Answers ( 8 )

  1. Hello floathigher,

    To maximize profit you must first have a profitable strategy. Without that increased leverage will only allow your losses to pile up at a faster rate.

    Forex can be traded with consistency and profitably over the long term as stock, futures, and options can.

    Without a profitable trading strategy $100,000 can disappear very fast. I learned that the hard way when I first started trading.

    Take your time and learn about trading first. Remember, getting rich slowly is better than getting poor quickly.

    Good luck to you in your Forex trading.

  2. Forex is NOT gambling. Joe doesn’t know what he is talking about. Perhaps he lost all his money cause he didn’t know what he was doing. More than likely he knows nothing about it

    Best answer
  3. There’s tons of programs which “claim” to help you trade “automatically” but to be honest most of them are scams which are not worth your time.

    I use a system called “Forex Autopilot” which, although it has a cheesy site, is actually VERY good.

    I looked at this review: http://www.fxsystemscompared.com/rev_for… which basically tells it like it is 🙂

    Hope this helps?

  4. Use the least amount of leverage that is available with your broker, and always keep your position size small. When you are starting to make money, then use those winnings to add to your leverage or position. Always focus on money management–how you close a trade is more important than how you open it.

    Good luck with your efforts!
    http://jsforex.blogspot.com
    – Jim Syyap, Managed Forex Accounts

  5. Your best bet is to learn about forex as it is very complex. It is not just opening an account and buying and selling currencies, it involves a lot of research in economies around the world and being able to make a sound choice on what the currency you plan on buying or selling and what it is going to do. a good example is due to the recent reports on the economy in the US and the reports on the economy in the EURO countries, the dollar gained in value after huge looses from last year. It is more complex than that but this is just an example. You could open a practice account but unless you are willing to spend darn near 24 hours a day watching charts, researching other economies to make your prediction then I suggest joining a club that charges no fees and has been around for at least two years. I can give you information on the one I am in as I do use a club for the simple fact that I do not have the time to do all the research and heck I am retired now! If you contact me a bankerbobretired yahoo I will be more than happy to answer any questions have a great day! Bob

  6. i can best recommend for you to check out your options in this site. for a minimum deposit of only $100 which can also be used as part of your initial capital, you will be provided a personal Account Service Manager (ASM) to be your personal consultant with whom you can talk live over the phone, email, chat or any form of communication available and who will also serve as your mentor and trading partner. you can then take this opportunity to ask everything you want to know about forex. being an expert forex trader himself, your ASM will be your best resource person on what techniques and strategies you need to increase your chances of maximizing profits from your deals with their proven trading strategies formulated from years of experience in being with one of the world’s leading forex site.

  7. Don’t open anything with real money until you’ve had a minimum of 500 practice trades under your belt. That means you trade a demo account every day with 5-10 trades / day for 6 months. Then you’ll know what to expect with real trading.

    And yes, for most practical purposes and for most people, forex is GAMBLING. It only ceases to be gambling when you have developed a trading system, used it on hundreds of trades and it has proven itself.

  8. Decide how much of that $100,000 you are ultimately willing to lose, and flush that amount down a toilet; put the rest in a good, low expense mutual fund.

    Forex trading is gambling. The only way to make consistent money with Forex is to sell “Forex trading secrets” books to suckers.

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