Foreign Exchange Trading

[Irakli]

has anyone ever tried forex?...there is a bunch of websites that offer currency trading.
I fyou have: how much does it makes sense to deposit to make a decent amount?
Is it really risky?
How long does it take to start making profit?

[Manny4life]

hmmm very good question, I would advice you before you trade "FOREX" PLEASE, know FOREX terms, be comfortable with losing and gaining as well. Forex gives high yields as well as return, but you have to be very patient. There are a bunch of websites out there with different platforms, I used FXCM trading and they were very good. They have small accounts you can deposit a minimum of either $25 or $50, but then few of the advanced applications are not available, however, you can go for the starter/mini accounts that require a $1,000 minimum and take it from there. Just trade in small lots and until you comfortable trading large volume, and remember its very risky, and just begin with the dollar and euro pairs for a start, or dollar to Canadian pair, something not complicated, and afterwards, there you can advance further to other currency pairs. Please, and I beg you please, if you know you would have a feat if you lost money just the same way you would if you gained high, then don't do it. Forex is unpredictable, however, there are market indicators and models in place that would predict how the market will turn out. You can make profits immediately that is if u know what you doing just as well as loose money. I would suggest buying a small account for $50, trade in small lots and if u lucky, you can make about 10% of that in hrs, or few days or even lose as much as u traded. The purpose of the small $50 account is to build initial confidence when u try trading the first time. If you lose $50, it won't hurt you as much as you would if you lost $500 in a few hours.

[Irakli]

Hi Manny, I really appretiate the reply. I will forsure take a look at the FXCM, i also stumbled across forex.com which also offer a simulation program for starters like me. I'm looking to get started along with my friend, both of us have financial education however no experience in trading. We'll see what happens.

Thank you once again!