In the last two months of 2011, I took on a personal adventure to take on a new Investment Tool – Forex Trading. I started out with a US$100 mini-account from the start and at the end of the two months stint, I ended with only $4 and decided that it should be the end of my Forex Trading journey till the date I mastered what’s necessary to really make the money work harder with this tool…
But meanwhile, if you do have intentions to take on this Investment Tool and you are also starting off like a Beginner… maybe I can personally share my experience and what you can expect (if you are going serious on this)…
Can You Make Money With Forex Trading
The answer is definitely yes! And if you are really experienced with it, you can make money during the Good Times and Bad Times regardless on the economic conditions – though this still play a part in influencing the movement of a particular currency.
Despite the fact that you can really make money with it, the other side (= losing money) will still apply to anybody if you are not careful and when you trade without any considerations.
And as compared to other investment tools like Investing with Stocks or Property, you can see Profits (and even) Losses in a matter of hours or even minutes (of which I have seen traders making a quick 100% profit gain in 2 minutes – and this is the effect of doing their homework and timing the market well).
What You Need To Take Note When You Are Trading As A Beginner (From My Point Of View)
1. Read The News And Understand The Market. In Forex Trading, understanding the news will help you to become a Better Trader. And if you can take a piece of news and decipher what it means to a particular currency, for e.g. the news you just hear is sort of negative for a particular currency and thus will people think that it’ more profitable to exchange that currency to hold onto others, etc. If you can relate this well, I believe you are off to a good start being a Forex Trader.