Updated: May 29, 2018
I’ve heard about forex trading before and how it can really make fast money for you.
And the only reason why I haven’t tried to learn forex or currency trading is because I know that any high yield, fast cycle investment will most definitely be high risk too.
However, after realizing that I will get some extra cash by the end of the month, I decided that maybe it’s time for me to try my hand at forex trading.
And so for the past couple of weeks, I’ve been spending a good amount of time reading resources online about forex trading – trying to see if this is a suitable investment instrument for me.
Indeed, almost all of the websites I’ve been to say that the currency market is one of the best places to get fast and high returns for your money – but it’s NOT that easy to do and many have already lost a lot of money in it.
What’s interesting to note though is that they say those who have lost money in forex trading lost it not because the market simply went against their trades, but mostly due to the fact that they didn’t know what they’re doing.
They emphasized that anyone who wants to make money in forex trading MUST first learn about currencies, money management, market psychology, fundamental and technical analysis and many other things.
By this time, I’m beginning to see how similar forex trading is to stock market trading. But then again, there are some big differences too.
Interestingly, I learned that the currency market is the largest, oldest and most liquid financial market in the world.
It is the most liquid simply because what you are trading is money itself, not a commodity nor a product. So if you want to cash out, then all you need is to “withdraw” (as compared to the stock market where you have to sell your stocks first, then withdraw).
And unlike the stock market, the FX market is open 24 hours almost everyday because trades “follow the sun” – which means if there’s a bank that’s open (and there’s usually is somewhere around the world at any given time); then it’s possible to trade.
I have to admit, I’m nowhere near to fully understanding the forex market. But I’m hopeful that given enough time and dedication, I can finally trade currencies with confidence.
So do I have a future in forex trading? Time can only tell. I’m still deciding if I will pursue this or not, but whatever may happen, I’m glad that at least, I’m learning something new.
Lastly, if you want to know if forex trading is for you, then perhaps you can ask yourself these questions:
Are you willing to give it time to learn?
In my opinion, if I spend at least an hour everyday studying this, then I’d be confident enough to trade within a couple of months.
Do you have extra money which you can “afford to lose”?
Mark So of Forex Club Manila says that US $300 is enough to start trading.
Is this something you can actively do?
Forex trading has been described as fast and furious. It’s NOT passive income. To earn, you have to be active in monitoring the market and trade as often as you can afford.
Is this something you can passively do?
Alternatively you can utilize your knowledge of the markets to configure automated order execution on reaching preset market conditions. There are various types of forex trading software that allow trade automation, either through algorithmic trading or through copying orders of established traders with proven record of success.
Double your money within a few weeks? That’s something forex trading can definitely do. If you can afford the risk, then perhaps this is something worth your time.
If you’re interested to learn about forex trading and attend this seminar, then please visit this blog’s official page for the Forex Orientation Seminar here or simply follow the banner below:
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Photo credit: shwe, diego3336 and evaekeblad.
[…] these information too much for you? Then perhaps you need to first ask yourself if you have a future in forex trading by checking yourself against that article’s […]
kuya fitz, natry nyo na po ba magforex? or hindi pa tlaga?
First-class Forex article. Is anyone a participant on the FX Fatcat Forex forum here?
[…] And just in case you’re up for more reading, then maybe you’d like to read this article of mine too: Do You Have A Future in Forex Trading? […]
Sir Fitz, have you heard about binary options? Specifically the binary recoded. It’s like forex trading too. Is it legit or just a scam?
good day sir floi! i wanted to attend this seminar this october 20, is he going to discuss how to get start in forex? like fund transfer, broker, platform and taking profits. I hope i can learn this things on this seminar. Thanks and God bless you.
i want to be rich but i am afraid to take the risk..
I wanna attend but i have prior commitments on Sept 6. Can i register for the future seminars? When’s the schedule for those?
@deeperdigger – yes you can still register and you will be updated with the next schedule. The seminar happens every month.
Aside from the videos/links, what books can you recommend for a newbie in fx trading?
Hi sir. Baguhan po ako sa mga ganitong bagay but im willing to learn. I wanna know if anu po ang pinakamababang capital to start trading sa forex. And about po sa seminar,madidiscuss po ba pano magstart sa forex. And I read in a magazine na mas risky daw po forex compare to Stock exchange? How? Salamat po
Do you already do fx trading? What fx company can you recommend? Thanks.
sir fitz, can you please recommend a tried and tested fx broker. i tried 7 brokers already since 2011 but up to now they are almost the same….good only if you will deposit but when it comes to withdrawals they sent only alibi to my email. i know how to trade and make profits but my only problem is how to withdraw the profits.
I’ve had no problems with FXCM.
And also, no problems with eToro
Both of which I still use today.