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Forex Trading Is Not For The Faint Hearted
from:Alan Maynard
There are lots of rags to riches stories about Forex Trading
making the rounds? Have you heard the one about the Manager of a
McDonalds restaurant in the City of London who got a tip from a
Forex broker, and two weeks later he drove into work in a brand
new gleaming silver Lamborghini?
My friend Jake heard a very similar story and was on the verge
of remortgaging his $400,000 flat and investing it all in Forex
trading. Luckily for him, I found out about his plans and I went
over to visit him. I don’t want to go into too much detail,
but let’s just say that Jake and I won’t be talking to each
other for a little while.
I get really frustrated when people believe all the hype they
hear. Sometimes, I feel like bringing out the sledgehammer I
keep under my bed, and going out there to do some damage. Do you
think I am a raving lunatic? I’d like to have a quiet word
with you then. Are you ready?
Seriously, I don’t mean you any harm, but I think we need to
talk.
Forex trading is certainly one of the most lucrative money
making opportunities around. After all, seventeen years ago,
George Soros made $1.6 billion in just one Forex deal. This is a
very true story, by the way, but what is also true is that a lot
of money was also lost in that deal. And guess who lost a major
chunk of the money?
No not Warren Buffet. I am talking about somebody much bigger
than Warren. Try the Bank of England.
While George Soros was celebrating his historic currency trading
success, the Bank of England was on its knees, literally. Its
losses were estimated to be in the region of $1.3 billion. As a
result of this, the British Government was forced to leave the
Exchange Rate Mechanism (ERM). If you’ve heard of ‘Black
Wednesday’, then that is what it was about.
95% of people that take up Forex trading lose all the money they
invested. You have a chance of joining the 5% group of Forex
traders who are actually successful at trading. I can tell you
that the majority of the people that fail at currency trading
are those that bought into the hype. On the other hand, those
that succeed are the few that learn all they can about Forex.
I am not trying to put you off Forex currency trading, or scare
you to death. I just want to show you a different side of the
coin. I want you to have a balanced view of what is involved in
trading currency. That is why I have a series of articles
depicting the reality of Forex trading.
Ironically, I wouldn’t have to be doing this if the Forex
industry would show a little more restraint in luring newcomers
into the Forex markets. What they don’t realise is that the
whole industry will be much better off, if retail investors like
you and me were more educated about Forex trading.
Unfortunately, that is not the case. You will find it very
difficult to find objective and balanced information about Forex
currency trading. If you would like to read unbiased information
about currency trading then please check out my resource box
below.
About the author:
For more information and to claim 15 FREE Forex Articles just
follow this link you will
find lots of valuable information, for both newcomers and
experienced traders. look out for more articles from me soon.
Alan
Forex Foreign Exchange Market Specific links
Forex Foreign Exchange Market News
Japan Finance Minister: Decisive Steps Include Forex Intervention - Wall Street Journal
 Globe and Mail | Japan Finance Minister: Decisive Steps Include Forex Intervention Wall Street Journal ... the government will take "decisive" steps against the rising yen if necessary and that those measures include foreign-exchange market intervention. ... Nomura Cuts 2011 Earnings Forecast for Japan on Yen BOJ Shirakawa: FX Not Policy Aim But Watching Impact FOREX-Dollar struggles, hovers near 15-year low vs yen |
Asian Forex Reserves Hit Record - Wall Street Journal
Asian Forex Reserves Hit Record Wall Street Journal SINGAPORE—Asia's foreign-exchange reserves hit an all-time high in August, according to Dow Jones Newswires calculations, driven by strong ... |
Brazil August Forex Outflows $680M Vs $2.96B Inflows Year Ago - Wall Street Journal
Brazil August Forex Outflows $680M Vs $2.96B Inflows Year Ago Wall Street Journal BRASILIA (Dow Jones)--Hurt by weak trade results and diminished investment late in the month, Brazil posted net foreign exchange outflows in August, ... |
Hungary: borrowers bleed as forint falls - Financial Times (blog)
 Financial Times (blog) | Hungary: borrowers bleed as forint falls Financial Times (blog) Hungarians who borrowed heavily in foreign currency before the crisis have become tireless students of fluctuations in forex markets. ... |
Growth of Forex Market Another Hurdle for Japan Intervention - Wall Street Journal
Growth of Forex Market Another Hurdle for Japan Intervention Wall Street Journal TOKYO—Data released Wednesday on the growth of the global foreign-exchange market shows that if Japan tries to intervene to stop the yen's ... WORLD FOREX: Yen Loses Steam Vs Dlr, Euro On Stronger Equities Japan Unveils New Measures to Reverse Economic Slowdown Japan running out of options as yen soars |
US dollar ends cheaper against the rupee - The Hindu
 Moneycontrol.com | US dollar ends cheaper against the rupee The Hindu ... but the Pound Sterling turned slightly higher at Rs. 72.06/08 per pound at the close of the Interbank Foreign Exchange Market (FOREX) here on Wednesday. ... How much of the dollar/rupee trading happens offshore? Rupee gains 3 paise against dollar in early trade Rupee tumbles to record low |
WORLD FOREX: Euro Hits 3-Week High Vs Dollar On Strong Shares - Wall Street Journal
WORLD FOREX: Euro Hits 3-Week High Vs Dollar On Strong Shares Wall Street Journal ... markets remain strong, investors will be encouraged to buy riskier assets" to the benefit of the euro, said Motonari Ogawa, senior foreign exchange ... FOREX-Euro hits 3-week high, pares gains; sterling falls FOREX-Dollar struggles, hovers near 15-year low vs yen |
Analysis: Transaction taxes, liquidity and patience - Reuters
 Moneycontrol.com | Analysis: Transaction taxes, liquidity and patience Reuters There was greater volatility for sure and some big shifts in foreign exchange rates as scared money barreled across borders. But the world's biggest market ... ANALYSIS-Transaction taxes, liquidity and patience |
CFTC Issues New Forex Trading Rules - New York Times (blog)
CFTC Issues New Forex Trading Rules New York Times (blog) The new rules for companies involved in selling foreign exchange contracts to consumers will require “registration, disclosure, record-keeping, ... CFTC issues final forex exchange market rule Forex Firm PFGBEST® Commends CFTC Final Foreign Exchange Market Rule Backlash prompts rethink on forex leverage |
The Basic about the Elliott Wave Theory (Forex Education) - International Business Times
The Basic about the Elliott Wave Theory (Forex Education) International Business Times The important thing is the Elliott Wave Theory can also be applied to the foreign exchange market. This wave breaks the previous downtrend and begins a new ... |