If you do then from how much time you are doing trade in FX? How much times you earned profit? Do you trade daily? Which is the best broker and why? Any tips to start with forex, what I really need to know about making profit in FX? I am new to FX and learned the basic rules, read some good articles .... that's it. Your words counts more for me!
I worked for several years as a professional commodity trader and there is a great deal of truth to the old saying: the best way to make a million bucks trading is to start with ten million. Foreign exchange is just another commodity, but one where the fundamental rules of supply and demand are more muddled by governments than is the case even for oil. By the nature of my business, we are always long one foreign currency or another. Our "trader" does a very good job of disposing of those longs and obtaining above-average results. That individual likewise spends considerable time monitoring the general economic situation around the world, the behaviour of stocks and major industrial commodities, including a couple of hours a day monitoring the international political climate. It is the sum total of those activities, spanning nearly 20 years, that has made that individual as good as they are. So my number one tip would be to be willing and prepared to commit the many hours per day required just to gain enough knowledge about the world to begin to make your first forays into trading. My number two tip is never play with money that you cannot afford to throw in the air at a crowded street corner. My number three tip is the first loss is the best loss. My number four tip is greed is your enemy. My number five tip is the trend is your friend. My number six tip is that you should be the most worried when you think you know what you are doing. Because you do not. You will not know what you are doing until after three to five years of trading full time and only if you survive the losses accumulated during that teenage moment. My number seven tip is that markets are like water. They know how to find their way around accumulated wisdom. In other words, yesterdays market making forces and not tomorrow's. My number eight tip is that the market is a living thing, with more claws, horns and teeth than any beast you can imagine. And it is determined to have its way.
Great Advices! I have seen many of your posts but this one was one of the best posts so a green rep for you. Secondly, I agree with you that it should take some hours of reading and learning it on daily basis which can get difficult for me. I recently launched a site and going to launch a blog which I need to manage. Sometimes I think that the return in FX can be great so why spend my time on these blogs. Suppose first if I can some money around $5000 in FX then starting a blog and writing everything of quality and my interest, no need to worry about money ..... I am somehow confused, I have some hard earned money which I never want to loose and to make a profit in FX is to keep high eye on every single movement ..... Need some more personal advices in this case .... I need to ask alot of questions .... I think if we can have a chat sometime ... Thanks again for you great help!
dear clancey, you put a Great answer, the first part i really like that says money make money, its apply every where, but i object with second one. i dont think that it will worth to follow the trend, can you explain a bit more this point??
I would like to answer on this one with my little knowledge. I think following trends are worth to follow as he is not refering to trend seen via volume etc but a trend which is calculated via different tools to ensure there is a trend going on. There are some more tools to ensure about the trend/no trend paradox .... I hope I am right and this is what I understand .... I completely agree, Infact I registered for free account but due to java run time environment I got stuck .... will do it as soon as possible. Which is the best broker and why?