Your Questions About Successful Trading Forex

Lisa asks…

Is it really possible to make money trading on the FOREX market?

It seems too easy. You spend a few hours a week watching trends, buy, sell, and rake in huge money. It seems too good to be true. How many people are actually successful and how much time do they put in doing it?

John answers:

Oh yes, it is of course possible to make nice profits from Forex if you know what you are doing.
$4 trillion a day worth of currency changes hand daily. So, there must be profits in this business.

I don’t think few hours a week is enough. You need to read financial reports and track all the news coming about economy to do the trading.
For example, a couple of months ago, when the EURO was going down, almost every major currency (Except the USD, and the YEN which moves in the Opposite direction) was going down especially the Aussie and GBP.
But these days, this is not happending any more. The Euro is still at 1-year record low, while the Aussie and GBP are getting some push from their local economy.
There are a lot of reports that you need to read.

Better to start with books and follow some currency blogs.
Don’t get cheated by some ADs that claim they can make huge money. If you do that, you will lose all of your money in a blink. Try to find some certified online Forex firms that charge you less money for the trades.

Maria asks…

Which currency pair is good for trading forex? Does Euro/USD deceive traders?

Euro/USD is a popular currency pair among traders. But I think most of the successful traders trade other currency pairs because Euro/USD makes deceiving moves. It shows more pips than any other currency pair. This lures traders and in an attempt to make more money in minimum time people choose it for trading. The problem is this pair often makes wild moves and you can’t catch the turning point. The moves are so wild that in an attempt to find the trend reversal you loose not only your hard earned profit but your capital too. Getting Margin Calls is common for Euro//USD.
Which other currency pair is good for trading?

John answers:

I don’t know.

Joseph asks…

Already Quit jobs to be full time trader, any tips?

I’ve traded stocks/forex for about 3 years and I know trading is the only passion I have left in the world now. So I’ve quit my job, had 1 year supply of money.

I have faith that I’m gonna be successful, but it doesn’t hurt to gather opinions from different perspectives.

Any tips?

John answers:

I won’t give advice on the trading itself. If you are doing this and say it is your passion, then you should know how to trade.

Prepare yourself in other areas. Set aside money for necessities. Buy health insurance and such. Prepare to have to justify what you do to family and friends who might see it as irresponsible or dangerous. Trading is a solitary activity, so find hobbies and sports to get some social interaction and keep fit. Don’t talk about it too much to others in detail because it is a really boring subject to regular people and sounds like you are bragging about having money even though that it not how you meant it.

Good luck.

Robert asks…

Guys and girls : Please help me out. It’s matter of my heart and a girl and 9 yrs of my life?

Hello, I would try to be short and precise.
I am 22.
I am not proud but I was spectacular scholar since my school days and a successful entrepreneur.
Back in 2000, when I was in 7th grade, this girl came and joined our school. She came first in class and I came second. We used to exchange notes and talk ( only and only related to studies and nothing else ).
Then next year to impress her, I came first and she became second. However, her father got posted to another city( she has to go with her family) and I was out of touch to her completely. But I swear, I never had even a thought of any other girl there on.

Then, after 3 yrs in 2005, I joined her school in 12th grade and we didn’t had much conversation this time. We didn’t used to exchange notes this time. However, I perfectly no that she didn’t had any boyfriends during this till now.

In India, IITs are best colleges and once this girl told me that from our class, only I have a capability to join that college. I studied one year ( 2006-2007 ) and got 2245 rank amongst above quarter million competitors. By the way, when I was preparing for my exams of IIT, I proposed her on phone and she bluntly rejected, saying that she has responsibilities of her parents.

She joined her regional engineering college.
Now the real trouble starts. She was going to get her job by 2010 and I was going to grad out in 2012. I felt that in the mean time, she would develop relationship with other guy and I cannot live without her.

I made up my mind that in order to get her, I need to achieve something really great to impress her and also to get out of this college at the earliest. Since 2007 to 2009 I just fucked my ass, like sleeping 4 hours a day, doing my part time forex trading work and studying to retain my 100% scholarship ( my father is not that good financially ). Eventually I am now a fund manager and manage about $120,000 from my 30 clients in India and abroad and I earn like $2000 to $4000 monthly ( for Indians and that too of my age, that’s really big figure).

I did all this to win that girl. However, this girl had one boyfriend, with whom she had break up and now have a new boyfriend.

I don’t know what to do. One of her friend told me that she has grown into a mean girl and her criteria of selecting boys is money oriented. She had one boyfriend with whom she had breakup and now has another boyfriend.

I have earned somewhere like $30,000 from my last 2 years of effort and financially very stable. I will drop the IIT ( tough decision because IITians get $20k jobs very easily) Also, I have planned to open my company in her city. I want to say THIS IS HOW MUCH I LOVE YOU. I CAN DO ANYTHING FOR YOU AND WHATEVER I HAVE DONE THIS FAR IS FOR YOU.

Also, I have enough money earned from my hard work that I can provide luxurious life to her and her family and “I have responsibilities” thing is out of question.

How should I proceed to her? Because this would be my second proposal to her. Unlike her, I never had any girl friend ( even though I received proposals from 5 girls in my college, I credit that to my good achievements as an entrepreneur ). I love her so so so much. I cannot live without her. That’s why I am fucking my ass so hard to win her heart.

Please please please help me. I am going to move out to her city in July 2009. So please help.

*I don’t drink, smoke, mastrubate, watch porns etc. I take every such thing cheating to her ( very idiotic thinking but I cannot help 🙂 )
Serious answers requested. Please don’t make a fun of it. I am very very tensed with my situation and looking for serious help. Thank you.
I request again to you all that help me out in a way be suggesting me what I should do at this moment.

John answers:

I get that you must love her to do all this and your very accomplished but do you think she will care what if it doesn’t work than what are you left to do. I just don’t want u to get your hopes up because it might not end up working. She seems materialistic you really want someone only for your money.

Sharon asks…

Which currency pair is good for trading forex? Does Euro/USD deceive traders?

Euro/USD is a popular currency pair among traders. But I think most of the successful traders trade other currency pairs because Euro/USD makes deceiving moves. It shows more pips than any other currency pair. This lures traders and in an attempt to make more money in minimum time people choose it for trading. The problem is this pair often makes wild moves and you can’t catch the turning point. The moves are so wild that in an attempt to find the trend reversal you loose not only your hard earned profit but your capital too. Getting Margin Calls is common for Euro//USD.
Which other currency pair is good for trading?

John answers:

The best currency pairs now a days are –

IRN/ISR (Iran/Israel)
SOM/LYB (Somalia/Lybia)
AFG/PAK (Afghanistan/Pakistan)

Good Luck.

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