easy money economics
easy money economics
Forex trading online!!! A waste of time and money?
I have been doing the Forex trading demo online and I am amazed at how easy it is to make a profit. My sister who studied economics claims that it is not possible to make a profit as a small trader in currency due to several different factors. Is this true? Or should I go ahead and gamble a little with some savings?
Forex trading online is probably the most lucrative business in the world! It is however the most dangerous as well! Only 10% of Forex traders make money in this market (the other 90% lose)!! And that is because not everyone can have the DISCIPLINE it takes to trade by his/her rules. Once you’ve studied technical analysis and set yourself a certain edge to enter/exit a trade, you need to test that edge (system) on the demo account. Please don’t start live trading until you have practiced the demo account for at least 2-3 months making profits CONSISTENTLY.. Money management is the most important issue here, small position sizing first (few lots), ALWAYS use a stop-loss order, and forget the word GAMBLING because if that’s how you approach this business then you are destined to lose.
I think there is enough free educational stuff for the Forex on the internet to make you learn as much as you can before you engage into live trading.
I’m a Forex trader and I do make profits and a descent living out of it, but it took me a great deal of money (lost), psychological pressure, time and effort to learn this.
Wishing you the best of luck.
Be careful.
