Thread: Forex For Money Making

Originally Posted by lankaentrepreneur

Thanks Chamil, What you thing about etoro.com ? is it good for newbies?

Yes eToro is the best Broker for newbies. Because I didn't know anything about Forex until I try eToro's free practice account.

Yes eToro is the best Broker for newbies. Because I didn't know anything about Forex until I try eToro's free practice account.

do you have experience with forex marketing? wondering to learn this types of things, if you don't mind can you please tell us how much your average monthly income from this busines?

Originally Posted by Priya

do you have experience with forex marketing? wondering to learn this types of things, if you don't mind can you please tell us how much your average monthly income from this busines?

Yes I have experience in marketing FOREX. It is very hard to get regular income from it but commission is high as $ 100 per signup (For real money customer not for Demo signups) Good extra income for a site.

Forex money making is a good business opportunity. Its set up costs are on the higher side and many cannot afford to set up forex accounts.

Having said that, FOREX trading isn't always simple, and it's very important to make sure you educate yourself in order to make good investment decisions. Once you start, the trading process itself is simple, but there are risks involved. Learning about FOREX will help you to be profitable and is a good place for any beginner to start.

If you've been checking out ways to get started in investing, chances are you've heard about the foreign exchange market, or FOREX trading. If you're unfamiliar with this type of trading, it can all seem a bit too hard, but in fact the hardest part is getting started. Keep reading to find out the basics of FOREX trading and what you need to do to get involved.

Your FOREX broker will have their own software for you to use, but there are some tools that are common to all brokers. These include real time quotes, technical analysis and charges, news feeds and profit and loss analysis, just to name a few. You will want to access this sort of information, so make sure you can get it from your broker's site, or else consider using another broker. From your end, you will need a fairly modern computer, a good, fast Internet connection, and an up to date operating system. You should be able to access your broker account from any computer, which can be handy if you're traveling. Check that the broker can also be contacted by phone for trades, just in case you're without internet access at any stage.

You will need to open a brokerage account. Generally, brokers are associated with a large financial institution such as a bank, and so can be considered reputable. They have to be registered as a Futures Commission Merchant (FCM), which is administered by the Commodity Futures Trading Commission (CFTC), to help protect the consumer from abusive trade practices and fraud.

Once you've filled out the necessary forms and provided ID, you can open your FOREX account. Part of the form will be a margin agreement. What this does is give the broker the right to interfere with any trade it feels has become too risky. This is reasonable, as most of the money used for trading will actually belong to the broker, and they need to be able to protect their interests.

In the past, foreign exchange was the territory of large players, such as multi-national corporations and national banks. However in the 1980s the rules were changed, giving smaller investors the change to participate using margin accounts. The popularity of FOREX trading has increased mainly because of these margin accounts, as people can participate with much smaller amounts of money. Basically, having a 100:1 margin account means that you can control $100,000 using only $1,000 of your own money.

Now you have your account, it's time to put some funds in there and begin trading. The size of your account is your choice - some brokers will allow you to have a mini account of $250, while others prefer a minimum of between $1000 and $2500. The broker will also determine how much leverage you're entitled to. So one client may be able to control $100,000 with his $1000, while another may only be able to control $80,000. The higher your level of leverage, the more money you have available for trading.

It's never a good idea to start out by putting all your money into the market in your first trade. It's vital to get some practice first, usually by paper trading. This involves working out transactions and pretending to trade them, without actually putting the money into the market. Paper trading is a great way to learn how the market works, and become familiar with the software tools your FOREX broker will provide to you. Most online brokers will allow you free paper trades for a period of time, so look for the ability to trade a demo account if you're choosing an online broker. If you find that your paper trading results in losses, you may want to learn some more before trading with real money.

One of the advantages of FOREX Trading is that trades don't incur brokerage fees, which is different to trading stocks. Brokers make their money based on the spread, which is the difference between bid and ask prices.

In addition to that one has to pay a heavy installation charges or registration fee to begin Forex trading. If all these things are in place, then one can aim to do big.

If you do not learn anything about forex trading, trading forex means gambling to you. Forex trading experts learn long time for trading. It is a risky business but with high profit

Make a thorough study of the market each day before venturing into buying and selling forex since the market can be suddenly plagued by bullish and bearish behaviors.