Friday, October 9, 2009

Is the time back to do Forex trading?

For quite a while now, looking back I would say 1 year the Forex currency market has been in turbulence. It`s not the case for everyone to have made fortunes in this specific timeframe.

One thing I can say for sure is not even dealers/traders at confirmed trading platform providers, 2 of the biggest names have been making trades. Meaning from an average of 3-4 trades per day suggested in August 2008 down to 2-2 per week in December of 2008 and complete no suggestions for couple of weeks during January.

That is because the market did not allow for it. So unless you were a hedge fund or something similar in size you had to stay out. Any move could have swiped your Account.

But what happens now? I say that since interest for the USD has remained unchanged the crisis is just bottoming up. I don`t plan on being just another analyst therefore I`ll say no more.

One book that I would highly recommend though is Millionaire Traders by Boris Schlossberg and Kathy Lien.

That book provides the guidelines for when to go for it and when to stay out of it. It contains interviews with significant traders that turned few digits Accounts into 6 zero`s Accounts. In order to do so you need practice, disciplin and not look at the money as what it is but as means of a game.

Good luck and make sure you do the homework well before launching into trades. Most Accounts do not make it to 3 months and that is an average that should say how serious you need to be when starting it in the first place.

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