Is it possible to make a good living trading ordinary leveraged spot-forex?
Question by William M: Is it possible to make a good living trading ordinary leveraged spot-forex?
How would the ordinary, average, everyday person go about trading forex for a living? Is it possible to trade ordinary spot-forex and make a good living?
Best answer:
Answer by Lawrence E
James Dicks wrote "Forex Made Easy". This is an essential for the basics.
http://www.gftforex.com and http://www.dailyfx.com are good sites to visit before hands on daily application of various Forex trading tools.
http://www.bloomberg.com gives reliable daily data on currencies as well.
Trying out a demo is also a good idea before investing real cash. In other words, success rates should be achieved here first.
There are a lot of training courses out there and I just finished the book by Abe Cofnas, "Forex Training Course". His website seems valuable if you can find things that are free. Otherwise you just seem to endlessly spend money and learn nothing.
http://www.learn4x.com
So to answer your question, it's possible.
What do you think? Answer below!
Tagged with: Good • leveraged • living • ordinary • possible • spotforex • trading
Filed under: Forex
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Hello William
Hope you are well mate.
Yes it is possible but it will not be as easy as what some people through out the net makes you believe.
Forex is a great way to make a good living only if you know what you are doing. If you enter the market with minimal knowledge following some expert advisors or marketing trading tools that promises to make you a lot of money wihtout much experience then you will most probably lose money.
If you are interested to trade the market. A good way to start will be
- visit forums likes http://www.babypips.com
- read some free e-books about forex trading
- learn about news and how they affect the market http://www.dailyfx.com
- Open a demo account and trade a fake account for atleast some months or even a whole year until you understand the dynamics of the market you are trading. (stick to one currency pair at the beginning and master it before you jump on another pair)
Understand what Money Management means. I lot of new traders tend to overlook this aspect of trading and believe it or not, money management will be what will help you stay in the market long enough to succeed.
Risk between 1-2 % of you total account daily. If you have more than 2 trades open sub-divide your risk amoung the open trades for a total of 1-2%.
Making a good living through forex is possible as i said only if you understand the dynamics of the market. A lot of sreen-time and study will be needed at the start but eventually the more you will work on it the more sense it will make.
Best of luck
Ash Naeck
http://www.forex-trading-domain.com