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how to get good at forex exchange?

ive tried the forex exchange a few times without any knowledge and obviously i lost my money. i want to know how do i get better at it? what is there to do, and where is there to go to help me figure out what to buy and sell? Thanks

Public Response to how to get good at forex exchange?

1. Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus. If you play more, you will probably continue to lose more. Forex is similar to what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game. Actually Forex is not quite a zero sum game. It's a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It's a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you. There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it. Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap,com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it. I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot. Read the warnings in the links below:
2. Forex trading can be very confusing and not as easy to master as traditional stock investing. There are a lot of software solutions to manage forex trading including automated ones. I've never tried any of them personally but I've read that they do work, I think with anything it depends on how much time you put into it. Be careful with forex trading as there are a lot of fluctuations, make sure to take it slow at first and do some good research. You need to learn a lot on how forex operates before you invest and risk with your money. First you need to know how the industry operates, know which strategies are the best to use, practice on some demo accounts, find a good broker, then invest. If you are a newbie. I recommend to begin reading some tutorials for highly informational guides, videos, articles and e-books for free. best of luck.
3. Making consistent profits in forex trading is extremely difficult and your best chances for success is to take the *time and effort* to educate yourself and gain experience. There are plenty of free education resources on the Internet, including the link below...
4. Actually Forex exchange has some risk, but if you are careful enough you can make the risk minimum. Everyone who do Forex don't get good profits, profit comes with good experience and knowledge, I advice you to talk with a person who is almost doing Forex business for long time and who is successful with that, I have a friend who got successful with Forex business within 4 or 5 months. He earns now more than 700 $ a month easily. Maybe you think 700$ isn't big, but still its big for him
5. Hello! There are lots of information available on the net where you can get a tips and ideas how and when to buy or sell. Some of them are blogger who are experienced in this kind of field. If you are looking for a tips, guides, tutorials even a Metatrader then googling it is the best way of honing your skills. I found one blog that seems the guy is blogging his/her daily use metatrader or something on forex.. I think looking at his blog may help...here it is.. http://theforexandyou.blogspot.com/