I hope I don’t annoy you but I thought I should ask if forex trading is the right choice for me before I start to learn it ;). I am still a pupil but playing semiproffessional poker for around 150$ an hour. Because I still live at home I am able to save a large percantage of my loan. Is forextrading the right choice or should I consider an other form of investment?
I don’t even consider FX and investement unless you plan on being a long term trader. I would take the time to go through the whole school and by the time you finish it you will know if FX is for you or not.
In fact, i just had a friend who asked me if he should get into FOREX. My answer was that i didn’t know. Then i referred him to babypips.
Honestly, after reading through all the lessons you should have a good idea if FOREX or trading in general is for you, or if you are even inclined given the amount of commitment becoming successful will take.
Start educating yourself and it will become apparent
Speaking as a sometimes long-term trader, I wouldn’t even consider that an investment. Of course there could be an extremely long debate here as to the difference between the meaning of “trading” vs “investing”.
That’s why i prefer to call it “making a money” When a short term traders put money in their FX acount they are invest right ? Basically this look to me like question wich come first ? Egg or a Chicken ?
Yup having money in a FX acount dosen’t do anything.Same as having money in a pocket.But purpose of money at my pocket and money at my FX acount is quite difren’t right ? Money in my poket suppose to go away from me and money in my FX acount suppose to bring me more money.
How should we call money that i put in somthing wich i intend to bring me more money ? /cheer
Obiously, there is no way around #1. Its just part of the business that we are going to lose money in our trades.
When your money makes money and have a + cash flow then that is what I call investment. In this business money is not the only thing involved in your investment. Your Education is more critical than money.
I have to disagree with two things in this thread. first of all, going through the whole school isn’t enough to know if “forex is the right investment for me”. I did it. And I feel I still have to demo trade, back test a trading plan with historical data, and eventually try with a small amount of money (hopefully 5k).
Then, we don’t all get rich. People have to lose money for other people to earn it. I’d be very careful on this regard when choosing a broker (cf. stop hunting).
We could move the “investment or making money” to another thread. I think it is irrelevant to the original question.
I agree 100% that you need to actually give forex trading a shot to see if it really is something that’s for you. Sure, you can figure out certain things by reading up on this site and elsewhere, but once you’ve got that out of the way, it has to be time to do some exploratory work.
What I would counter with in terms of the “small amount of money” is that unless this is a [I]very[/I] small fraction of your available capital, I wouldn’t even go that big. There are plenty of opportunities to open accounts and trade with less money than that. You are going to suffer losses when you first start getting your feet wet. Why not make them as small as possible? You could start trading with $100 (or less, even) with Oanda and get pretty much the same experience as having a bigger account elsewhere - at least in terms of the markets, if not the actual platform.