eToro – Forex Trading Forum

[Tropezienne]

In forex, as in most activities, sometimes it’s worth going right back to the beginning and asking oneself - why?

Why forex ?

I’ve given it 4 months. I’ve not earned anything, I’ve lost about 150 dollars and, starting with the basics, I’ve learned a lot about forex. But not nearly enough.

I’m hooked – but can’t work out why………

At first I found the whole forex experience dry and uninspiring. Hence my question – why forex?

After an initial flurry of 'playing' on half a dozen 'trade for fun' platforms, and losing a lot of virtual money, I’ve learned that I must establish a methodical, patient approach towards building my successful forex trading future.

Also, those gut feelings that tell me to plump for the bottle of 2006 Fitou over the 2007 Pinot Noir? No use in forex.

Apart from hoping to earn a reasonable income – I’m still not sure what it is about forex that has hooked me.

Why forex for you?

Let me know ,

Julie

PS - I'm so hooked that I've even started a Forex blog for newbies - called "Who Gives a Forex?" -
http://who-gives-a-forex.blogspot.com/

[Tropezienne]

It’s now 5 months since I discovered this thing called forex and 4 months since I joined eToro. That first month was spent testing a number of demo accounts and slowly becoming disillusioned that I had not yet found a viable on-line business for myself.

Obviously my expectations were too high. I wanted to find something which would help to earn the rent and bread money whilst at the same time help to support my creative writing career.

Mid-way through my second month on eToro I deceived myself enough (desperation ? ) to t ink that I could actually earn something in forex - and promptly lost 150 euros. Small fry for some - but 4 driving lessons for my daughter had to be put off. (She’s forgiven me.)

I almost gave up at that point - but I was actually beginning to enjoy ‘playing’ with my demo account. The outcome is that my ignorance about forex is marginally less and my expectations are decidedly more realistic.

If you are new to forex - give yourself time to learn. Use the demo platform, read the guide and use the tutorials. Use this forum to ask questions, ask the eToro team - they are very supportive of newbies.

Be proud to be a newbie and be one for as long as it takes! After 5 months I’ve just promoted myslef to ‘Newbie -1 ‘ in a grading system that requires me to attain ‘Newbie -10’ before I risk any more of the driving lessons fund and switch from demo trading to real trading (she’ll probably be onto her second car before I get to newbie -10).

Julie the Newbie -1

http://who-gives-a-forex.blogspot.com/

[yad99in]

At present people have various options where one can invest their money based on different constraints like money, risk, duration, profit etc. Forex market is a perfect place for a active trader. Foreign markets are open 24 hours a day where a trader can login or exit anytime.

It has been found that daily $3 trillion is being traded. Forex market is the most largest and liquid form of market in the world. It is a very good option for trading lovers and a huge profit making machine for them.

For me it has proved to be a cash machine as I have earned huge profits. There are many ways by which we can earn profit. The easiest part is currency swap. It means to exchange one currency with other. This means I buy a currency at low and sell them at high against another currency. For example when a US Dollar was of Rs40, I brought 100 dollars of Rs4000. After 1 month, as the exchange rate raised I sold them at Rs42 per Dollar. This gave me a profit of Rs200 without bearing any risk. By the use of computers and internet, this form of market is now very popular. It has proved to be profit making machine for many.

[yad99in]

You need to learn how this market works, because this is a difficult market. Avoid Scams, especially Forex brokers Scams.
Start by trading on a demo account until you're making good profits. This way you learn how to trade without risking any money.

[Tropezienne]

Hi there yad 99in - I love your contributions to this thread.

It has been found that daily $3 trillion is being traded.he Forex market is the largest and most liquid form of market in the world. It is a very good option for trading lovers and a huge profit making machine for them.

You are so right - and these sort of figures is what attracted me to the market - I’ve never traded anything else, but naturally I have bought and sold currencies as a traveller, so it wasn’t completely alien as a concept.

For me it has proved to be a cash machine as I have earned huge profits.

That is great - I’m very pleased for you and hope to be able to make te same statement about myself one day.

You need to learn how this market works, because this is a difficult market. Avoid Scams, especially Forex brokers Scams. Start by trading on a demo account until you're making good profits. This way you learn how to trade without risking any money.

Learning about the market, avoiding scams and practice, practice, practice - important and constructive advice.

Julie the Newbie -1

http://who-gives-a-forex.blogspot.com/