Forex trading is good idea for taking next profession?

ajlancer Level X³

July 25, 2017, 3:36 pm

21

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I do not have good idea about Forex trading. As per as I know, it is a great way to earn money by trading. And many of my known person trading on Forex marketplace like meta trader pro, ava trade go etc. And they said, they are earning good amount of money each and every day. I tried to know from them. They said Forex trading similar of local share market trading. If so, why many of government still forbidden forex trading in open marketplace? Is forex trading has legally validation?

If you have any idea or information share your thought!

Regards by Ajlancer

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TommyCarey

TommyCarey

Forex is definitely legal in the US, I'm not sure about anywhere else though. I know a lot of people who are day traders, but that's something different than forex Forex trading is good idea for taking next profession?

Forex trading is good idea for taking next profession?

One of my friend started messing around with a practice account which mimicked what forex was doing, and he was making a nice fake income. Basically he set up an account and played fake trades to get a hang of it and then went into it for real. With the fake account he was making between $50 and $400 but on the real account he was losing money, which doesn't make sense. But if you think about it, the place he set up the fake account was possibly inflating his numbers to get him to sign up because they make a percentage of his investment, or something like that lol.

Just learn whatever you can prior to diving in, just like any business idea. You want to know what will happen if you invest and lose it and also if you invest and make money.

Learn a few things:

how to invest
when to invest
when not to invest
when to pull out an investment
when to keep your money in even if the stock is dropping
investing trends
investing predictions

You won't get it right the first time you try, but that's common whenever you're starting something new

9 years ago

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Neiltarquin

Neiltarquin

Honestly I can't understands forex. As a profession, it's kinda neat how people can predict an outcome by looking on numbers... It is a good profession, but in my case, I will say pass to that.

9 years ago

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overcast

overcast

I think forex is one of the hardest industry to make money. In fact spending time trying to understand the market is not going to earn you any cost. So you have to focus on the profession with more details. You can learn the skills. But then comes the points where you have to make money. Show people some results. That's where things need to changed. I have found that people who work in forex often turn out to be scammy. So I have my reserved opinion about it.

9 years ago

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MariaC

MariaC

It is hard and also easy at the same time. Hard if you don't do your research well. You also have to read a lot on babypips.com, network with people who do it ND are successful in it. I also said easy because people are making money off it.

9 years ago

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overcast

overcast

Babypips is over rated to be honest. It does not tell you how to do the trades. It does teach you some basics though. So that can be learned through the reading. But at the end you have to it on your own. That's how many people managed to earn some money. I don't think that's really possible for everyone. Forex is too risky for guestimate work.

9 years ago

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ajlancer

ajlancer

Hi all
Thanks to all of you sharing nice thought. Yes it is reality. Many of countries still not allowed as legal business as forex trade. Like our country BD, they strongly forbidden this type of trading and at the same time I know many of first world country like USA, Canada, Switzerland well appropriate such type of trade. I had a account for demo trade and I made 1 lac dollar to 5 lac by demo trading. As per as I know real trading per different from demo. And I knew many of loser who became for real money trading without good experience. I think experience and current news may help good for successful of this forex trading. But, this is high risk trade compare with local share market. May be I am wrong. But, I have bit experience on it.

Again thanks to all for sharing your opinion.

Regards by Ajlancer

9 years ago

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joegirl

joegirl

I have heard a lot about forex trading. The good, the bad and the horror stories of people losing all their money. I am not sure how I feel about this field. I am very careful when it comes to things like investing and forex and stuff like that. I guess I just need to read more and gain knowledge.

Knowledge is power

9 years ago

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Tronia

Tronia

Well, forex trading is completely legal here and I know that many people try their luck at it but I am definitely not one of them. The whole thing is just so, so risky. Unless you are fully willing accepting that risk before starting to trade and invest then that's fine. I am just not into taking these risks when it comes to my money. I don't know how viable the forex trading is as a profession.

I know one guy that is very into trading, not just forex but in general and he had previous knowledge of how the market works, he traded and lost over $500.

If you truly want to start going into forex trading you need the knowledge that Razzy has listed and even then, it's all a big gamble.

9 years ago

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kgord

kgord

I think with all stock trading and gambling you are taking a risk. Even the so called experts really don't know what a stock is going to do in the short term as well as the long term. I mean I think Forex could be a valid way to make a few bucks, but don't risk more cash than you can afford to lose.

