Hi Guys, just stumbled on these forums and been reading , reading and more reading to try and learn how to trade , how it works…what is a pip ? etc etc.
I got no idea about anything at all what i understand is this whole forex is about buying/selling currencies? if so how do you know what to buy and how much to buy or what to do?
Can someone explain it to me please for a complete new comer?
Is it to hard to learn? would i be wasting my time?
It depends on how hungry you are at succeeding the at forex, you should check out the babypips school of pipsology. Pretty much a pip is the increment you make money. With one lot you can make $10, up to $1000 a pip! (you can make more than 1000.00 per pip by the way) but currencies fluctuate on average 60 pips per day. Some are 150 pips per day. A lot of money to be made once you master forex. good luck on your journey!
Read that cheers, will keep looking at more info.
Just a quick question, if you invested about 100k into it and you knew what you are doing what sort of monthly returns would one expect from that 100k?
Negative $50k in the first 3 months, followed by a slow and painful death to around zero! Most traders lose money when they begin trading, so I wouldn’t start by imagining bazillions flowing into your account. Trading isn’t really the same as investing in shares, property or bonds etc. Your return is based on your skill as a trader and your ability to analyse price movements etc
Take Enoch7’s advice and start by clicking on the Babypips School tab above.
I have read somewhere from an experience trader that it takes probably about 1 -2 years to get it and 3 years and beyond to start seeing the result. However, it all depends how hard you work and how many hours you are willing to invest in learning, testing, finding the system that fits you, etc.
In regards to your question above, monthly return is all depends on you. Some can make 6%, 10%, 20% monthly but there is also a possibility that you will not make any return in weeks or months or maybe a year. There is also a possibility that you will wipe out the 100K easily…
“Only put money that you can afford to lose”. We have heard this numerous time and it is a good reminder to us…
Enrol in the school and take your time to learn…I learnt everything about Forex here, even though the information i got was too much(information overload) and i became indecisive as to what indicator to use/ what time frame to tradeo trade generally.
Haha agreed. Expect to lose your 100k. So don’t do it. Read the free course here first thoroughly. Learn technical analysis by heart. Thats a given. You shouldn’t even be thinking about it every time you do it. Start with a demo account for 6months. If not profitable stay with demo for a year. Never trade with real money. Or you’ll quit forex gaining nothing and losing money. This sh*t is HARD.
But then again you wont listen to this and would go on to learn from your own mistakes losing money. Hopefully not a lot.
Goodluck.
I have found an ecn broker that has been trading for 7 years, i will let him do it until i learn and do it myself, what are the chances of him losing my $ ?
So lets sat you’ve been trading for 5 years and have mastered the art of forex. you could be looking into 30% return a month (given that you swing trade as well as day trade)
What are the chances of him running away with the money is what you should really be asking brokers shouldnt be even trading from what I understand