Has anyone ever tried forex or currency trading is it a scam or is it almost impossible to make money?
aj v asked:
honesty is very important TO ME I AM NEW TO CURENCY TRADING AND I HAVE ABOUT 500 BUCKS TO WORK WITH from what i hear forex itself is not a scam but other software associated with it any one with trading experience preferabLy two to three yeARS your inPUT in this would be very appreciative if anyone could HELP ME AGAIN I WOULD VERY MUCH APPRECIATE IT. ALSO I WAS WONDERING HOW MUCH TIME IT TAKES TO MAKE A PROFIT
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Filed Under Other - Business & Finance | 5 Comments
Tagged With Forex Trading, Honesty, Money
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5 Responses to “Has anyone ever tried forex or currency trading is it a scam or is it almost impossible to make money?”
Hi! My dad has been in the Forex market for a few years now. He trades his own and other peoples (mostly family) money. He used a simulation program for about a year to learn it, and trade without using real money. He learned it well enough to start doing it for real. He traded pretty conservatively, and slowly made a profit on all the money he put in. It really is a slow increase. I think he’s doubled his money ($5000 is what he started with) in 2 years. Like I said, he trades very conservatively. In MY opinion, $5000 in 2 years isnt that great, but its pretty good compared to other ‘investments.’ I was talking to him the other day and he told me he wasnt doing it right now because everyone is losing money because of the market. He started LOSING money for the first time, didnt like it, and pulled out. He may start again when the market is more stable….this would be a good time for you to learn more about it, use a simulator, read, go to seminars, etc, and then when the market is more stable, maybe you’ll be ready to start trading your own money! Good Luck to you!
FOREX is not a scam but do not expect to make money unless you are very good with finance and international foreign currency theory… I have my degree in finance and I took an International Finance Course in college and it is almost impossible to make a lot of money (especially with $500) due to the fact that you need to be able to position yourself properly with the options you need to buy…
Neither you or I have enough money to do this since you have to pay premiums to buy option rights…the only people (not even people really) that can do this sort of thing are Financial Instituitions.
I hate to burst your bubble man….I too wanted to do the same thing you want to do but I realized it wasn’t worth it…You’d be doing a lot of work and making little money.
It depends on how fast you can learn the forex trade. But initially a lot depends on luck. I have seen many lost money but I think you can improve your chances by following some prudent guidelines and jump in too quickly.
I have been trading as a sideline for 3 years. Made a bit but not much as I have been very careful and cautious. However, the last few months I have made more than I made in the 3 years before.
The reason is I started to use some of the new aids available in the market. I don’t actually use them totally as an autopilot kind of system but more to supplement my regular trading.
The first thing you must do is educate yourself completely on how the Forex operates. Forexplays.com is a great resource for finding everything you need to do about the Forex Market!
Yes forex is not easy to trade.
But having said that I have some friends who are new and have made money using those new autopliot systems. I am still rather slow in catching on these systems as I’ve been trading the old way.