know the different currencies , their plus points , their minus points and ,if possible, try and make notes of it. Once you are experienced , go for a live account invest some good amount and be ready to face the consequences , there’s right saying “No Pain , No Gain” .
Now my experience , I have not much experience of Forex trading , so right now i am confined to demo accounts only . Recently i opened another demo account in ZuluTrade( though you can open in any broker website) . They have good user interface and we get $50,000 Equity initially to do the virtual trading. You can call it my luck or my learning speed that from the very beginning I started to to make profit . And let me tell you the profit was not small it was huge.
Profit in Pips in 4 days
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Forex Profit
I am now not trading currently due to some personal reasons but i would surely trade in near by future and that too with live account. I fell that i still need to learn much more in forex trading before going to the live account .
So again let me tell you people that forex trading isn’t easy at all , it requires pretty much of skills of humans , so learn forex , do demo trading for 3-4 months and then only go for live account .
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October 13th, 2009 on 5:15 pm
Hello
Going for profits in forex means you have the ability to predict changes in the market. Even if you want short term profits or long term profits you need consistency.
When looking for a good Forex robot or signal program you have to make sure it has over 75% success rate. Greed is one of the worst enemies for profits and in my opinion if you don’t follow the basic rules of trading you’ll soon lose your money.
Big fluctuations can occur from time to time in the forex market and to be safe you need to learn how to spot them.
Check this to find out if you can make real money in the Forex market.
October 14th, 2009 on 9:07 am
Valuable thoughts and advices. I read your topic with great interest.
October 14th, 2009 on 10:09 am
I agree with you Automoney(your name?).We can’t depend on something which has more loss5 . AFAIK , forex robot or signal provider can’t be trusted completely as it’s not 100% sure that they would make profit. We need to have consistency in the market which brings in great profits..
October 14th, 2009 on 10:43 pm
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October 18th, 2009 on 1:23 pm
Are you a professional journalist? You write very well.
October 19th, 2009 on 12:17 pm
It is the second entry I read tonight. And I am on my third. Got to think which one is next. Thank you.
October 20th, 2009 on 9:57 am
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October 20th, 2009 on 5:36 pm
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October 22nd, 2009 on 11:07 pm
Thank you! You often write very interesting articles. You improved my mood.
October 23rd, 2009 on 9:48 pm
Excellent article, bookmarked for future referrence
October 26th, 2009 on 8:23 pm
I liked the article very much .
I have been trading since 2 years. The article would really be helpful for newbies.
October 28th, 2009 on 9:57 pm
In truth, immediately i didn’t understand the essence. But after re-reading all at once became clear.
November 3rd, 2009 on 5:18 pm
Thanks for info, bookmarked..
November 16th, 2009 on 9:50 pm
I added your blog to bookmarks. And i’ll read your articles more often!
February 6th, 2010 on 2:21 am
good info keep it coming
February 21st, 2010 on 4:54 pm
In truth, immediately i didn’t understand the essence. But after re-reading all at once became clear.
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February 6th, 2011 on 3:56 pm
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