Is on-line forex trading for the average guy or should be left for the professionals?
Online forex is all over the internet and I have been very tempted to give it a try but do not want to be wiped out imediately and lose my money. If some one has done it please share your good and not so good experience.
Forex trading is a lot like legalized gambling. It's not part of a conservative "average guy" portfolio. But there are free accounts on the internet whee you can play the markets with pretend money (and it tracks your gains, losses, and trading expenses) so you can teach yourself about it.
The thing is, as with all investing where you don't yet know what you're doing, when you start doing it for real, you need to treat the money you spend as part of your entertainment expenses — think of it as spent money the minute you make a trade.
And don't forget — if you make a big gain, and then lose all the gain on the next trade — you're likely to owe the government tax money even thought you netted zero dollars. So remember to set aside a portion of your "winnings".
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January 8th, 2009 at 9:55 pm
Forex trading is a lot like legalized gambling. It's not part of a conservative "average guy" portfolio. But there are free accounts on the internet whee you can play the markets with pretend money (and it tracks your gains, losses, and trading expenses) so you can teach yourself about it.
The thing is, as with all investing where you don't yet know what you're doing, when you start doing it for real, you need to treat the money you spend as part of your entertainment expenses — think of it as spent money the minute you make a trade.
And don't forget — if you make a big gain, and then lose all the gain on the next trade — you're likely to owe the government tax money even thought you netted zero dollars. So remember to set aside a portion of your "winnings".
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