OK so I have a question dealing with trading currencies. I'm not looking to make huge profits but hopefully a little extra in addition to my income. I have downloaded a few demo accounts and made the type of money I was hoping for in the demo accounts. The one I did best on was FXCM's demo account. My method involved buying only $1000 worth each time and allowing the price to rise just slightly, taking a 20-50 dollar profit each time. The currency would give me this sort of gain very regularly and although I had to always watch it, the method almost always worked. The question is, if not trying to make tons of money, is it reasonable, possible, legal, or worthwhile to trade like this with a real account and how similar are the results between demo and real accounts?
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June 28th, 2008 at 10:44 am
Trading demo is way much different from trading a live account.
With a live account, you have your ego and emotions to deal with, aside from the fact that you can lose your money. If you can overcome this obstacle, you will do very well in this market.
To answer your last question–It is possible, legal and very much worth your while to trade forex for a living. A lot of people do it.
June 28th, 2008 at 10:44 am
trading currencies is only for experienced professionals
It is VERY VERY risky.
I have 20 years experience investing in stocks, mutual funds, trusts, etc.. and I would presume to trade currencies.
You can make a lot or LOSE a lot very quickly.
There is a FEE to trade in real world. You pay the fee whether you make or lose money.
Consult a fee only financial advisor before you do anything.
June 28th, 2008 at 10:44 am
Dear Sir:
What you are doing is excellent. You are actually playing it safe. We are also doing the same. Just see our statement:
http://finance.groups.yahoo.com/group/freesignals/
Thx
F.H