I am planning to start a business of forex. But i am not good aware in this field. I am just learning tips and suggestions. Because awareness is key to success. I have also get few tips here. Thanks every body

How is it an important part of starting a new business? Maybe I'm missing something, hence the reason I'm asking for you to expand on your comment.

O.C.

Forex training is an important part of starting a new business. If anyone want to be a successful trader then it will be very good to train him/her..

Forex trading is a high risk but high reward investment. You can earn money and lose money. Before I started trading in Forex, I make sure to learn everything I need to know about Forex trading. Check out this: CFTC. You can read some of the latest news when it comes to forex. Learn everything before risking your money.

No problem, glad to help.

Thanks for all the great information. I've been thinking about getting involved in something along these lines and it is always more helpful hearing from personal experiences than random websites. Thanks again!

No problem footloose. Trading can be an emotional game for sure and I know what it can be like getting started. Figured I had to speak up lol

Hi dryfter

I don't trade on the Forex exchange and have no knowledge of how the system works. But I do want to commend you for taking the time to explain to our members and readers your experience in dealing with Forex. Your comments are very enlightening and it's the kind of information that everybody should read and digest who are considering venturing into unchartered waters. Too many people who know nothing about investing simply "dive in", only to get "badly burned". Both you and Monty have provided excellent advice. It was an enjoyable read and even I learned something from your blog, Once again, kudos to you for giving us the benefits of your experience.

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Educating one Consumer at a time

I have been involved in the fx market for a few years now. Mostly on an amatuer level and have blown up 2 small accounts due to inexperience as well as over leverage. For myself I considered it a tuition as I am very keen on learning how to manage my own money and have no interest in turning it over to someone else (at least my trading account anyways!). But thats just me.

My 2 cents for what some of my few years has taught me thus far.

1. It is not gonna put money in your bank right away, if you are not willing to commit to learning the ins and outs of the market, fundemental and technical analysis and work on your own habits such as discipline and patience, let a pro handle your money and be glad to pay them the fee. Dont bother getting into it if you think yor next trade could be the one to buy you the oceanfront villaand allow you to tell the boss to take a leap ;)

2. I have not yet found a robot I could confidantly turn my hard earned money over too, I think if it was that easy, goldman sachs, major banks, international brokerages would also just pay the $299 internet price (especially with the awesome money back guarantee!) and rake in even more billions rather then hiring ivy league MBA educated professionals at a six figure plus income.

3. It is no easier to trade one instrument over the other (forex, futures, equities, options) they all require a commitment to expertise and mastery over the nuances that make them different. Pick an area you want to invest in, commit to learning it, realize it will be a 3 - 5 year daily commitment part time before you should expect to see results and go from there. The expertise required to consitantly pull money away from the market is NOT as easy as people selling systems and trading robots want you to think it is. Again you are competing with the sharpest minds out there for your piece of the pie, dont think they will let you take it easy!

I am no expert, just an average guy who is finally starting to see the results of taking a beating and buying into all kinds of random hype out there over a few years of trading. Mabey jaded by experience but wiser. However I can tell you that it is now JUST starting to pay off and the confidance is improving as well as the equity curve. I do believe if a person focused soley on trading and didnt have to worry about things like a job and or making a living (wouldnt that be nice!), the learning curve could be much faster but you better be passionate about learning it and not quitting. I promise you if you want to make a living or part time income doing this, it will test you. Count on it being 10x harder then you think it is and you will prob have better expectations lol ;)

Or I am just really slow at grasping these concepts ha!

4. It is definetly not luck, more so a solid grasp of risk and reward, as well as the patience and discipline to consistantly implement a solid strategy (that takes alot of trial and error to develop) If it was luck you would not have the same money managers making billions year in and year out.

I completly agree with Montee that you should paper trade first. If you arent profitable paper trading, you will not be profitable live.

I am more then happy to shoot the breeze about forex anytime for those that care to, again I am NOT a professional and am definetly not in the position to give out investment advice or reccomendations but definetly have a solid interest in this area and am more then happy to discuss what I have learned. Mabey it will save some heartache, shorten a learning curve and or help out anyone interested in this area.

Anyways hope this helps! Have a great day.

Hi Jesse,

I've tried several robots in the past 4 or five years...always paper trading.
None of them worked! they all came with a money back guarantee, so I never lost any money. I recently read an article that stated that robots work

only for the market conditions of when the robot was created. In order for them to continue working, you would have to constantly tweek them. Where does a person start? Professional traders have studied for years and even they struggle...too many variables.
After much thought, I have decided that I stand a better chance having a professional manage my account. I am more that happy to pay a commision, at least I can sleep at night.