Forex Trading

Does anyone have experience in Forex market?

I’ve been hearing a lot about it, and am wondering if it’s possible to realize the returns that have been touted? Any suggestions on how to get started? I understand there is a larger than average risk, hence the returns (supposedly)

Hi Cheryl,

You are correct there is quite a bit of interest lately in the Forex market. Unfortunately some inquisitive people are being seperated from large chunks of their money by purchasing courses, and software and signal services that are touted on late night TV and pretty much anywhere else that you look.

There is plenty of information available for free on the internet. In fact there is more high quality free info available for Forex than any other arena that I have ever seen.

I recommend to any of my clients that are new to check out babypips.com. They do a wonderful job educating folks on the basics (and beyond) of Forex trading. The second thing that you want to do is to open up a free demo account at any of the Forex brokers. My clients and I use Internbank FX, GFT or Oanda but you can choose whomever you want.

The demo account will allow you to actually trade the Forex market in real time without risking any of your own hard earned money. (If you notice we haven’t spent a penny yet).

There are a few things that you want to take note of as you demo trade. First you want to experience the nuisances of the Forex market and secondly you want to discover YOU!

The most important variable in trading Forex is YOU and how you manage two very important areas. Fear and Greed. Do you get out of a trade too early due to fear and do you tend to stay in a trade too long due to greed. This one step will go a long way in determining if you will be a Forex winner or one of the many, many Forex losers.

Lastly, you will find yourself migrating to a preferred tarding strategy. Do you have a lot of time to study charts and signals and stare at your computer? Would you rather just jump in the deep end of the pool and try to guess which way the market will move when economic news is released?

Or are you looking for a conservative, consistent, long term Forex invetsment strategy? I teach my clients to “invest” in Forex not to “trade” in Forex. We utilize a hedging strategy whereby we do not care if the market goes up or down we make money either way.

The bottom line is study for free, trade demos to learn and find someone experienced willing to help you along the way and……you will do great!!

Have fun and best wishes.

Paul

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