Anyone do ForEx trading?

[Majck123]

I'm looking into doing some Foreign currency exchange trading and was wondering if anyone here is into it or has any experience with it. I've got some money to play with and spare time to fill so I figure why not. If I could just make a couple extra bucks a month I'd be happy.

 

[holtsch]

Have you ever traded Forex before. I've been trading with real money for 18 months. I HIGHLY discourage jumping into forex trading with real money if you've never traded it before. 85-90% of people lose in the forex market for a reason.

Which forex broker are you going to use? Are you going to run MT4? What are you going to set your leverage at? What kind of trading are you going to use? Purely technical? Purely fundamental? A mixture of both? What is your trading style? What timeframe(s) will you be looking at? How many lots do you plan on trading? Standard account or mini?

I would recommend opening a demo account for 6-12 months and work on different strategies that work for your trading style. If you don't know a lot about forex, I suggest going to babypips.com and read as much as you can. This will give you the basics on forex trading. Stay away from the gimmicks, EA, etc.

For me, the hardest part about forex trading is being disciplined and leaving emotion out of it. I've been doing it awhile and I still have to step away sometimes and still make bad trades every once in awhile. Keep in mind that even if 70% of your trades are failures, you can still be a successful forex trader as long as you limit your losses on the losers and maximize your profit on the winners.

 

[Majck123]

I've just barely started looking into it. I've always been interested in getting into stuff like this and didn't really want to try stocks. I think I'm going to start out using instafxng.com. I plan on using a demo account for a while to get the feel of it and I'll probably start another little account also with very little money.

I'm really just looking for some personal experience and some suggestions for getting into it with 0 experience. I'm not looking to do this as a living just something on the side to make some cash

 

[Njc0las]

i lold

 

[dtheo]

find a forex forums, read them, then ask yourself if its worth the time and $.

 

[holtsch]

I've just barely started looking into it. I've always been interested in getting into stuff like this and didn't really want to try stocks. I think I'm going to start out using instafxng.com. I plan on using a demo account for a while to get the feel of it and I'll probably start another little account also with very little money.

I'm really just looking for some personal experience and some suggestions for getting into it with 0 experience. I'm not looking to do this as a living just something on the side to make some cash

For someone with 0 experience, I would recommend going through "school" at babypips.com. To be honest, if you're just planning on doing it as a hobby, I wouldn't recommend opening a live account for a long time....even if it's only a little money. What kind of trader are you? If you don't know what I mean, do some research on babypips and send me a PM. I can give you my personal experiences, but it might not help if you're trading style is polar opposite of my trading style. It is also very important to research your broker. Some are much worse than others (run as far and fast as you can from brokers like forex.com).

 

[NorCal5.4]

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