You can open demo accounts and trade without real money if you want to try out trading forex before committing any real funds. If you can make money in trading to supplement your income or even eventually a full time job, excellent. It's a decent living and your profits is usually at the expense of the broker (Unlike stock trading which is regulated, your gain must be at the expense of another trader loss and vice versa, unless you are trading on CFD which is against the broker)
Forex is usually misunderstood as a high risk instrument. In my opinion, it is lower risk than stock trading and most business ventures. In forex trading, you can limit your downside risk unlike most business venture. In addition, you can manage the lot size and can buy or short a certain currency pair at anytime. In stocks, you can't do that. Even in CFD, many counters are not available for shorting
For more forex education, there are various financial education schools in Singapore. They cost many thousands per course but in reality, they don't teach much. I have attended many of these. Their strategies do not work. One of such school is a very reputable local one which i shall not mention name, but the entire course material was actually downloaded wholesale from a website, and it doesn't make money. Please do not throw your hard earn cash into these courses
Other more effective ways to learn forex is
(a) subscribe to e-books / strategies from the internet. These website will promise you to make millions of dollars and sound too good to be true. But the local schools will also promise you the same things anyway. The difference is, the internet e-books will costs you only a few hundred dollars but the local course will cost you a few thousands dollars! (b) buy custom-made indicators or strategies from ebay. (c) buy forex books from the local bookstores but they usually costs hundred dollars and above. Instead go to Amazon.com. You can save up to 60% of the listed price in Singapore, and the contents are exactly the same
I do trade on the forex and futures market. It is fun, but not a place to make money. It is like visiting a casino.
However, I know that the cost of trading is low and the trader has a choice to go long or short. It is better than speculating in the stock market or in the foreign currency market.
The worst type of investing is to buy high cost financial products, which are guaranteed to give the investor a poor return (while giving a fat margin to the financial institution).
Dear Friends, in my post on day trading, I had indicated that it is crucial to first learn and understand the "trade". It is my opinion that all markets are manipulated in one form or other but the trick is to understand and learn what these "manipulators" are doing.
That would need time and experience. So please spend some time in learning the technical and some decent knowledge on fundementals.
Learn to reduce the odds against you, as one trader has said there a 3 things you can do in the markets, You can Buy, sell or do nothing, so bring your odds up to 66%!
Start off with a demo account... for a few months.
Investment is one of the best ways to achieve financial freedom. For a beginner there are so many challenges you face. It's hard to know how to get started. Trading on the Cryptocurrency market has really been a life changer for me. I almost gave up on crypto at some point not until saw a recommendation on Elon musk successfully success story and I got a proficient trader/broker Mr Bernie Doran , he gave me all the information required to succeed in trading. I made more profit than I could ever imagine. I'm not here to converse much but to share my testimony; I have made total returns of $20,500 from an investment of just $2000 within 1 week. Thanks to Mr Bernie I'm really grateful,I have been able to make a great returns trading with his signals and strategies .I urge anyone interested in INVESTMENT to take bold step in investing in the Cryptocurrency Market, he can also help you recover your lost funds, you can reach him on WhatsApp : +1(424) 285-0682 or his Gmail : BERNIEDORANSIGNALS@GMAIL.COM tell him I referred you
I do trade on the forex and futures market. It is fun, but not a place to make money. It is like visiting a casino.
However, I know that the cost of trading is low and the trader has a choice to go long or short. It is better than speculating in the stock market or in the foreign currency market.
The worst type of investing is to buy high cost financial products, which are guaranteed to give the investor a poor return
I am quite surprise that you choose to post this artcile related to forex trading as I have the impression that you discourage trading.
ReplyDeleteI encourage investing in a low cost investment fund for long term savings.
ReplyDeleteFor those who wish to speculate, here are the good ways to speculate:
- friendly bets with friends
- casino
- futures and forex exchanges
Speculation only with the money that you can afford to lose. Enly the fun of betting.
Do not speculate on financial products that give big margins to the intermediaries, such asL:
- land banking
- capital guaranteed and protected products
- high cost financial products
All the best in your speculation or trading, but do it for fun - and do not thnk that you can make a profit.
