Can you really make money trading forex? need another way to make money

Discussion in 'Investing and Retirement Saving' started by Father_Nature, Aug 2, 2016.

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  1. Father_Nature

    Father_Nature Newbie

    Can you really make money trading forex and do you have to be some sort of investment genius. I've been doing some research online and I'm surprised to find a lot of people making a living day trading forex. I don't want to start trading right now, I think its more important to learn how to day trade forex properly because the losses could become greater than the initial investment.

    I have done some research on currencies such as dollar, Euro, Yen and all the other major fx pairs. I've also read about chart patterns as well as technical indicators such as MACD and RSI to choose when to buy and sell. I've even seen robots such as FAP Turbo make money automatically. I'm intrigued with this subject and wanted to know if you can really make money trading forex and whether anyone here does it.
    Miles likes this.
  2. Miles

    Miles Newbie

    You can make a lot of money trading Forex but you must be very careful and precise otherwise as you said you may lose more than you put in. I trade Forex Pairs and I am making money but this did not happen overnight. I had to learn the skill and find ways to maximize wins and profits and minimize losses.

    If you are seriously considering trading Forex you need to learn about the fundamentals of all the main economies you want to trade in. I trade Euro, GBP and Dollar so I know everything there is to know about these economies. I just concentrate on these currencies because they are not too volatile. I also understand how data impacts currencies so I can use this to place my trades.

    You should also learn about technical analysis and chart patterns. The technical indicators I use are MACD, RSI and Stochastics and I use chart patterns to predict movement and candlesticks to determine exit and entry.

    You should also learn about money management strategies so you don't lose all your money quickly. I only use 5% of my account on trades which are then leveraged. I only enter trades where the risk reward ratio is 3:1 or greater and I always have stop losses and take profits in place to mitigate greed and fear.

    You can definitely make a living using Forex but it will take time. I suggest opening a demo account to trade and see how it goes. You can also use back testing software to test a strategy to see how effective it is. Good Luck!
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