is it possible to become a sucessful forex trade just by reading books and demo trading practice?
if not, why not?

Please read if you are serious about Forex, otherwise never mind:

The statistics alone should clearly tell you why so many show up on these boards -posing as qualified- with what sound to me like nothing but bitter, resentful, sometimes even sarcastic sounding answers about a subject they clearly know nothing about. I’ll tell you why….

Simply stated, anybody who really understands and has REALLY traded the Forex Market knows that statements such as : "It’s a gamble" can only come from unqualified sources. The truth is that they are most likely in the 95% of those who tried demo trading for a few days to two weeks (sometimes months or years as I’ve heard from very qualified professionals) and failed.

I really don’t care to convince anybody, it really does not make much of a difference to me. My only motivation is that if you are really serious about the Forex Market (as I was) I hope you reflect on what I’m saying instead of getting discouraged by those who are just parroting rumors they’ve heard, or by those who gave it a half a s s or a "get rich quick" approach and -OF COURSE- didn’t succeed at it.

And lastly as a direct answer to your question: : Yes it is possible. It is possible like everything if and when you REALLY devote yourself to do ALL it takes to succeed at it. Have you done that….? Really? Do you really want it or is it just a wish…? You probably know the answer to that better than me…

(No… "just by reading a few books" is not a serious commitment to success. Doing EVERYTHING you can to be a profitable Forex Trader is….)

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Hi im new to investing in general, and i want to try out forex. I have very little understanding of it and is only willing to start with under 100USD at the moment, just to have a feel of how volatile the investment can be. Ive been reading on some sites (fxopen) that you can start with just 1$, but based on my understanding (which isnt much) is that you need at least 100$ to get a small lot to start trading.

That means i would need to get a big leverage on my 1$ deposit to start trading right? Which means if i fail i could get into debt? Ideally i would like to start trading with 10$ if its possible, and the only risk being the loss of that 10$.

Pls kind souls of investormen, assist this young child in seeking his financial independence! Thanks in advance kind souls.

Hi Barney,

I can remember when I started Forex trading. I had the same questions as you. Well, I can say US$100 is really small if you are talking about live trading. But I wouldn’t agree with Brandon, you don’t have to go trade anywhere else. It’s all actually the same. Well, all are also the same way when you start. The best way to start is to STUDY! — learn first (and the best teacher is experience)

To give you an overview of the top currency pairs that you might want to look into when you study

1. EUR/USD – Euro/U.S. Dollar
2. GBP/USD – Great British Pound/U.S. Dollar
3. USD/CHF –- U.S. Dollar/Swiss Franc
4. USD/JPY –- U.S. Dollar/Japanese Yen
5. USD/CAD –- U.S. Dollar/Canadian Dollar
6. AUD/USD – Australian Dollar/U.S. Dollar

(the left currency is the base and the right is the cross). I can’t give you everything here so I will just leave all the links I think would help you. Forums where you can ask questions to. sites you can register for a free demo (to gain experience). I will not include youtube here (you can browse there).

http://theforexarticles.com

http://forexforums.dailyfx.com/forum/

http://forums.babypips.com/

http://exeliafx.com/

http://forexvps24.com/

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I have been reading about trading forex but don’t know about a successful strategy that I should be using. I have read about so many different strategies and they all claim to be successful.if anyone is doing forex trading then you can share your experience with me and tell me your best stratagy.

The key is to acquisition a acceptable forex action and afraid to it. So, how do you acquisition a assisting forex trading action which works best for you? Here is are some guidelines.
3 Aureate Rules of Forex Trading Strategy

There are assertive guidelines that any forex trading action should chase and these are accurate for everyone. These guidelines are alleged the aureate rules of trading.

1. Trend is Your Friend
Always chase the trend. Majority of the forex trading strategies and systems concentrates on anecdotic trends and that is a adapted approach. Do not try to go adjoin the trend and depending aloft the ascent or falling trend, accept to go continued or abbreviate as appropriate. Resisting the trend will aftereffect in accident your money in best cases.

2. Ambition Setting for Individual Trades
Before you access a barter set a bright accumulation goal. This agency you apperceive aback abutting the barter and exit. Sometimes bodies get acquisitive and try to break in there with the achievement of authoritative added profits. New forex traders generally accomplish this mistake. They ability alike get few aerial accumulation trades alone to see that assuredly a huge bead in bill bulk antibacterial all their funds.

Similarly, if a barter goes adjoin you, do not try to authority on in the achievement that the bazaar will about-face aback your way. In such a case your forex trading action should be to cut your losses and get out and aback you set able ambition for anniversary barter you apperceive aback to quit. You can additionally accomplish use of stop losses to do this automatically.

3. Protect Your Funds
Forex trading is of advance a chancy business. However risking too abundant on one barter is a aberration you should avoid. Alike accomplished traders abatement in this trap. You may accept able aplomb on a accurate trade, but never accident too abundant money on a distinct trade. You may feel that annihilation will go amiss with that trade, but annihilation can go amiss in forex trading.

So how abundant accident is too much? The bulk of accident depends on your funds and the forex trading action you use. I would say risking 2% of your armamentarium per barter is a safer advantage admitting you could go up depending aloft the trade. However never accident added than 5% of your antithesis for a distinct trade. Additionally bethink that if you go with a anchored percentage, as your profits and funds access the bulk of money you accident in anniversary barter will increase.

The aloft three aureate rules will serve as a guideline aback allotment the best one from the forex strategies or while developing your forex strategy.

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and which one can potentially make you more money (and of course more losses) option trading or spot forex trading?

It’s certainly dependent on how you trade but Forex trading is basically leverage whereas with option trading, you can actually reduce risk so Forex can be riskier or more succinctly, option trading can be less risky. However I would consider option trading to be more profitable, although it is true that you get more returns with more risk, there is a point where the marginal increase in risk is not warranted by the marginal increase in returns. It’s about risk adjusted returns and excessive risk will wipe you out. It’s called blowing up or unwinding. Every gambler knows that the sure way to ruin a good bet is to over bet.

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The book must be easy to understand a cover a lot of aspect including the fundamental and technical aspect. If possible please mention a link where i can download it

silver is not forex. it is a commodity. you trade it in futures markets or as an ETF.

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A lot of online courses are talking about support and resistance levels. But non of them explains them and shows how they can be identified in real time. So what are they, and how do we draw them?

What are minor and major support and resistance levels?

How do I practice identifying them?

Support and resistance levels reflect the behavior of investors with respect to sell orders and exercise of call options and stop loss orders and exercises of puts. Essentially, those orders are executed at prices that depart from a specific range, and that is why you end up with resistance to moving out of a given range. For the price to move out of the resistance range, there must be a sufficient imbalance in supply and demand (bid and ask) that it overwhelms the preset order quantity.

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