Am new trying to learn more about this and am new and have a bunch of questions. My brother has dabbled in it and says its actually a little better than Binary options.
Do you need experience with this? I have had no history of any sorts to do with trading online or any other way for that matter. Could I still learn it slowly and be proficient at it eventually?
Has anyone made a reasonble living with this? preferbly anyone with no prior experience.
Does forex have a little less risk involvement? it would appear many traders seem to keep away from Binary trading and use Forex a lot more. Is there a proper reason for this? what is the main difference between the two?
Be greatful if anyone experienced could answer these.
Profitable trading definitely requires experience and there is only one way to get it - trade, trade, trade. Practice on demo accounts, study different sources, analyze your mistakes, learn to understand the market and, eventually, you will get there. Good luck!
The binary sector of the industry has a reputation for attracting companies that will either take your money and disappear or they will rig their position prices so it looks like the real price of the pair you were long or short in has moved against you - when actually they just changed their prices and your position gets stopped out. Stay clear of them.
Otherwise, the risks of trading forex are not greater or lesser than any other opportunity - risking too much of your account due to greed or over-confidence being No.1 I suppose.
Forex has its own structure and its good to build up knowledge of the news events that affect currency prices, which country's currencies are closely linked, which country's economies are linked with which forex pairs etc. Its not nuclear physics but a clear plan using your price charts is important. After that, strict risk management rules will keep you in the game.
Well, you can start from BabyPips School, here you’ll get basic knowledge on Forex trading and how it works! By the way, there have so many sectors of trading, you mentioned Binary and Forex! Basically, Binary Options is very uncertain and risky! Besides, Forex trading business is flexible, like you can use here short term trading styles as well as long time!