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Interested In Picking Up Forex?

October 1, 2007

The era of finding a passive program for generating high returns for a living on the Internet is ALMOST over, it seem. Whatever you’re seeing that guarantees you 2% to exorbitant and absurd returns, you can even stop looking at it and just treat them like your normal spam mails and thrash them (that’s a HYIP tip for you)

What we are actually looking at now, not exactly only passive, but lucrative legitimate businesses that we can go into, pick up something as a skill set and learn to grow your own money exponentially.

I have heard about Forex scams and Forex investments since long time ago, now let us take a look on whether how true it is and whether learning or trading Forex is the thing for you.

What is Forex?

Forex? An almost 24 hour high liquidity market that evolves around foreign currencies that we use ranging especially from the majors like US Dollar, British Pound, Japanese Yen, Canadian dollar and more. Since it allows you to leverage your money on the ratio and lots, its highly recommended for anyone who has different kind of risk appetite when it comes to trading. Let’s give an example.

Usually we will see a pair of currency denominating in the markets. An example would be GBPUSD, Whatever that is the front pair is usually the stronger pair (GBP in this case). You can always buy or sell the pair depending on whether the Pound will gain against the Dollar or fall. Should you buy the pair and if the pound gains, you make money; should it go the other direction, you lose. Alternatively, should you sell the pair and if the pound loses against the dollar, you make money (This is short lament term explanation, there’s really more to it).

Is it Easy to Pick Up Forex?

Its not really that hard at all! I started learning with a cliche of friends who was already in, and they recommended nice forex resources that are useful. Note, there are so many free resources around on forex that you can learn something from and you don’t have to pay for some forex package if you don’t mind studying on your own.

A good place to start will definitely be Babypips.com, from the way on how they present their forex curriculum.

Clear your doubts in forex forums like Babypip’s and get answers from experienced traders.

Risk Appetite and Discipline is the Question

Any forms of financial tools require immense discipline when it comes to growing your money. In this case, we are talking about learning a skill set to work on growing your money and not any kind of passive deposits where it grows your money exponentially.

You will have to decide on the risk level you can accept and go with the adjustments of your trading account before even embarking on the journey. Blowing forex demo accounts or virtual money is pretty much common, according to the Video Game mentality that tianx has brought up before.

Learning to trade monopoly money and treat it as if your own is definitely a requirement here before risking your own money. The question is, do you have the discipline to stick with your risk appetite and not risking more at any point of time?

In summary, the requirements of trading Forex:

- Good mindset
- Discipline
- Willing to Learn
- More Discipline

Forex Trading Versus HYIPs

Forex hands down, anything beats your regular in-the-mill HYIP games when you have full control of your money. The risk that you face is blowing out your own account.

Unless you’re able to prove that the investment program that is raising funds is legitimate and has a good business plan to grow your money, which is increasingly difficult to find since more and more swindlers come online just to raise money for their own pockets instead of presenting a possible opportunity to grow your money. There are still a few gems around with variable returns on investment (ie, not fixed %), but cases and chances of finding these HYIPs now are really rare.

So, Still interested in picking up Forex?

Here, you can start off with Babypips and signup Free Forex Account and you even earn $5 cash reward!

Happy Trading!





1 comments:

Mike said...

That's a great post, I like how you put info over there, I wanna to use some of those helpful tips in my Forex and Stock Quotes Website , thanks a lot for sharing that with us.

 
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