Saturday, October 27, 2007

The beginning for the beginners

Hi,
Thank your for visiting my blog entitled Forex the greatest market on earth. Why not for its size is enourmous. For example when comparing to the  .
Forex stands for Foreign Currency Exchange. Unlike the stock market or any other markets it opens 24 hours 5 days a week and only close for holiday on New Years day (1st January). So you can imgine how busy forex traders can be.
If you have traded stock market and thinking of going into the forex, the one thing that will no doubt astound you is its vilotatility. Making profits in Forex in a matter of seconds or minutes (trading what we call scalping) is possible. But so does doing the opposite - lossing your money.
I started in Forex in August 2006. Back then I have tried so many home online business opportunities there is. After doing lots of reading and research, trading forex is not difficult. How hard can it be when its only you and the market which opens 24 hours of the day. There is no promotion or people to see or sell. Just me, the machine and the market. Boy how wrong can that presumption be.
There aren't many people around doing it either. Most people when asked about Forex they just shaked their heads, assuming that its another form of gambling and losing money in it is for almost certain. The other extreme set of people feel that it is the pot of gold to make lots of money in a short duration amount of time.
Perhaps I started being optimistic rather than skeptics after reading a free ebook (dont they offer them a lot these days) on Forex telling that it takes just a 2.5% of performance on your money and by 1 month the money would double. If you keep on doing that from an initial funding of $1,000, just by achieving a puny 2.5% daily it will take (believe it or not) 6 months to become a millionaire.
But extreme result is possible. For the record there was a trader who become a millionaire after taking in 40 trades. Yes 10 trades where his initial fund was only $1,000. Unbelievable but true to the truest sense. If you dont believe me, just take a calculator and do the maths.

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