currency trading for beginner...?
how do i get started with currency trading? are there any online courses anyone could recommend? has anyone a success story to share? what are the main points i need to know? do i have to invest more than 1000 pounds to get started? any help appreciated... thanks.
Public Comments
- Foreign currency trading mainly includes two types. You can buy and sell actual currency, or you buy futures and options that bet on currency movement. I recommend you only do the first one and not the second. With futures and options, you can lose everything you have. As for trading actual currency, it's all about supply and demand. The proper training is learning about macroeconomics. If not, try to follow the up and down of a few currencies, this way, you will get a sense of when to buy and when to sell. Good luck.
- You pretty much need to understand the amount of worth, to whatever you plan to exchange it to. Easy as that. Then you need to follow, how much it changes. You buy foreign currency, while it is low. You hold on to that, till it jumps in price. Enough till you make a profit. It's up to you, to figure out how much to buy. Depends on how much you are willing to lose, and how long you are willing to wait. I would try it, with a few different currencies, that way you can up your chances. If the currency you chose, does not raise in price, hold on to it longer. If after a year, you see no change, get your money back. If within that year, it has a slow, but constant raise, hold on to it. If you see a dramatic raise, sell it off for profit. After a while, you will get the hang of it, and you should see a profit within a few months, if you are lucky.
- The foreign currency markets are ripe with scam artists as there is little or no regulation. Forex brokers talk about no commission trades but what many of them do is steal PIPS from you behind their trading platforms. Check out http://www.forexbastards.com to get some insight into the FOREX markets before you spend ANY money.
