I have just starting trading fx, but it seems to be a lot more difficult than trading shares/commodities as the focus seems to shift from interest rate differentials to budget problems, it is hard to gauge. I would like to hear from any seasoned traders of forex for their opinions and how long, if at all, it took to become profitable? Thanks in Advance.
I feel you have a better chance to make very good money in forex, however, you also have a much better chance of losing it all. Forex is like the ice age right now. Everyone is in it. Many will not survive and only the strong will live through it.
Trading is trading. Its a question of learning whichever market you are trading better than most of your competitors. I havent traded currencies but I suspect that there is some FIERCE competion out there.
That would be bad news for us (Canadians). Our logging industry would undoutably suffer given that 50% of out logs are exported.
I think that Forex at 200:1 leverage is very similiar to buying ATM options. Forex might have a little more punch though. You have to watch your stops in Forex though, very easy to get stopped out early.
That killed me in the beginning. Now one of the most important aspects of my risk management plan, is my stops