I can just assume that my first contact with Forex is similar to many others. I stumbled upon a website with a Forex ad. It promised big profits. First I thought, that can't be as I did know nothing about leverage. I thought you exchange funds from one foreign currency account to another and make 10 to 20% of profit over the course of various years, but little did I know. Finally, I decided to find out about Forex trading and opened a demo account with Saxo Bank. The demo account was loaded with 75k US$ and the game with currencies and spot gold opened my eyes. You could take 1000 Dollars and have the power to trade 100,000 $ worth of a currency cross. I played around and was impressed. I was like a kid in the candy store. I opened a coupe of trades and made nice 5 digit numbers, on other trades I lost. However, I did not pay to much attention to the losses. The gains were thumbing my sight. It is possible to make great gains if you end up on the right side of the market. Of course it's not that easy to figure out where the market is going, but as long as you play with fake money you can be sure that the market will float up and down a bit and hit your profit stop sooner or later. All you need is patience, a good risk management and a stable market. But what happens if the market is not stable? Pretty easy answer: you may lose all the money in your account within a very short time. Gone. History. And that's what happened to me with a couple of demo accounts and real money. However, I never gave up and came back to learn more and more about Forex online trading and today I am able to make a living as a Forex day trader. I don't have a strategy to sell as so many other traders and I don't endorse any particular strategies or FX systems. I just want to use this blog to write about my personal Forex experiences and hope it will help other traders as well as myself to remind me about old mistakes so I don't forget about them to soon. I got a lot of information and advice from various Forex blogs and message boards and I am very thankful for it. Maybe my little Forex blog will help others to find valuable resources or alternative trading platforms. This would make me happy :-)
Earn Money for Better Life
Monday 13 April 2009
My Forex Experience
I can just assume that my first contact with Forex is similar to many others. I stumbled upon a website with a Forex ad. It promised big profits. First I thought, that can't be as I did know nothing about leverage. I thought you exchange funds from one foreign currency account to another and make 10 to 20% of profit over the course of various years, but little did I know. Finally, I decided to find out about Forex trading and opened a demo account with Saxo Bank. The demo account was loaded with 75k US$ and the game with currencies and spot gold opened my eyes. You could take 1000 Dollars and have the power to trade 100,000 $ worth of a currency cross. I played around and was impressed. I was like a kid in the candy store. I opened a coupe of trades and made nice 5 digit numbers, on other trades I lost. However, I did not pay to much attention to the losses. The gains were thumbing my sight. It is possible to make great gains if you end up on the right side of the market. Of course it's not that easy to figure out where the market is going, but as long as you play with fake money you can be sure that the market will float up and down a bit and hit your profit stop sooner or later. All you need is patience, a good risk management and a stable market. But what happens if the market is not stable? Pretty easy answer: you may lose all the money in your account within a very short time. Gone. History. And that's what happened to me with a couple of demo accounts and real money. However, I never gave up and came back to learn more and more about Forex online trading and today I am able to make a living as a Forex day trader. I don't have a strategy to sell as so many other traders and I don't endorse any particular strategies or FX systems. I just want to use this blog to write about my personal Forex experiences and hope it will help other traders as well as myself to remind me about old mistakes so I don't forget about them to soon. I got a lot of information and advice from various Forex blogs and message boards and I am very thankful for it. Maybe my little Forex blog will help others to find valuable resources or alternative trading platforms. This would make me happy :-)
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