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What is Forex trading? email this discussion to a friend?

myLot reputation of 93/100. starscream (406)   ranked 6,376 out of 27,441 in make extra money4 weeks ago

Every time i lurk arround make money forums or threads or section on mylot.com. I found 1 or 3 people recommending forex trading. What is forex trading and how can we do that?

Besides that what is the risk in forex trading? What are the chances that we can make money on forex trading. If money making is easy then it is possible to earn money from forex trading compltely or it's not good idea to invest on forex trading?

Please post your experience about forex trading.

 
 
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tags:  trading, forex, money, online-trading, shares
 
1. myLot reputation of 87/100. itzmee1009 (159)   ranked 4,804 out of 27,441 in make extra money   4 weeks ago

Hi Starscream,
Forex Trading is all about the currency trading,ie exchange of currencies.The risk here is money,but as a proper money management you will definitively get profit here.But all of sudden you cant start this,minimum for 3-6 months you have to practice the demo trading,Best is you can start from this site FXCM.com


myLot reputation of 93/100. starscream (406)   ranked 6,376 out of 27,441 in make extra money  4 weeks ago

Thanks for the site recommendation. I would like to know if there is any other good site to learn some basics of it first. I'll then use simulator to check my skill.

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2. myLot reputation of 85/100. babshish (642)   ranked 4,204 out of 27,441 in make extra money   4 weeks ago

Hi, Forex trading is tradingin currencies. There is good fluctuations in curriencies, like you buy USD for some amount and when the price goes high you sell it and the difference is your profit and similarly if it goes down the difference in your buying price and selling price is your loss. Forex trading is a risky, as it is one type of gamble. So I would recommend that first get the complete knowledge of forex trading and then if you feel comfartable then give it a try, else you will end up losing your money. You can google for details on Forex trading. Hope this helps. happy


myLot reputation of 93/100. starscream (406)   ranked 6,376 out of 27,441 in make extra money  4 weeks ago

Thanks for advice. Do you know any specific site for forex?

Practice Forex Trading Start trading with a free $50,000 demo account. Play before pay. www.fxcm.com
 
3. d_e_v81 (47)   ranked 17,243 out of 27,441 in make extra money   1 week ago

Hi,
in addition to what the 2 posters have said, please bear in mind, never pay for robots. never pay for e-books claiming to sell strategies. you can look up lots of free info in baby pips and forexfactory.

if you'd like to get started, pm me and i can help. im sick of these people trying to make money out of newbies. trust me, you dont need to spend a single cent for education. just pm me and i will give you what you need to know for free.

happy mylotting.

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4. myLot reputation of 98/100. ahgong (3777)   ranked 5 out of 27,441 in make extra money   1 day ago

Have you ever made any currencies exchanges before in your life?
For example, you go on holiday to another country, say Canada. You would have to buy some Canadian dollars when you are on holiday. So you change your local currency to Canadian dollars.
When your holiday is over, you got some excess Canadian dollars left over which you have no use for. What do you do? You change it back to your local currency, rite?

Well, the above mentioned is one form of Foreign Currency Exchange.

Forex works in a similar fashion, whereby you buy and sell currency via a broker. In Forex, you do not have to deal with the cash physically. It is more of a contract that you commit to either buy/sell a certain currency at a certain fixed price which you think the price may go to.

Just like driving a car, trading the forex markets can be trained. It would take many discussion threads to introduced and teach someone to trade forex. In fact, there are many information articles available if you do a google on forex.

To get a clearer idea of what forex is all about, you can check out www.babypips.com
It
is a site that is especially good for beginners.

I have also written a small summary for newbies who are interested to get started on Forex trading. You can find my article here --> http://gnmdoubletomillion... , I am working on some articles to update my blog and my trading journals. Hopefully, I can get them all ready by end of the year so that I can start updating my blog again come next year!

PS... I am also gonna be sharing some of my trading strategy in my blog. So, do stay tune and look out for them! wink


myLot reputation of 98/100. ahgong (3777)   ranked 5 out of 27,441 in make extra money  1 day ago

Hmm... looks like the link to my article do not really work.
Try this one gnmdoubletomillion.blogspot.com/2009/05/hmm-setting-up-system.html .


myLot reputation of 93/100. starscream (406)   ranked 6,376 out of 27,441 in make extra money  1 day ago

thanks for the blog link. i am reading about it on your blog. thanks once again.

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