Let me guess, you saw the article on the guy that spent $300,000+ at a club on booze at the age of 23 because he's a FOREX trader right?
Well, some good news and bad news:
Let's start with the good:
It's definitely possible to make a ton of money with trading forex, you can exponentially grow your money quite well if you know what you're doing. You'll need to be up to date on global economies, politics, news, etc..
Now the lengthy bad news:
The problem is that there is so much information you must analyze, that it's mostly about luck and who you know. Most of the people making outrageous amounts of money are doing it because they have vast network of knowledge and resources. They know bankers, VPs, government officials, employees in key areas of government etc. All people that they have paid to give them important information about the positions they are trading. Think of it as insider information (like in the stock market) but for forex.
Sure, you can still compete with them, but is it really worth the effort? They will likely always be a step ahead and will be making the big bucks, while you trail behind as the rest of the market adjusts towards public knowledge.
Think of it like this, what they have up their sleeve is Black hat trading, and you're trying to compete with purely white hat techniques. Good luck!
Well, some good news and bad news:
Let's start with the good:
It's definitely possible to make a ton of money with trading forex, you can exponentially grow your money quite well if you know what you're doing. You'll need to be up to date on global economies, politics, news, etc..
Now the lengthy bad news:
The problem is that there is so much information you must analyze, that it's mostly about luck and who you know. Most of the people making outrageous amounts of money are doing it because they have vast network of knowledge and resources. They know bankers, VPs, government officials, employees in key areas of government etc. All people that they have paid to give them important information about the positions they are trading. Think of it as insider information (like in the stock market) but for forex.
Sure, you can still compete with them, but is it really worth the effort? They will likely always be a step ahead and will be making the big bucks, while you trail behind as the rest of the market adjusts towards public knowledge.
Think of it like this, what they have up their sleeve is Black hat trading, and you're trying to compete with purely white hat techniques. Good luck!
heheh