Do you know how difficult it is to make a living out of the FOREX market, just trading for oneself? -

Disagree with the other answerer who says you should trade only if you are quot;trained by professionals.quot; The reason I disagree is because professional traders are not in any position to claim any success in trading. Don t believe me? Read some books. Start with quot;Fooled by Randomnessquot; by Nassim Taleb and quot;The Tradersquot; by Sonny Kleinfeld. Or go down to the exchange and talk to some traders. Ask them to tell you about their failures. Ask them to quantify their success vs. failures. The answerer makes it sound like people who are quot;professionally trainedquot; know how to make consistent money from trading. Nonsense. Professionals don t have any better track record than anyone else. If stock brokers knew how to make money from the markets and had your best interest in mind, you wouldn t see your 401K drop 20% in value at the beginning of a bear market. In fact you wouldn t see your investments drop in value at all. Obviously this is not the case. You do see your investments drop in value, all the while your broker tells you to quot;hold and wait.quot; You could end up waiting for years without breaking even. Educate yourself on what REALLY to expect from trading. Start with: http://commonsensetrading. googlepages. com piece of cake. I disagree with the random walk theory in forex trading although I can say if you are trading using short time frames like the daily or hourly ones, that you will expose yourself to all sorts of problems. I honestly don t think you can trade in those short time frames consecutively. The reason why I don t believe in the random walks is because if you open up a long term trade that is starting to trend up, you will see that the currencies tend to stall at specific points (fibronacci numbers) and if you were to watch the uptrends and downtrends, you can actually identify these numbers with a fair amount of accuracy. Reading up on the Dow Theories can help you understand how the market moves and what indicators you should apply when considering trades. Is it difficult to make a living out of forex? Absolutely. Impossible? No, but you need a lot of capital to start with. The notion that you can double your money in a month (or a year) consistantly is completely assinine. Don t believe the hype. you contact me to learn how to play in forex citysfan_tour04@yahoo.co.uk Yea its definitely tough. I was surfing around and found this blog with reviews of a popular Forex helper product. Seems good to me. Hope it helps! Here it is: http://forex-killerpipsreview.blogspot.c... Yes. there s no guarantee that you will always profit in trading forex, however, it is always useful to have some experts guide you while trading. this site can provide you a personal Account Service Manager to work work closely with you, and the dealing room services are offered to you by expert forex dealers. they offer background information for the Forex market, Guided-Tour, seminars, one-on-one training, CHAT, telephone support, as well as other assistance tools, including technical support. you are never left alone to trade without help, if indeed you need it. moreover, your personal Account Service Manager will guide you live, on your first trading steps, to help you get acquainted with the system, and is always ready to answer your technical questions. Frankly I have never understood why a person who is not trained professionally in trading would even attempt to trade without the help of an experienced broker. I would not act as my own attorney, attempt to do my own surgery or even, as much as Realtors annoy me, act as my own Realtor. I think you should educate yourself as much as possible in the market you are interested in (stock, commodores etc.) first via the web and then start asking questions of a broker by phone until you find one that you feel comfortable with in terms of their experience, level of interest in your profits (not just their commissions) and their availability to ask questions as you will need to down the line. You cannot even make an intelligent order to sell until you know all the different kinds of orders let alone create a sound (risk averse) exit strategy when the stock begins to go down without educating yourself first. After you have done that and can talk the industry language to a broker (who will work harder for you when you show respect for the industry) you can begin to think about hopefully earning more than you lose because you will lose some as well. The point is to win more than you lose...like with the lottery or any other form of legalized gambling. Until you understand a lot about Forex, if you have money to burn, consider a stock mutual fund or commidities mutual fund. The funds manager will trade on your account for the entire fund, you will not have to be on pins and needles with every turn of the candlestick and you can take all the time you need to learn how to trade on your own account...if you decide in the end that that is the most prudent way to earn extra money for you. I once had a commodities trading account. It was a blast. I studied and paper traded for six months before putting any money into a brokerage account. I made some money and lost some money and it was a lot of work. I finally closed the account after a few years. I think if I had gone for a mutual fund I would have been better off...which is what I eventually did with my winnings. I still watch the market but I don t have the time to watch it in detail...that s what the broker is paid to do and so far so good.