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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
The Foreign Exchange Specific links
The Foreign Exchange News
China overtakes Japan as No. 2 - Montreal Gazette
 Moneycontrol.com | China overtakes Japan as No. 2 Montreal Gazette ... currency regulator, mentioned the milestone in passing in remarks published yesterday. of his agency, the State Administration of Foreign Exchange. ... China overtakes Japan as No. 2 economy PBOC Vice Gov Suggests Free-Floating Yuan May Be Ultimate Goal China's economy 'overtakes Japan' |
Chinese Central Bank's New Gift of Gab - Wall Street Journal (blog)
Chinese Central Bank's New Gift of Gab Wall Street Journal (blog) And its currency arm, the State Administration of Foreign Exchange, was considered borderline mute. No longer. Lately, it's been hard to get the People's ... Foreign Exchange Business at Some Banks Improper, China Says China aims to make yuan convertible: chief currency regulator SAFE Chairman: Chinese Economy Likely To Grow Over 9% In 2010 |
Foreign Exchange intervention may be a losing game - Economic Times
 Reuters UK | Foreign Exchange intervention may be a losing game Economic Times ... currency intervention can later on cause sharp swings in the opposite direction (to) what was intended," one senior foreign exchange trader said. ... Fans of Swiss Franc Face Pain as Currency Slides SNB Seen Selling Some Euro Holdings |
Foreign Exchange - IMarketnews.com
Foreign Exchange IMarketnews.com Speculative accounts trimmed their net euro short positions as well as their net yen long positions as per July 27, according to data released by the US ... WORLD FOREX: Dollar Up Vs Euro, Down Vs Yen After US GDP Report Foreign Exchange |
BSP foreign exchange swaps climb to $16 billion in first half - Manila Bulletin
BSP foreign exchange swaps climb to $16 billion in first half Manila Bulletin The Bangko Sentral ng Pilipinas (BSP) reported that its foreign exchange forwards or swaps totaled $16.11 billion as of end-June, up from May's $15 billion. ... |
Foreign Exchange: Pound Struggles Against The Euro - Money High Street
 IBTimes Hong Kong | Foreign Exchange: Pound Struggles Against The Euro Money High Street The Pound against the US Dollar is at the highest level since February, but it continues to struggle against the Euro, losing 0.4% on the foreign exchange ... Daily Foreign Exchange Market Summary Pound exchange rates falter against invigorated US Dollar Exchange rates: Month end plays with British Pound value |
Fortune Brands profit beats - Reuters
 Benzinga | Fortune Brands profit beats Reuters Comparable sales, which exclude excise taxes, foreign exchange and acquisitions and divestitures, rose 5 percent in the spirits business, 12 percent in the ... Fortune Brands 2Q Profit More Than Doubles; Forecast Raised |
Citi Snags Ex-Goldman Trader For Japan Forex Role - Memo - Wall Street Journal
 The Business Insider | Citi Snags Ex-Goldman Trader For Japan Forex Role - Memo Wall Street Journal Citigroup is the fourth-biggest bank globally in foreign exchange, according to this year's benchmark Euromoney survey. According to Euromoney Market Data, ... Citi Brags About Snagging One Of Goldman's Star Traders In A Memo To Employees |
Foreign exchange students welcomed by World Experience in Hacienda Heights - San Gabriel Valley Tribune
Foreign exchange students welcomed by World Experience in Hacienda Heights San Gabriel Valley Tribune Gonzales said the exchange student was a good experience for her family. Maybe that's why they have been hosting foreign teens for the past decade. ... |
WORLD FOREX: UK Pound Hits 5-Month High In Unsettled Trading - Wall Street Journal
 Moneycontrol.com | WORLD FOREX: UK Pound Hits 5-Month High In Unsettled Trading Wall Street Journal Month-end flows were a key contributor to the rally in the pound, said Steve Butler, director of foreign exchange at Scotia Capital in Toronto. ... Foreign Exchange and Energy Foreign Exchange: Pound Rises Against The US Dollar Daily Foreign Exchange Market Summary |