Should I pay for a 2month training course in forex trading at a local college.How viable is online forex trade?
Tuesday, January 5th, 2010 at
7:52 am
__A_YAHOO_USER__ asked:
I am a University student and closing for holidays soon. I want to do something very viable those 4 months. I want to be making money by July. How does trading of forex online work? Do I have a chance of making alot of money incase I learn very well and keep myself exposed? Should I really go for the course? How much could I be making weekly by August if I invest 100$ in it? that is if I’m good.
I am a University student and closing for holidays soon. I want to do something very viable those 4 months. I want to be making money by July. How does trading of forex online work? Do I have a chance of making alot of money incase I learn very well and keep myself exposed? Should I really go for the course? How much could I be making weekly by August if I invest 100$ in it? that is if I’m good.
Tagged with: 4 Months • Holidays • Making Money
Filed under: Forex
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If you are a novice trader perhaps the easiest forex trading strategy to use is a swing trading strategy as it overcomes two problems that most novice traders face but cant overcome. Swing trading tends to be quite simple to learn.
All you need to do is look at support and resistance and use some momentum indicators to time your trades.
One or two timing indicators are all you need to judge price momentum as it moves into test support and resistance and your all set to swing trade.
Being simple to understand is a big advantage, because from understanding comes confidence and from confidence, flows discipline – the key to successful trading is having the disipline to foloow your plan through periods of losses and is a trait all succesful traders have.
So if you want to trade currencies then try swing trading its simple, easy on the mind and can be very profitable.
Consider it as part of your forex trading strategy and let it help lead you to the currency trading success you desire.
Save yourself losing money. A 2 month course will probably lead you to just losing more money.
Let software written my programmers and skilled financial advisors make money for you. Read about MT4 Expert Advisors.
It would be beneficial to you to learn how to trade forex before diving right in. Even with the help of a forex robot, you still need to know what you are doing!
$100 is far too small amount to get anywhere. A minimum of $500 would be more realistic to start with. Obviously the more the better, which is why actually learning about it before throwing the cash in is a good idea!
Hamina,
You can save your money and teach yourself Forex trading. HOWEVER, save yourself money (i.e. do not lose money) by trading a DEMO account while you are learning. There are also some very basic principles that you must learn and follow. You can find a lot of materials in books or online. You may start with this website: Forex Pips and Tips (http://www.forex.kingeshop.com/). Never rush into live trading. Read, practice until you are ready and then you will be fine.
If you have any question, do not hesitate to drop me a line.
Good luck!
Mark