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August 20, 2009 at 8:23 am #965430lisa_qldMember
- Total posts: 2
I am new here and looking for some advice, i have heard of forex trading for years now but was to scared to look to much into it, however in the last year my business has somewhat taken off and my business partner and I are considering entering the forex market, but would like some one who knows what they are doing to share some advice, like everything we are sure there are risks involved so we are trying to get a better understanding of forex trading.
We came across this Forex Account Demo website which has provided some insight, we have signed up for a practice forex account and will see how that goes in the next week or so, but if anyone has some experience in this market we would be very grateful if you could share your experiences with us even if they are bad, we don’t have many business minded friends so that is why we are posting here, hope someone can spare a few minutes to share some advice.
Regards Lisa & JenAugust 20, 2009 at 2:31 pm #1011878mexhamMember
- Total posts: 302
Hi Lisa, I’ve had a go at the forex markets with varying success. I can’t really offer any specific advice, but as with anything I’d just say educate yourself as much as you can. Check out everything you can find on the internet, maybe do a paid course or two to learn all you can before you get to involved in it.
Play with the demo account to get a feel for how it all works, but play money doesn’t really get you mentally prepared for when its real money on the line.
Also with any trading, the majority of it is mental, everyone has their own varying strategies and systems, but all good traders will tell you the mental side of things is so important. Also don’t fall for those robot program and guaranteed profit making trading systems that you’ll likely come across.
Good luck.September 3, 2009 at 6:11 am #1011879lisa_qldMember
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Thanks for your reply, yes we are learning as much as we can so that we are making an educated decision, it is all very interesting tho, and your right it will be a different experience when using real money, you can take more risks with pretend forex money.
Thanks againSeptember 3, 2009 at 6:55 am #1011880KingMember
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Are you wanting to enter the fourex market – why?
As a way of gambling/trading (much like the sharemarket) or as a way of protecting yourself against currency fluctuations.
The two are quite distinct and should be approached differently.
If it is the latter, you need to conuslt a bank or other finance house and look at establishing option levels based ona clear analysis of the expected movements of the two currencies you are dealing in (the A$ and whatever else)
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