If you wish to have the fun of trading in the futures market, without staking any money, try the Pro-Trader in www.easysearch.sg (under Apps).
ReplyDeleteYou can open demo accounts and trade without real money if you want to try out trading forex before committing any real funds. If you can make money in trading to supplement your income or even eventually a full time job, excellent. It's a decent living and your profits is usually at the expense of the broker (Unlike stock trading which is regulated, your gain must be at the expense of another trader loss and vice versa, unless you are trading on CFD which is against the broker)
ReplyDeleteForex is usually misunderstood as a high risk instrument. In my opinion, it is lower risk than stock trading and most business ventures. In forex trading, you can limit your downside risk unlike most business venture. In addition, you can manage the lot size and can buy or short a certain currency pair at anytime. In stocks, you can't do that. Even in CFD, many counters are not available for shorting
For more forex education, there are various financial education schools in Singapore. They cost many thousands per course but in reality, they don't teach much. I have attended many of these. Their strategies do not work. One of such school is a very reputable local one which i shall not mention name, but the entire course material was actually downloaded wholesale from a website, and it doesn't make money. Please do not throw your hard earn cash into these courses
Other more effective ways to learn forex is
(a) subscribe to e-books / strategies from the internet. These website will promise you to make millions of dollars and sound too good to be true. But the local schools will also promise you the same things anyway. The difference is, the internet e-books will costs you only a few hundred dollars but the local course will cost you a few thousands dollars!
(b) buy custom-made indicators or strategies from ebay.
(c) buy forex books from the local bookstores but they usually costs hundred dollars and above. Instead go to Amazon.com. You can save up to 60% of the listed price in Singapore, and the contents are exactly the same
Jerome
mr tan do u trade fx market yourself?
ReplyDeleteThanks.
ReplyDeletean advise to those who wanted to speculate in forex.
be absolutely sure of what you are doing before you dumping in the big sum.
i started with demo account and small sum of $200, and left only $10. Picking up now as gain in experience
Leverage is a double-edged sword and can kill faster than expected.
ReplyDeleteForex leverage can be as high as 200-400 times. This is why it is so risky and there is very little margin for errors.
Reply to 8:05 pm
ReplyDeleteI do trade on the forex and futures market. It is fun, but not a place to make money. It is like visiting a casino.
However, I know that the cost of trading is low and the trader has a choice to go long or short. It is better than speculating in the stock market or in the foreign currency market.
The worst type of investing is to buy high cost financial products, which are guaranteed to give the investor a poor return (while giving a fat margin to the financial institution).
Dear Friends, in my post on day trading, I had indicated that it is crucial to first learn and understand the "trade". It is my opinion that all markets are manipulated in one form or other but the trick is to understand and learn what these "manipulators" are doing.
ReplyDeleteThat would need time and experience. So please spend some time in learning the technical and some decent knowledge on fundementals.
Learn to reduce the odds against you, as one trader has said there a 3 things you can do in the markets, You can Buy, sell or do nothing, so bring your odds up to 66%!
Start off with a demo account... for a few months.
Investment is one of the best ways to achieve financial freedom. For a beginner there are so many challenges you face. It's hard to know how to get started. Trading on the Cryptocurrency market has really been a life changer for me. I almost gave up on crypto at some point not until saw a recommendation on Elon musk successfully success story and I got a proficient trader/broker Mr Bernie Doran , he gave me all the information required to succeed in trading. I made more profit than I could ever imagine. I'm not here to converse much but to share my testimony; I have made total returns of $20,500 from an investment of just $2000 within 1 week. Thanks to Mr Bernie I'm really grateful,I have been able to make a great returns trading with his signals and strategies .I urge anyone interested in INVESTMENT to take bold step in investing in the Cryptocurrency Market, he can also help you recover your lost funds, you can reach him on WhatsApp : +1(424) 285-0682 or his Gmail : BERNIEDORANSIGNALS@GMAIL.COM tell him I referred you
ReplyDeleteI do trade on the forex and futures market. It is fun, but not a place to make money. It is like visiting a casino.
However, I know that the cost of trading is low and the trader has a choice to go long or short. It is better than speculating in the stock market or in the foreign currency market.
The worst type of investing is to buy high cost financial products, which are guaranteed to give the investor a poor return