As I have mentioned countless times in this blog FOREX trading is a great way to earn a decent income online. When it comes to FOREX trading in Sri Lanka one of the biggest obstacles faced by people is the trust factor. They struggle to get proper advice on how to start FOREX trading and because of all the fraudulent activities that happened in the recent past ( The Sakvithi scam , Ceylinco depositors scam ) people are just reluctant to invest there money on anything. I get numerous mails asking me about how to withdraw money and how much people can earn through trading but most of these people haven't bothered about going through the training material or the FOREX resources I have linked to. Most of these people are get rich quick types who are looking to make some easy money on the internet but the truth is there is no such thing as easy money. FOREX trading is like any other trade or business, you have spend some time learning the ropes before you can actually start making profit from it.
Starting FOREX trading - Choosing a FOREX broker
One of the first things you should consider when starting FOREX trading is choosing a suitable FOREX broker. If you are new to trading I advice you start with e-toro.e-toro is the broker I use and because of its visual trading mode with charts marathons etc it is relatively easy for a newbie to understand. Another good thing about there software is that they give you the ability to create a practice account and give you 2000$ of virtual money to try out your trading techniques that you have learned. You can check out my e-toro FOREX trading review if you want further details or simply download it for free.
Learn FOREX trading with these free resources
Now that you have downloaded the necessary software and installed it now its time to start trading. Before you start trading for real it is really important that you learn and use the practice account for at least 4-6 months. This will give you a better understanding of how things work and let you gradually learn all the terminology related to FOREX trading. When it comes to learning trading one of the best resources I can recommend is the babypips FOREX guide. It is a long and a comprehensive course well worth the time spent if you are serious about making money with FOREX instead of loosing money.
If you master the methods about FOREX trading it is a great way to make a nice income but if you try it out in a foolhardy way then it is a great way to loose lots of money as well. Don't get greedy , make wise decisions and you profits will sour. Got a question or a great tip ? The comments section awaits.
Wow I like to trade forex trading and I need some help
I have had accounts with many different brokers. Don't ever think you won't eventually get scammed by fxcm. Sooner or later, you'll try to close a trade, it will get stuck 'pending' for 9 minutes, the trading desk will say they can't do anything, and you will get screwed. I'm not talking about in times of news, I'm talking regular time. If the trade was in your favor, it won't be, if it wasn't, it will be worse. Don't do it!!
Interesting info. If you don't mind me asking what has being your biggest loss so far(in monatary terms) I am very new to this so I am skeptical. Just started going through all the study material.
Before anyone starts trading, he needs to study trading the best that he can and find the right source of education since that will serve as his foundation in this kind of business. Forex is indeed profitable but you have to defend yourself from losses too. If the trader does not know what he is doing, then he will end up losing everything. http://forextradingseminar.com