I am an unemployed car mechanic, as you are probably already aware. A few months ago I started playing around with a demo forex account to get an opportunity to experiment with the various trading systems and technical and fundamental indicators out there.
Originally I didn’t plan to switch to a live account before next year, but the fact that I am currently jobless didn’t leave me with much choice. I had to make some money rather quickly, so I went ‘live’ about a month ago.
One thing I learned during my training period on the demo account is that you should never allow what the experts call ‘analysis paralysis’ to set in. That is when you try to use a large number of technical indicators at the same time and, inevitably, they start giving conflicting signals. That’s when you start pulling out your hair a strand at a time and drinking 20 cups of coffee a day.
I decided to use only one technical indicator to start off with: the moving average. This is probably the simplest one that exists. It consists of the average price of the currency you are trading for the past, let’s say, two weeks. When the price starts trading above this average, it’s highly likely that it will go up and if it starts trading below this average, it’s likely the price will go down.
The biggest problem with the moving average and similar technical indicators is the fake breakout. The price starts trading above the moving average, you buy the currency and then the next day it falls back. Luckily that doesn’t happen every time and if you consistently use the same strategy, you’re likely to show some profit over a period of time.
Did it work for me? I can’t really say. So far I am just breaking even. I’ve made three trades over the past month. One went totally south and triggered my stop-loss, the second one went well and I made some profit, but the third one went nowhere at all so I sold it at a small profit. Watch this space, however. I am learning something new every day and one day I’m still going to become a successful full-time forex trader!
I have been taking a keen interest in forex, or foreign exchange trading, for some time now and I have discovered that setting up a forex demo account is a great way to get a feel for this type of online trading. A demo account replicates the workings of an actual forex account, but the great thing is that my money is not at risk, so I can work away on the demo knowing that any mistakes I make are valuable lessons learned for future reference, and not costly errors. A few days spent using a demo account will make someone realise whether currency market trading is something that suits him or her.
Another great thing about a forex demo is that by getting access to different strategies for trading currencies and seeing how they work, I can learn which trading strategy suits me best. Before I really start to work on something, I like to have as much information beforehand on how to get the most out it (who doesn’t?) and a forex demo is great in this respect. A forex demo, typically, will offer a real-world trading experience, using live prices and demonstrating the same level of volatility that would be seen in a real account scenario.
For anyone who has already identified a forex broker they would like to sign up with, I would recommend getting onto their site and using their demo. A great number of broker sites use what is known as the MetaTrader 4 platform, but each broker system will have been designed with particular requirements in mind and a trader who is new to foreign exchange trading may discover very quickly that a specific platform is not what they have been looking for. Being able to discover this before signing up for an actual account is another benefit of using a forex demo.
My foray into the world of forex (or foreign exchange trading) took a new direction recently when I looked into the option of creating a demo account. As with anything else, it appears that forex trading is very much a case of practise makes perfect, and demo accounts give the new trader the opportunity to do just that. Any project that includes monetary expenditure deserves a concerted effort to try and make the said project profitably viable.
The good thing about demo accounts is that they are an exact replication of a fully functional forex account, but without the risk of losing any hard earned cash. If, like me, a person simply wants to see how difficult forex trading looks, then this is the way to take a risk free plunge into simulated real world trading. There looks to be a fair amount of information about forex and related topics on the site
Forex it up
I have had a bit of a nosey around the net and it looks like there are a multitude of different forex brokers and online trading platforms that provide demo accounts for new traders. Further reading informs me that there are several strategies and methods associated with forex trading, and a demo account will help me to ascertain which strategy is the most suitable system for my personal style of trading. This is a vital part of the learning curve that will give me a good idea of how to do things.
With the fact that I cannot lose any cash on a demo account, I feel that I can take my time and slowly get to grips with the whole forex thing. It is something that definitely cannot be learned overnight, so I have decided to wait until I get an upturn in my strategy, and then I will record the events that led to the successful trade and initiate the appropriate actions when I start trading with real cash.
I’ve been thinking about ways to get another flow of income and have been debating about whether or not I should set up my own business. Maybe something along the lines of a mobile mechanic or something – I’m not too sure. However, the thing that put me off was the fact that I just don’t have the money right now to cash flow the first couple of months. I came across www.factoring.org.uk. They offer all these services that could help me out if I do end up starting up a business as the main high street banks don’t seem interested to give overdrafts to startups, they would rather risk there money building properties in Spain that no one wants!
Invoice factoring is a form of cash flow funding. It can give you up to 95% of the monetary value of your invoices straight away. I think that this is extremely helpful so that you don’t have to wait for lengthy amounts of time for your customers to pay. ‘Confidential Factoring’ is another service that is offered, and means that everything can be kept hidden from your customers.
I have a potential order book from some small local garages that say they would pay on 30 days but I need cash on the work completion or I wouldn’t make it to month two of trading.
They also do all the other stuff that I wouldn’t be able to keep up with tax, book-keeping and payroll issues. If I can concentrate on selling and getting the work completed rather than worrying about admin I may stand a chance of making things work.
If I go for it I want to do it properly, not become one of these people who gave it a go and gave up because it was to hard or to much work. I am doing my research properly and if I can make a go of it I will. I am sick of having to go to interviews with 300 other people, for a job I just wont be any good at. I know cars and that’s my future.
Lately, I’ve been getting into something called forex trading. It’s becoming a popular way for people to make money, but the process is seen as complicated and risky. This is mainly down to a lack of understanding concerning the complexities of forex trading, but I’ve been advised that regularly checking sites such as www.bestforexfeed.com is a good way for both experienced traders and beginners like myself to keep up with developments in the foreign exchange market.
One of the first things a beginner should do when considering forex trading is to contemplate a strategy. A popular plan of attack that I found easy to understand, as someone who’s just starting out, is to “buy low and sell high.” This is a relatively safe way to start, but it must be stressed that 95% of people starting out with forex trading lose money in the beginning, so it is not a license to print money, and a fair amount of research is needed in order to trade effectively.
A forex robot is a type of software that is able to make trading calculations and decisions while the trader is learning the ropes. I can program a tactic such as “buy low, sell high” into the robot, and the trading can tick over nicely while I get some valuable research done. A word of caution for anybody considering a forex robot: they are not a get-rich-quick scheme, and most of them are not at all profitable. Some companies are offering lacklustre software alongside excessive sales letters and spam, so I would be careful when dealing with a company you are not familiar with, and always do your research.
A forex data feed delivers up-to-date information detailing market activities, and a reliable one is necessary for successful forex trading. The nuances and fluctuations of the market mean that staying informed is of utmost importance to the trader, and sites like www.bestforexfeed.com provide a vital information service.