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How should I learn FOREX trading?

OK, so the training place wants $6000 for 6 days.

I just want some control over my failing 401k which is at -12% over the last 10 years holding less money than I had taken out of my pay check over that amount of time. My company has not matched in 5 years and no raises in that amount of time either.

I figure that I couldn't do much worse trading on my own than what has happened with my 401k.

But where do I start? Do I take the trading course? Are there DVD courses? Online investing sites doing training? I see the same company has DVDs that are being sold on Ebay, not sure if that is good or bad and if the info is current. Just looking for some friendly advice here and hope that the answers will benefit others who read this in the future.

9 Answers

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  • Anonymous
    9 years ago
    Favorite Answer

    For an individual, forex trading is a really bad idea. You are at a severe disadvantage competing with global banks. It's also full of scams.

    forex robot = scam

    forex expert advisor = scam

    forex $6000 training course = only for those dumber than a box of rocks

  • 9 years ago

    First.... you should figure out why your 401K is down (12%) over the last ten years. Both my wife's and mine are significantly higher. All my friends are above or close to where they were before the market dropped in 10/2007-03/2009 (at least the ones that didn't panic sell or try to get too aggressive).

    This is not your 401K's fault. You've been doing something wrong.

    Instead of finding the errors of your past... you want to enter an arena where few (5% or less) are ever able to make it past one year. There are few areas of trading that are as or more difficult (futures are harder). Stocks are significantly easier (easier.... certainly not easy). The "easiest" arena is Mutual Funds (like your 401K)....... and you haven't done that right.

    Your approach is killing your portfolio & you'll make it significantly worse by attempting Forex.

    Reflect on what you're doing. Learn Mutual Funds... the easiest part of the investing spectrum & then... perhaps move on to stocks from there.

  • 9 years ago

    My 401k is down 12% over the past 10 years. So hey, I'm gonna take charge & start trading FOREX. Good plan.

    Umm, before you do this, look at the stats on those that successfully trade forex. Take it from me, the stats ain't pretty.

    The previous poster made a good point. See where your going wrong with your 401k. I don't know what you're doing, or what you're invested in, but if you're down 12% over the last 10 years, I guarantee you it's something.

  • 9 years ago

    PLEASE DO NOT PAY $6,000 FOR A FOREX TRADING COURSE!!!

    I don't understand how your 401k is down 12 percent over the last 10 years. What type of investments were you making? You need to evaluate the investments that you are making there.

    Currency trading is very risky and you can lose your entire investment (or more) in a heartbeat.

    What is the $6,000 trading course called?

    And once again, I am begging you, please do not pay $6,000 for this course!!!

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  • 6 years ago

    the best trading software http://tradingsolution.info/

    i have attended a lot of seminars, read counless books on forex trading and it all cost me thousands of dollars. the worst thing was i blew up my first account. after that i opened another account and the same thing happened again. i started to wonder why i couldn,t make any money in forex trading. at first i thought i knew everything about trading. finally i found that the main problem i have was i did not have the right mental in trading. as we know that psychology has great impact on our trading result. apart from psychology issue, there is another problem that we have to address. they are money management, market analysis, and entry/exit rules. to me money management is important in trading. i opened another account and start to trade profitably after i learnt from my past mistake. i don't trade emotionally anymore.

    if you are serious about trading you need to address your weakness and try to fix it. no forex guru can make you Professional trader unless you want to learn from your mistake.

  • 9 years ago

    If you want to learn Forex trading for free there are two good websites you can go to:

    http://www.babypips.com/school/

    http://compare-beforex.com/learnbeforex/

    Take your time and learn the basics.

    Good Luck!

  • 9 years ago

    forex is a sure fire way fro an individual to lose all their money, you don't have the information to act profitably, when you do get data it is out of date and the commission each way either kills the small gain or adds to the losses, options can magnify your losses, you have to trade millions to make good money and you can even get stuck with a million dollar bill if you get the timing wrong

  • 5 years ago

    Cash administration & role sizing are the principal instruments to be victorious. You will have to be able to make a excellent living, even supposing 50% of your trades are stopped out. Greed, fear and indicision are your worst enemies. Do not use "alert" services. The drawdowns will kill you! Have an entry and exit stradegy before getting capable. Certainly not do anything because you "suppose", "understand" or "want" anything to occur. Ninety five% of FX merchants fail. Make a plan and comply with it.

  • Anonymous
    9 years ago

    the unhappy side it the lost

    saving account be happy

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