A Few Things To Ponder Before Deciding To Trade FOREX

A Few Things To Ponder Before Deciding To Trade FOREX

by Scott

Trading foreign currencies (FOREX) has become one of the most popular invest vehicles around. People are lured by infomercials and advertisments featuring "Joe Sixpack" who claims that trading FOREX has allowed him to quit his job at McDonalds. prepaid calling card

Before you decide to quit your day job and trade FOREX full time, consider this sobering statstic. The vast majority of FOREX traders, as many as 95%, lose their money. Why? Because it is extremely difficult. If it was so easy, eveybody would be doing it. prepaid calling card

That being said, FOREX is also one of the most exciting and lucrative investment vehicles around. It is a $2 trillion dollar a day market and trades are made 24 hours a day, 7 days a week. Fortunes are made and lost on a routine basis. Learning how to trade the FOREX market is well worth the effort. But, like any business it takes time and patience to succeed at it. Just ask anyone who has been trading a while and making money at it. There is no "high" like it. prepaid calling card

A word to the wise, before quiting your day job and investing any real money in the FOREX market, practice on a demo account. There are numerous online brokerages that offer free demo accounts. Take advantage of them. DO NOT trade real money until you are making money consistently with your demo account. Use your demo account to test out as many different strategies as you want. It won't cost you a penny. prepaid calling card

There are as many trading strategies as there are traders. Take the time to develop a trading strategy that works for you and stick to it. Lastly, plan your trades and trade your plan. prepaid calling card