Forex Trading

Johnny B · #1 30-01-2010, 04:26 PM

Does anyone on here Forex trade in their spare time or full time? I keep getting the spammy emails about setting up a free account and start earning squillions of pounds. I might have a look into trying it out for a while.

How time consuming is it? Does anyone have any recommendations for trading platforms? And has anyone ever had much success or is it too time consuming watching the currencies fluctuate?

RandomTemplate · #2 30-01-2010, 05:42 PM

Not 100% on this but its an interest I intend to pursue at some point.

From what I've read its the same as any time of trading (shares etc) you can put in as little or as much time as you want.

Johnny B · #3 30-01-2010, 06:08 PM

I'm going to have a wee look into it and set up a dummy account for a while. No harm in trying.

IP · #4 30-01-2010, 06:17 PM

Like anything of that nature (shares / commodities etc) the more knowledge you have of matters that will affect movement the more chance you have of making the right decisions.

Probably worth limiting the number of currencies you are trading in to three or four and study how they interact with each other historically and endeavour to understand the economics of the countries involved to know how the markets react to changes in those countries.

Personally feel that to make serious money you need to devout a lot of time and have a good understanding of what and why. Without that dedication it will be down to luck.

Johnny B · #5 30-01-2010, 07:23 PM

I thought that it would need allot of time to study the markets, find out what news will be released in the following days and how that would impact x or y country.

I'm going to use a dummy account just to learn about currency fluctuations, its nothing i know too much about and would do no harm to learn something new. I have just set up a dummy account through this crowd, its a bit daunting all the screens/graphs/terminologies, and i have 100k to play with. i will keep you all posted.