Currency Trading: is it a viable long term way to make money from home?
Necip C asked:
I went to an introduction to FOREX (foreign exchange) class recently and they were telling us how with a good education in FOREX you can consistently make money, and good money too, since you are trading 50 or 100 times what you have in your trading account. The complete course is $2000 and they were pushy for us to take the class so I didn’t feel so confident about it, but i read up on the subject a bit and did a trial trade for about 30 days, I was up a lot at one point (about $8000) but in the end of the month i pretty muich broke even. WIth more knowledge and a proper education on the subject can it be a long term way of makin money?
DEAR ALL, thanks for your responses, overall you seem to think currency trading is high risk and not really a viable way of making money from home. I should have mentioned in my question that if i were to do it, i would want to rely more on technical analysis and all the ratios and different theorems etc. I would also be making trades that are from about 30 minutes to at most one day. Does this change anyones opinion on the subject?
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Filed Under Investing | 6 Comments
Tagged With Foreign Exchange, Good Education, Making Money From Home
Comments
6 Responses to “Currency Trading: is it a viable long term way to make money from home?”
yes it is but if your ready to risk some money
Forex trading is really a gamble. Theres so many factors to consider when trading in currency…eg: political conditions of a country are a major factor in determining the strength of a currency.
Unfortunately too many people are just trying to make a quick buck with Forex trading. You must remember that world markets are very volatile at this moment in time with regards to the N.Korean nuclear situation. Do you understand that if you were reading an online news bulletin and the headline read “North Korean nuclear situation”, it is far less alarming than “North Korean Nuclear Crisis”…stuff like this could determine Forex changes.
The Forex market is full of scammers and people who sell questionable products than make them rich and not you. I would advise against Forex trading. You are likely to lose your money. Forex is useful to companies that make money in one country and need to exchange it for money in another country, but most individuals who trade Forex lose money. Read the links:
These trial trade programs do not always properly simulate the market. I would not trust them.
I am interested in currency trading, as well. I took an online selfpaced course at a similar cost to yours. I have been day trading only and recently invested in companies located in Brazilian and Isreal. I sold Tefron stock 4-5 weeks ago when I heard news of the Isreal-Palestinian ceasefire. Internaitional economics and politics play an enormous role in currency trades. I sold ITU when I read of corruption in the Brazilian government banking system. However, many analysts are recommending Brazil, Canada, and Australia are good investments. I’d like to hear directly from someone who is making money in currency trading and exactly how it works -step by step.
Another approach might be to trade the new ETFs which track foreign currencies. Symbols are FXA, FXB, FXC, FXF, FXS, FXM.
Yes.
If you have less than $1,000,000.00 USD I suggest you to stay away from FOREX.
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