how can i be good in forex for just $1500?
i have $1500. i like to deal with forex with this little amount
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This entry was posted on Monday, June 23rd, 2008 at 8:54 am and is filed under forex trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
June 23rd, 2008 at 8:54 am
$1500 is fine for forex trading. Whether you'll be "good" at it is another question!
Just study some forex trading books and don't waste money on expensive courses.
Don't try to make any "proper" money in your first year. Just trade the smallest size you can until you've found a method that works for you. Find an account that lets you "paper trade" if you can.
Only when you're consistently winning more than you're losing should you scale up the size of the trades so that you're making useful sums of money.
June 23rd, 2008 at 8:54 am
To make money in forex, you have to be smarter and better informed than the ones you are trading against.
They are mostly professionals, trading millions and with research departments behind them.
Avoid anyone selling a 'system' to trade. Avoid forex. Put it in a share index fund and leave it there.
I
June 23rd, 2008 at 8:54 am
If you've had years at trading stocks using "technical analysis", you may have a chance of making money. But the odds are against you. If you haven't taken a few years to learn FX and "technical analysis"… you've got a 96% of losing your money in the first 3 months.
Anyone that tells you otherwise will make money from your misfortune.
June 23rd, 2008 at 8:54 am
Focus more on fundamentals than technical analysis. Economic news analysis is what moves the markets.
Here is a free site that shows what has happened after economic news releases:
http://www.forexnewspatterns.com
June 23rd, 2008 at 8:54 am
I've blown 4 separate accounts in the span of 6 months. Im what you call an emotional trader. Very stressful 6 months! Anyways discipline is # 1 also i found this blog a while ago…..
here….
http://forex-killerpipsreview.blogspot.com/2008/02/forex-killer-review.html
I havent blown my account so far, so thats definitely a plus and i am on top, not a lot, nevertheless on top. It taught me to put some stops and take pofits which helped me out and its automated so i dont have to sit at my comp and watch myself lose money 6 hours a day!
Hope it helps! good luck