You've probably heard the hype about FOREX trading, and maybe even want to try FOREX trading for yourself. I'll be honest there can be huge profits. Over a six week period I turned a $5000 investment into over a $30,000 profit, just using one strategy, commitment of traders. To put it simple, the big investors were all investing one way, the small investors were investing another way, and I decided to join the big investors. Well when the tide turned, I rode that tide to a nice little vacation in Maui. Yes, there is a good side to FOREX trading, otherwise known as currency trading. In fact there are many good sides. Some of these include the fact that you can find very low commission trading houses, you can get up to 200-to-1 leverage on your money, which means if you get the trade right, you can turn a couple hundred dollars into a couple thousand very quickly. Sounds pretty good doesn't it. Well for the right personality type it is pretty good, but make no mistake it is work. You don't just guess where you will throw your money or very quickly the power of leverage will work against you. You have to have a strategy and then follow it. You have to keep emotions at bay, which for me was not the easiest. Spock from Star Trek would have made the ideal FOREX trader, a ton of logic, no emotions, and no family.
To do it right you have to spend a fair amount of time watching how the currencies move against each other. You have to be able to take small losses, learn from them, and be confident in your next trade. Like most business, FOREX trading can be very similar to sports, and it is a very competitive game. Also just like the sporting world, when you begin to lose your confidence, look out. You may find yourself unwilling to pull the trigger on the next trade.
If you like staring at graphs all day, no real communication with others and money is a major motivator, FOREX trading could be for you. If you want money and fun, there are easier ways, which I have found, and that is why I no longer trade actively. If you would like to learn more about FOREX or the new ways I have found to make a decent living while balancing life please contact me through one of my websites listed in my writers bio box. |
