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Discussion in 'Growing and Managing a Business' started by irahat, Oct 8, 2009.
what is Forex Trading and this is a good business?
How can i start.
Is this Profitable Business?
Even I have the same question in my mind! Not many are knowledgeable about this kind of earnings, but whoever has mentioned about it have a very good experience, and they are earning really well. So lets see who can help us newbies!!
Like most things, forex trading can be a profitable activity but there is a steep learning curve and you require capital to do it seriously. You also need to be able to take a loss or you will be blown out of the water.
Forex Trading is the act of trading currencies from different countries against each other. Forex is acronym of Foreign Exchange.
For example, in Europe the currency in circulation is called the Euro (EUR) and in the United States the currency in circulation is called the US Dollar (USD). An example of a forex trade is to buy the Euro while simultaneously selling US Dollar. This is called going long on the EUR/USD.
for beginner, I think you need some practice. The best way to practice is to open yourself a free dummy trading account. You can get a free dummy account from various forex brokers on the Internet. I suggest that you open a free dummy account with Marketiva.
To become more successful with Forex, research is the name of the game. If you tend to jump in first and ask questions later, you may want to be a little more deliberate, and start by understanding the basics of how the market works, such as the trading terms and terminology that are used in Forex. There are many tutorials available on the Internet, and much of the basic information can be accessed at no cost. One of them is marketiva.
hopefully help you..
Forex is a very though kind of business to do. With the world is still in recession, you are taking the risk of getting lost or losing all your money. This kind of job needs enough practice and learning the basics first and going through different stages as you go by.
Good luck on your Forex plans...
EDIT: I just found this one on my archive:
FOREX (Foreign Exchange Market)
The foreign exchange market is also known as FX or it is also found to be referred to as the FOREX. All three of these have the same meaning, which is the trade of trading between different companies, banks, businesses, and governments that are located in different countries. The financial market is one that is always changing leaving transactions required to be completed through brokers, and banks. Many scams have been emerging in the FOREX business, as foreign companies and people are setting up online to take advantage of people who don't realize that foreign trade must take place through a broker or a company with direct participation involved in foreign exchanges.
Cash, stocks, and currency is traded through the foreign exchange markets. The FOREX market will be present and exist when one currency is traded for another. Think about a trip you may take to a foreign country. Where are you going to be able to 'trade your money' for the value of the money that is in that other country? This is FOREX trading basis, and it is not available in all banks, and it is not available in all financial centers. FOREX is a specialized trading circumstance.
Small business and individuals often times looking to make big money, are the victims of scams when it comes to learning about FOREX and the foreign trade markets. As FOREX is seen as how to make a quick buck or two, people don't question their participation in such an event, but if you are not investing money through a broker in the FOREX market, you could easily end up losing everything that you have invested in the transaction.
Scams to be wary of
A FOREX scam is one that involves trading but will turn out to be a fraud; you have no chance of getting your money back once you have invested it. If you were to invest money with a company stating they are involved in FOREX trading you want read closely to learn if they are permitted to do business in your country. Many companies are not permitted in the FOREX market, as they have defrauded investors before.
In the last five years, with the help of the Internet, FOREX trading and the awareness of FOREX trading has become all the rage. Banks are the number one source for FOREX trading to take place, where a trained and licensed broker is going to complete transactions and requirements you set forth. Commissions are paid on the transaction and this is the usual.
Another type of scam that is prevalent in the FOREX markets is software that will aid you in making trades, in learning about the foreign markets and in practicing so you can prepare yourself for following and making trades. You want to be able to rely on a program or software that is really going to make a difference. Consult with your financial broker or your bank to learn more about FOREX trading, the FX markets and how you can avoid being the victim while investing in these markets.
Forex trading is not consider as business but investment. Also, Forex trading is considered as medium high risk investment. Please ensure you know about it before you invest on it
Irahat, you might find this BAF thread on Forex useful. Nazreen isn't very active here any more but the thread contains a lot of info that you should find useful if you wish to start Forex trading, including info on how to open test accounts so that you can learn without risking real money.
That's very useful suggestion by Fergal. Even I lost $75 after investment in Forex Trading. I came in contact of a broker and he convinced me that I can double the money by investing good amount of money. For test run I invested $150 and got only $75 in return. So, be aware of this business and don't get into it unless and until you have sound knowledge about trading.
Forex trading is risky business for me, I have lost nearly $200 in that so won't like to take risks now.