9 years ago

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victorslide05

victorslide05

Forex is equivalent to sport betting.Can one make a profession from that?.The answer is yea but I must tell youyou, its very hard.People loose and people gain from forex.
Trading Forex is just predicting currency over each other.
I personally dislike Forex trading because the trading companies can hardly be trusted,only on demo.
The sad thing about Forex is loosing all your money is very easy.
Even experts loose in Forex.

9 years ago

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clerkboy3

clerkboy3

I understand your point of view but I wouldn't say exactly like that.
You can have a certain edge or advantage in sports betting (it is still very difficult) but forex it is even more unpredictable and you will lose money much easier because of the huge leverage (you are not forced to use it but it is very tempting).
In sports betting, on the other hand, you usually don't have leverage and you might have a small edge or advantage.
However, the commissions on sports betting are huge and you can be many times right with your assumption just because of that alone!...

9 years ago

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victorslide05

victorslide05

Exactly,i was just using a common example for him to understand. I prefer sports betting a million times.
In sport betting,you know what you bet and can possibly know your outcome from different source.

9 years ago

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giovanniiiii

giovanniiiii

I don't consider Forex trading as a reliable profession and it is not profitable on itself because you will be dealing with risks too. It would be fine as a hobby while you have work or actual job. Depending on profit earned from Forex trading will not be wise since it is also a form of investment. Analysis and news is an important factor in Forex trading. It would take some time to make reading news and assuming from data a habit.

9 years ago

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MariaC

MariaC

Well, the legality depends on where you live, your countries regulations, for the aspect of it being a money making venture, I can't really confirm that as I have not done it. I however read about people losing their cash trading forex when they haven't understand the marketing and how to win. Be extremely careful.

9 years ago

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PedroP

PedroP

Woule you say it's possible to make a decent income maybe even make a living out of a place lile this? I know that stock trading is something very unpresictable but assuming you have the proper knowledge it is possible yes?

9 years ago

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clerkboy3

clerkboy3

My advice to you is:
Be very careful! You are a successful seller here on SEOClerks, it will be very sad if you have an awful experience regarding Forex.
If you are really interested, do paper trading for a while and some research before starting.
After you start, and this is very important, just invest money that you can afford to lose and be very careful with leverage. Too much leverage can easily "destroy" your account!

9 years ago

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clara1993

clara1993

I agree with you on your advice, I once tried to get some knowledge on Beta trade and then When I saw how it was easy to earn money I got caught up and gave it try by investing in some amount to see if it could work, In just a week I lost all my money then I said may be I didn't train enough but still the chance to loose your money is 60% than to make profits, However some people are making good money in forex trading, I think if one wants to give it a try they should take enough time to know how it works.

9 years ago

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Corzhens

Corzhens

I work in a bank and I have friends in the forex department. They tell me that trading of money is not appropriate for ordinary people like us which actually means that you need to have a lot of money for trading. We have a family friend whose personal business is forex and she buys US dollars that she would later sell for a higher price. I think it is good business because she has an office in a nice building and she was doing that business for several decades already.

8 years ago

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TomHowland14

TomHowland14

I use forex trading, and it's not hard at all. Many sites will teach you how to use forex and make money from it, even if you are a beginner. So there is nothing complicated about it; the hardest problem I faced when I was learning how to trade forex was forex trading quotes, and other than that, everything seemed simple. When I started trading forex, I heard from many people that I won't make much money on it, and I'd better find another trading platform, but I didn't want to risk and trade on a strange and unproven platform that would try to cheat me or close one day, and I'll lose all my money. But I download mt5, and this way, I secured myself. I started trading stocks and other resources.

4 years ago

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Roohulamin0099

Roohulamin0099

Hi ajlancsrForex trading can be a promising next profession for several reasons. It offers flexibility, the potential for high returns, and the ability to work from anywhere with an internet connection. Additionally, with a solid understanding of the market and effective strategies, many traders find success and financial independence. However, it's essential to recognize the risks involved and invest time in learning and practicing before diving in full-time. If you're passionate about finance and have a keen interest in market trends, Forex trading could be a rewarding career choice.Feel free to ask if you have any more questions or need further insights!Best regards, Roohul Amin

2 years ago

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