Diving into Forex
So I got an idea to try and learn how to trade in Forex (trading currencies). I am just now beginning to learn new things and I will try and keep a running journal of all my new experiences in the world of Forex. Apparently people are able to make lots of money without investing too much of their own, so, of course, I felt I needed to try break into this market.
To start, I opened a demo $50,000 account over at FXCM.com. Once you sign up, then you can download their trading platform and trade virtually for 30 days.
Some of my first thoughts include:
- Just opening the program it looked pretty cool even though I didn’t know what lot of the things did
- I also saw first hand how quickly a gain can go from a loss and so on.
- In the first hour my return (in dollars) went from +200 to +10 to -200 and currently it sits at around +90, although I was a little unsure of how much money I actually used to get that.
What are your thoughts on Forex? Anybody already trading in it?
More on this topic
(What's this?)
Please, please stop saying “the forex”!
(The Essentials of Trading, 11/6/08)
Where can I get intraday forex data?
(The Essentials of Trading, 10/28/08)
Forex Brokers Evolution
(Gav's trading blog, be inspired ..., 10/2/07)
;
Related Articles
- Forex Results After 5 days - 15,189.00!
- First Day Forex Results
- Currency ETFs
- Link Mash-up 7 Weekly Wrap-up
- Finding the Truth
Trackbacks & Pingbacks
- Pingback by Forex Results After 5 days - 15,189.00! | TheWildInvestor.com - Stories, Ideas, and Thoughts of an Investor on October 19, 2007 @ 10:58 am
I like the concept of trading forex, but the fact that you can open an account for $250 bucks bothers me. If people are smart enough to size their risk, I think it can work. I was thinking of opening an account at oanda.com where you can actually change the size of the contract you trade.
[Reply]
yeah I will have to check that out
[Reply]