Forex First timer...

BSPOKE20

I'm looking at getting into Forex, perhaps you experienced investors out there can give me a heads up as to what exactly it is (is it just betting on the future price of currencies/gold??), how risky is it and what are the basic factors that affect it?

Thanks Gordon Gekko's

Wildrover666

I would think very long and very hard about your purposed venture into Forex. It is an extreme trading environment, where even the most knowledgably, shrewd and 'battle hardened' investors can and do loose 100% of their investment and/ or enormous parts of/ all of their net worth - this can happen 'before you know what hits you'.

My advice would be to put onto paper your objectives and from there decided the route of least risk. It sounds as if you are interested only in large returns from your investment, you could achieve this and lower your exposure to risk by playing...roulette.

In closing I will say that it is certainly is possible to be a profitable Forex investor, even to excel at it. However speaking from my own experience it is an incredibly stressful way to make a living.

digme

BSPOKE20 wrote: »

I'm looking at getting into Forex, perhaps you experienced investors out there can give me a heads up as to what exactly it is (is it just betting on the future price of currencies/gold??), how risky is it and what are the basic factors that affect it?

Thanks Gordon Gekko's

you'd be better off on betfair

arrowloopboy

BSPOKE20 wrote: »

I'm looking at getting into Forex, perhaps you experienced investors out there can give me a heads up as to what exactly it is (is it just betting on the future price of currencies/gold??), how risky is it and what are the basic factors that affect it?

Thanks Gordon Gekko's

Save yourself time ,fustration ,and what ever money you were going to "invest" ,because by reading the above it seems that you like the notion of being a currency trader,not actually putting in the graft that it takes .
Sorry if this sounds harsh but thats the way i see it .

arrowloopboy

digme wrote: »

you'd be better off on betfair

Thats a silly statement:rolleyes: .Get yourself stung digme ?:eek::D:D

namloc1980

BSPOKE20 wrote: »

I'm looking at getting into Forex, perhaps you experienced investors out there can give me a heads up as to what exactly it is (is it just betting on the future price of currencies/gold??), how risky is it and what are the basic factors that affect it?

Thanks Gordon Gekko's

Forex is probably one of the most difficult financial markets to operate in. So many things affect currency movement it's unreal. I would recommend you read something like "Currency Trading for Dummies" to get a basic feel for Forex. Then start to read and follow those things that affect currencies such as Federal Reserve meetings or ECB announcements or unemployment figures and so on. Then open a demo account at somewhere like fxpro.com and use that. Practice on that for months or longer until you know how trades work inside out. Only when you're fully happy should you invest your real money and only invest as much as can comfortably afford to lose. A losing position can easily wipe out your entire investment in the blink of an eye.

arrowloopboy

namloc1980 wrote: »

Forex is probably one of the most difficult financial markets to operate in. So many things affect currency movement it's unreal. I would recommend you read something like "Currency Trading for Dummies" to get a basic feel for Forex. Then start to read and follow those things that affect currencies such as Federal Reserve meetings or ECB announcements or unemployment figures and so on. Then open a demo account at somewhere like fxpro.com and use that. Practice on that for months or longer until you know how trades work inside out. Only when you're fully happy should you invest your real money and only invest as much as can comfortably afford to lose. A losing position can easily wipe out your entire investment in the blink of an eye.

Currency trading for dummies is for dummies,if you want to read a book read "Trading in the zone" by Mark Douglas,if you want to learn the ins and out of Forex go to Babypips.com and if you want to join a forum go to The ForexFactory.com .
Dummy trading is fine to see how a platform works ,but thats it.You wont experience fear and greed trading with fake money.
As regards blowing your acc,never risk more than 2% of your acc on any trade and you'll be surprised how long you'll hang in.
DailyFX.com is a good site for charts and analysis.

Good luck,you'll need it.