Anyone interested in becoming rich through trading forex should look up the biographies of George Soros, Stanley Druckenmiller and Andy Krieger. Perhaps the most salient aspect of their trading is how they concentrated on one currency pair and were so convinced that they were right that they were prepared to “do or die”, right along with their trades. What’s also interesting is what all of them did with the second half of their lives. Their philanthropic activities are measured in the billions – not millions.
You, too, can walk down this path. Depending upon your background, it could be easy for you (e. g., Mr Soros graduated from the London School of Economics in 1952) or it could be tough (e. g., while in school, Mr Krieger majored in philosophy and Asian studies). However, if you have the determination to succeed, you will. So, just open up a “demo account” and get cracking. Help is all over the internet. Start with “babypips.com” and “stockcharts.com”, both of which are excellent.
Trying To Trade Foreign Exchange Sydney For The First Time
Learning how to trade foreign exchange Sydney successfully is a 3-step process. First, you have to spend some time studying a whole bunch of stuff that looks really obscure (like monetary policy), but – in the world of forex – certainly is not. Second, you have to sign up for a demo account and start becoming adept at punching out winning trades. Then, you have to figure out which bank or broker you want to have your “real account” with, in order to commence “live trading”. Many people who have traded financial instruments before think they can jump over either the first or second step without adverse repercussions. Few are richer for the decision a year later. Be smart: do the hard work first.
Is Trading Foreign Exchange Sydney Really Worth The Effort?
Compared to trading stocks or bonds, forex trading is potentially far more lucrative. This is due to the nature of the beast. First, forex is global, allowing you to trade around the clock, if you wish. This means that you can take advantage of regional differences that simply do not exist in other capital markets (e. g., buying the AUD/USD “low” in North America and then selling the pair “high” in Sydney 6 hours later). Secondly, trading accounts come with the ability to leverage trades far more highly than in traditional stock or bond trading accounts. For example, with the exception of a couple of countries (e. g., Japan), it is possible to enjoy leverage ratios in excess of 100:1.
Can You Make Money Every Day With Foreign Exchange Sydney?
Your ability to make money in forex “every day” depends not only upon what kind of trading strategy you are using, but also upon market conditions. In other words, you could have a highly successful trading strategy, but it isn’t going to work if the markets aren’t moving (i. e., there’s no momentum or volatility). There are several reasons why markets could suddenly die away or degenerate into a semi-comatose state. The biggest reason is that “they” are waiting for something, like a big monetary policy announcement by a central bank or, perhaps, a decision by the US Congress on raising the US national debt level. Historically, Thursday afternoons and Fridays are usually snooze fests, with light trade volumes.
Get a free Forex PDF PLUS:
- 14 Video Lessons
- Free One-on-One Training
- A 5000$ Training Account
- In-House Daily Analysis
- Get FULL ACCESS