Question by agomez1110: Anybody have experience with currency trading?
I heard currency trading makes good money. Is that true or is it all a hype. Thank you!
Best answer:
Answer by maj0r_pawnage
it is a zero-sum game, and it is identical to gambling, unless you sift through thousands of articles a day and analyze their meaning to currency before everyone else can… then u will be at the mercy of the market, look into growth mutual funds if you want to make money(though not now) buy canadian dollars if you want, it will strengthen, u can just follow the rules, i bought USD when it was on par with CAD and made 20% on my investment quickly
What do you think? Answer below!
{ 7 comments }
People make money from forward and futures contracts. However, they usually have a tooooon of money to begin with, so small changes in exchange rates have a big total effect.
Small investors (as in most of America) would be taking a large risk by trying to guess the movement of currency depreciation/appreciation in order to make money.
Lots of people in Finance though specialize in currency trading and this is their primary job and make a butt load of money for their company and themselves.
the foreign exchange market is the largest financial market in the world and most people know very little about it. It functions in the trillions and it takes very sophisticated tools and training to do well in the market.
One trader I met once said that becoming a FX trader takes about 8 years of learning to become skilled. There are a handful of traders in the world that do this work very well.
A little know fact is that one automotive company (who shall remain nameless here) haven’t made money in selling cars since 1999 and have made all of their cash flow in FX trading.
You can make money in the currency markets. But the volatility and leverage involved make it very risky.
Try and tell everybody here answered your questions. I don’t think they have experiences. They just talk over their heads.
Yes, you can make good money trading currency. You can also lose good money trading currency. If you really want to do this, plan on spending 6-18 months learning about how the game is played.
Don’t trust other people’s word just try by yourself whether you can earn much money ,if you want meet forex traders you can register at http://www.makfx.com/en ,and download software join the chat channel ask them how much they have been got from forex .
you may also trading at that platform with virtural fund .
good luck.
Currency trading can certainly make good money, but still there is a lot of ‘hype’ involved. Most people who start trading end off losing all of their money. Most sites say that this is true for up to 95% of beginners. Mostly this is due to not understanding how to trade, not having a good system and/ or not applying proper money management.
So, the answer to your question is a PROPERLY prepared trader can make a consistent profit on the forex market. However the hype that ‘anyone trading forex will make a lot of money’ is not true! If you are not properly prepared you most certainly will end up losing your money, be careful.
I am a (profitable) forex trader and trainer. You can check out my modest web site http://sites.google.com/site/forextrainingclub/ see the ‘contact me’ page for my contact details. I intend to give live free introductions to forex on a regular basis where this question of yours will be discussed further.
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