For starters, there are confusions about its legality. But unlike a stock market, there is no central marketplace. Everything is done electronically via computer networks. Yes, it is risky. Almost every trading site has a warning text that says FOREX trading is risky and you might end up losing your investment.
When you buy stocks there is no guarantee that they will go higher. But you or your stock broker will minimize that risk by analyzing past data, the performance of the company etc. Similarly, in Forex trading you can minimize your risks by looking at past trends, setting stop losses etc. So what about all those stories about people losing all their money in minutes. Yes, you can lose all your money in minutes if you trade foolishly using high leverages. And greedy people usually lose their money this way.
It is important to keep in mind that Forex trading is not a get rich quick scheme. You need to be knowledgeable, disciplined, patient and intelligent. Now you can start making money from Forex trading with zero knowledge thanks to a method called copy trading.
What you do is instead of learning all the finer details of Forex trading copy the Forex traders who are already successful. So obviously you have a higher chance of making money. Some other platforms offer very similar methods. For a more detailed read checkout my copy trading article. The first step is to register with eToro.
As mentioned I use eToro but if you have preferred platform you can use that. There are quite a few options available to you. I personally use Skrill because unlike PayPal it allows you to receive money as well.
This is the social trading platform of eToro. Your eToro user name and password works here so log in using those credentials. Sort the list by the number of copiers. You can do this by clicking on the copiers column header. Click on any profile link to see the full profile. Once you click on the profile link you should go to a page similar to the one below. It will show you a dialog box asking how much to allocate for this investor. I hope now you realize why I said you can make money with Forex trading with knowing absolutely nothing about currencies.
It just minimizes the risk because these are professional traders who study currencies for a living. You might wonder why these traders are so generous with their knowledge, well for starters they are paid by the Forex brokers.
And more copiers they have more money they make. And why are brokers doing this? Because it encourages trading and when more people trade they make more money.
In the previous section about copy trading, I selected eToro as my Forex broker. So I thought I should explain why I chose eToro. To do Forex trading in Sri Lanka you need to deposit and withdraw money. Because eToro has multiple depositing and withdrawing methods this is not a problem. The next thing is its ease of use. Everything is done online so you have access from anywhere in the world.
You get tutorials to learn about trading, constant and timely notification about trading opportunities and bonuses when depositing money. Plus you have the OpenBook social platform where you can socialize with successful traders and copy them. And this allows you to profit from Forex without knowing absolutely nothing about Forex.
If you think any other Forex broker offer better terms be sure to let me know in the comments. Although you can immediately start making money with Forex thanks to CopyTrader, the profits will be small unless you invest a large amount. So you need to learn the art of Forex trading to really make a profit from it. One of the leading guides recognized across the industry is the eToro Forex guide. Make sure to go through it carefully.
While going through the guide try your hand at Forex using the practice account provided to you by eToro or whatever Forex broker you choose. Then take the time to learn about Forex trading and truly start making a profit from it. Digital marketing specialist with more than 7 years experience in search engine optimization SEO , Social media marketing, conversion optimization and content writing.
I work with companies to reach their traffic goals and increase sales. Please share your thoughts on this! Always take advice from real Forex traders.
If anybody offer you lessons for money then ask them to show their real trading account. Real forex traders never teach you for money as they earn enough money in forex trading. Real forex traders will teach you free of charge.
I want to learn about forex. Like from ground zero. Is there anyone who teaches or takes class for this? That would be helpful thank yoy.
After reading an interesting article, I have read equally interesting posts. Posts, if they are genuine, as in these, help keep matters in the correct perspective. I have spent much time surfing the internet, looking for ways and means to make a little money. It has been an endless quest, without a workable solution. By chance I hit upon Rumblinglankan.
But, one matter has not come through clearly, that is, how to deposit money from Sri Lanka , say in elToro. Could someone please explain clearly. I am above to start the forex.. I can help you recover every penny you lost and make money consistently in the future.
I provide the following services — managed accounts, forex signals, binary signals I provide a trial period for all my services, so you can just see for yourself and gain confidence before investing your hard earned money. I guess my settings were wrong and I had many open trades. I had used 1: I guess that was my mistake. How if I used 1: I plan to start again with a demo account. Please share me with your experience…..
Tyronne Well, it is very unfortunate to hear that you lost money. As these guys mentioned in the above posts, this is a game of patience and knowledge. But once you master it, trading forex is fun. My advice, just slow down.
It took me nearly 3 years to master trading. I am with Forex long time , this is one souse of my income, I am thinking to teach this to our guys but it is difficult in open web recourse it has some issue with regulation of Sri lanka.
If rich panic monkey try to use it end of the day he will become poor bugger. Thanks for your willingness to help others prosper. I am a Equity trader but have very little experience with forex trading. Some person from MTrade approached me. Udayanga, Depending on your broker there are plenty of payment options other than PayPal. You can use credit card, direct money transfer, AlertPay, debit cards etc as well. Kumudu, What do you mean by guarantee?
If you invest some money in it then you can always get them anytime you want. Whether your amount increases or decreases depends on how you trade. Usually all top brokers allow you the ability to withdraw money at any time and they pay on time. FOREX does involve risks but it can never be compared to a casino where everything is based on luck. Make use of mechanisms like stop loss margins and make good decisions without getting too greedy, then you will succeed.
Just check with Central Bank and they said forex trading by individuals in Sri Lanka is not legal. Please explain the real situation regarding forex trading. I have a best system for forex trading.More...