Will you FOREX to make extra money?

Woah~~! I am a little lost in all that jargon you got there!
what is 1:20 or 1:50?
what is 1:100 or 1:400?

what is 1:30 leverage?
oanda? is that like marketiva?

oanda is a broker
1:20 is a leverage in forex market
some of the broker allow you leverage of 1:400 some allow 1:200 some allow 1:100 oanada allows 1:20 to 1:50 not more then that oanda allow leverage
leverage means example if you invest $1
so if you have leverage 1:50 so you can buy or sell 50 dollar

Thanks for the explanation. Now reading your previous post makes more sense.
Where do you go to get your information for investing in FOREX then?
Do you pay for any seminar to get started?
Or is it a strictly hobby thing where you read and do research on your own?

I have been reading up a little more about forex since my last posting.
I understand that the spread of a currency pair is just as important as the leverage that the broker is willing to allow you to trade.
Where in Oanda can I find the currency pair rates before I make any decision to join the site?
It would be good if you can show me more about the site Oanda.

Thanks.

Well, I have been reading up on this since my last posting.
And I must say, it would take some knowledge in order to understand what the forex is all about.

I must say, we all are involved in some form of forex at one time or another. We just do not recognize it as such.
When you go traveling to another state or country where the currency is different, you would have to make a change of your local money to the currency of the place you are gonna visit.
And you will usually try and wait for a time where the exchange rate is in your favor (as in you can get more of the foreign currency with the same amount of dollars you are intending to change), then you will go and make the exchange with the money changer who is offering the best exchange rates.
That is a form of forex!

Yeah, it was a revelation to me too.

Anyways, I have seen people trading. And I have read some of the ways that you can use to trade with. With so many simulation sites available, one can actually try and hone one's skills to gain confidence before even putting any real money down to do any trading.

The more I read, the more I find it possible to make some passive income from this.
I am still doing my research. Hopefully, I can find something that will work for me!

I understand where you are coming from. And I agree with you.
But given certain tools and systems available, I am sure there will be ways to make money from forex.
The banks are hiring people to do it. And if they can, why not me?
It is a matter of when that make the difference between the banker who is trading now, and me who is learning the ropes.

Further more, using one's own money to fund this, it is gonna take a lot more research and consideration before one will actually venture into it.
But back to the question, if indeed there is a way to make money from forex, will you consider it as one of your options when making a decision on where to put your money to grow it?

Nope, forex is just like stocks and shares.. It's not stable, even though forex is the less risky of all.. BUt then again, one need to have that kind of money to lose, in order to win more in the future.. With such a risk, i will rather not opt for it^_^

Hmm... thanks for sharing Kun.
Really appreciate it.

Well, at least now I know.
From what I read, it is a calculated risk to go into forex.
Hmm... until I can prove otherwise, I guess we will leave it as it is for now.

haha=D BUt if u are thinking of investments, forex will be a much wiser choice as compared to the rest, especially now it's the right time to enter the market^_^ hehe

Now is the right time to enter the market.
Everyone seems to be saying that.
Can you explain to me why you too are saying that?

What are some of the thoughts you have when you are saying "it is the best time to enter the market"?
I am often confused with this statement. There must be indicators to enter the market. And recognizing them is the tough part!

Well, to me and to others, opinions may differ from each individual.. As for me, i will say it's the right time, because everything can be 'buy short' now, and have a 'long sell'.. Meaning, with currency values at its low, especially USD, it's the best time to buy them and trade against euro because euro is much stronger now..

BUt to others, it's not the right time as everything is not stable yet, and there are too many fluctations if one is not careful with their investments^_^ Thus, it all depends on how safety conscious are u^_^

I used to think that is the case too.
But the more I read about it, the more I am thinking, it may be possible to make money from it.
But the discipline and the mindset has to be different from that of a gambler.
Hmm... I guess it will take more reading and trying with demo accounts before I can make a definite conclusion about this.

But if given the chance to be proven that the forex is not a gambler's arena as much as it possibly could be, would you consider it as an option where you can make your money grow?

That is what I initially thought too.
But it seems that there are brokers online that are willing to allow one to open a forex account at a much smaller, and more affordable amount to get started.
Hmm... this is giving me some good food for thought.

Thanks for the posting!

Yeah, that is what a lot of books are stressing as well.
Your friend is lucky to have found a teacher who is a former trader who is willing to teach and mentor him.
Not many people are willing to teach their trading methods to others.
So far, the only mentors I could get close to are books.

I agree with you that the trader's pshchology is important.
But the ability to know when to buy or when to sell is important too!
I guess it is a combination of both that will make a trader successful or not.