Forex trading and how to go about it from home?
Question by MamaB25: Forex trading and how to go about it from home?
Can someone explain in detail how forex trading can be done from home in order to earn some additional income? Too, what is involved or needed? How much is needed as an investment?
Best answer:
Answer by Common Sense
You’ve picked one of the hardest forms of trading to consider. There are brokers that will open an account for as little as 0.00.
I would take no less than 2 years to understand the basics of Forex and technical analysis…… before putting one penney into an account.
This can be very challenging. 96% of new traders destroy their account within the first 2 – 6 months. Most successful traders blowup their first account. Persistance, disipline and constant education may make this a rewarding pursuit.
try to read a new trading book every month…. for as long as you’re doing this………. CONSTANT EDUCATION!!!!!!!!!! Good money management & trader psychology skills are just as important as picking the right direction and stop.
Know better? Leave your own answer in the comments!
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Hey!
You need some good forex training. Or you can loose lots of cashola. The best forex course that I’ve seen is at http://www.allforexneeds.com Get educated first. It’s a very good investment. That thing s not chip. But you can get much more in return if you do everything right.
Good luck forexing !!!
I would check out fore forums.
Like babypips etc.
However make sure you understand every aspect of the forex game, because it is hard to earn good money if you don’t know what you are doing.
Maybe another option for you is to let someone else manage your account?
Its very very easy to do forex trading form home and the amount of time needed to spend is minimum. I say only a few minutes just to check you earnings for the day. You can start with a very small amount as much as 100$. For futher details go through the following article.
Fap Turbo – Best Automated Forex Robot Review
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Forex Online Trading has become a business, which you can operate through your home. You require a high-speed internet and a computer. Minimum requirement of your computer should be:
Windows 2000
800 MHz Pentium III or compatible
15″ or larger monitors with 1024×768 resolution
256 MB RAM
40 MB available disk space
56K modem or higher, DSL or cable modem with an ISP
Microsoft Internet Explorer 6.0
I recently started Forex trading having been into poker previously it was quite a change of online strategy for me!!
Forex is not way but after a while (a few days in my case) you can see what is happening with the markets.
I have never lost a trade yet and made $40 in a couple of weeks from a $1 credit.
I suggest you start off small and try http://www.liteforexsa.com/ where you can trade form just $1. They also have a demo account so you can try learning the markets for fun with no risk.
Good Luck
Forex (currency) market is the largest (most liquid) financial market in the world, with an average daily volume of more than US$ 1.5 trillion, which is more than all of the global equity markets combined. The busiest hours are early European mornings because at that time major Asian exchanges are still open and European afternoons because at that time major US markets are open at the same time as Europe. Therefore, wherever you live and whatever your work hours are you can always find some time to participate in forex trading as opposed to stock market where you are usually limited to the regular business hours.
Another property of forex market that makes it an excellent trading instrument is use of leverage. Many beginning traders don’t fully understand the concept of leverage. Basically, if you have a start up capital of $5,000 and if you trade on a 1:50 margin you can effectively control a capital of $250,000. However, a two percent move against you and your capital is completely wiped out. If you are a beginning trader you should not use more than 1:20 margin until you get comfortable and profitable and then and only then you can attempt to use higher margins.
What does 1:20 margin mean? It means that with your $5,000 you will control a capital of $100,000. Let’s say you are trading EUR/USD and by using our entry strategy you have decided to enter the trade on a long side. That means that you are betting that USD will depreciate against Euro. Let’s say current EUR/USD rate is 1.305. Again, if your trading capital is $5,000 and you are using 1:20 leverage you will effectively be exchanging $100,000 to Euros. If the current rate is 1.305 you will receive 100,000/1.305 = 76,628 Euros. If the trade goes in your direction the margin will work in your favour and 1% decline in USD will mean 20% increase in your start up capital.
So if EUR/USD rate moves from 1.305 to 1.318 you will be able to exchange your 76,628 Euros back to $101,000 for a profit of $1,000. Since your start up capital was $5,000 it is effectively a 20% increase in your account. However, if the trade went against you and USD appreciated 1% vs. Euro your account would be reduced to $4,000. That would not have happened as our strategy has built in hard stops to prevent such outcome.