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Forex trading - sorry if offtopic
Alechjo
Posts: 62 Forumite
Hello All,
I am just wondering, are there people on forum who tried to do Forex trading or seen someone try? I watch GBP/EUR rate for nearly 3 years, it goes up and down approximately in the framework of 0.67-0.69 which means about 3% variation. I am trying now demo account of FXCM, it looks as though one can make a fortune on forex trading. Open mini account in GBP. Put 400-500 pounds instead of minimum 350 to protect yourself from margin call. Then when rates are reasonably low - buy one lot (J50 margin), when reasonably high - close position and sell. With highs and lows approximately once a week, 1% variation giving J50... While account is on loss - wait, no stops on position, 400 would give 4% fall protection. In a month I beleive it is possible to double your money without much risk. If GBP or EUR would fall too low it would mean a disaster much worse than losing 500 pounds! Withdrawal charge is $40, but it could be dwarfed with income. Is there a catch I did not see (by the way, I am doing PhD in Mathematics)? Is demo account much different from real account? Why there are not many millionaires from Forex trading (or it is just me, who met none
)?
If anyone has real experience of Forex trading I would very much appreciate comments on the matter.
I am just wondering, are there people on forum who tried to do Forex trading or seen someone try? I watch GBP/EUR rate for nearly 3 years, it goes up and down approximately in the framework of 0.67-0.69 which means about 3% variation. I am trying now demo account of FXCM, it looks as though one can make a fortune on forex trading. Open mini account in GBP. Put 400-500 pounds instead of minimum 350 to protect yourself from margin call. Then when rates are reasonably low - buy one lot (J50 margin), when reasonably high - close position and sell. With highs and lows approximately once a week, 1% variation giving J50... While account is on loss - wait, no stops on position, 400 would give 4% fall protection. In a month I beleive it is possible to double your money without much risk. If GBP or EUR would fall too low it would mean a disaster much worse than losing 500 pounds! Withdrawal charge is $40, but it could be dwarfed with income. Is there a catch I did not see (by the way, I am doing PhD in Mathematics)? Is demo account much different from real account? Why there are not many millionaires from Forex trading (or it is just me, who met none
)?If anyone has real experience of Forex trading I would very much appreciate comments on the matter.
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