What Is The Best Place To Learn About Forex?
Posted by benny in Barebone PC on December 25th, 2009 | 4 responses
Hi. I am a new student of economics and I have been learning about forex -foreign currency exchange- recently.
It looks quite interesting and profitable to me, and I would like to learn more about it thru unexpensive methods, since I am at college and do not have too much money to risk
Could you please recommend me a good book, website or forum about forex?
Thanks
Jack
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4 Responses to “What Is The Best Place To Learn About Forex?”
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Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus.
Forex is what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347″ is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347″ gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.
I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
hi
Me too a college student of B.com(Hons) and I am trading in online shares through the icicidirect.com. U have very similar interest like me but different is your is in forex and mine is in stock market.
I am writing this not because i know much about the forex rather i wanted to say that, If you have deep interest in the forex than do some practical by investing some small amount because through the practicall you will come to know about the working structure of the market.
I don’t have deep knowledgee on stock trading but through the practicall, i am gaining my knowledges
If you feel interested than just visit my blog and read the articles.
http://www.moneyplanter.wordpress.com
Let me share with you the BEST forex method first.
Proper Money Management.
Most folks in forex lose because they took too much risk with their margin accounts. The price moves against them, taking out their account and often moves back in their favor again!
Such is the nature of forex.
No more than 2% – 3% total risk will be good.
i welcome you to read more about forex at my blog . all the best
Hi Jack
We are professional forex traders and have a lot of resources to learn about forex on our site.
Be sure to check them out, they will get you started on your endevour.