Question by ND: How difficult and technical is Currency Trading?
New to trading and a little wary of starting , would like to know the following :
1) How difficult is currency trading ?
2) Can you really make money trading ?
3) How many currencies does one suggest I trade as a beginner
4) As a beginner is swing trading the way to go
5) Does taking a currency course make a difference ?
Only Professional people to answer please !!!
Best answer:
Answer by guru_matt
1) How difficult is currency trading ?
Very.
2) Can you really make money trading ?
Yes – you can also loose money, which is not a pleasant experience
3) How many currencies does one suggest I trade as a beginner
Just pick one – say USD/GPB, USD/EUR, USD/AUD or USD/CAD
Become familiar with how it moves over a long term trend & how it reacts to news/events etc..
4) As a beginner is swing trading the way to go
Swing trading is for taking long term positions. You may find that day trading is more your thing – every one is different. Give a few strategies ago in your practice account.
5) Does taking a currency course make a difference ?
It may – as long as its good, you are really motivated, and you practice what they teach.
I would suggest that you open up a demo account & start trading with practise money first. Borrow a couple of fx trading texts from you local library and see if you can both stay interested and trade profitably.
If your still doing it after a couple of months, then you will get the most out of your investment. If you’ve given up the ghost, then its probably not for you & you should save your money.
Most people who do those courses are not trading in 12 months time. Why? because they were not motivated enough in the first place – after a few looses a lot of people give up. Expect to loose money for the first 12 months – it takes that long for most to learn.
* 10 hours ago
* – 4 days left to answer.
Know better? Leave your own answer in the comments!
