Forex Basics - What is Forex?

[Cutiekc]

That's the simple understanding of Forex but on making profits and have profitable strategy will be the most difficult thing to have in Forex. And also the trading psychology that the emotions can't easily manage just that we can only reduce the intensity of our emotions.

Making it more complex to the understanding of a newbie. Forex trading to me is where we can attain profits in small small units while exchanging of currency for the other. Forex trading is simply giving one your own currency to get his because of the need for it or as business purpose.

 

[hadg33]

That's the simple understanding of Forex but on making profits and have profitable strategy will be the most difficult thing to have in Forex. And also the trading psychology that the emotions can't easily manage just that we can only reduce the intensity of our emotions.

Yes,I agree with you,you can know what forex trading is or even know forex basics,but the difficult part is,how to make profits or gains in trading. One must have a working skill or strategy before he/she can make profits in trade.

 

[Cutiekc]

Yes,I agree with you,you can know what forex trading is or even know forex basics,but the difficult part is,how to make profits or gains in trading. One must have a working skill or strategy before he/she can make profits in trade.

I don't think one who knows the meaning of forex trading will always see it hard to make money, it is just mattter of time and learning all will be procured. Forex trading is very riske and complex which need more and more time to get it learnt. So a newbie knowing the meaning has made a step forward.

 

[riddick09]

Well, eventually it will be hard to make money and that we will going to have here obstacles and hindrances in our success and yet, the traders will need to experience what will be wrong in their trading or what is lacking on them to fill it up and to have reach for their goals slowly.

 

[Decub]

Sure, and what makes any business easy or difficult is the end product and in the case of Forex, since everyone into the business is working towards one and the same goal which is profit, it wouldn't make any sense just to know the basics without the skills to succeed in it.

 

[Angelic]

forex trading is the buying and selling of one currency to the other on.It can also be define as the at the same time selling one currency to buy the other one. Forex trading is also as speculated the top financial business world wide.

 

[sindarin]

Sure, and what makes any business easy or difficult is the end product and in the case of Forex, since everyone into the business is working towards one and the same goal which is profit, it wouldn't make any sense just to know the basics without the skills to succeed in it.

Basic just the first part to get skills in forex, for me what is the basic thing is knowledge, first you need to know what is forex is and how to get money and profits there, also other terminology and also some meta traders function and feature that we will use later, and then practice itself.

 

[hadg33]

Still saying the same thing,if you have the knowledge that mean you would be making profits when trading. Knowledge is needed,followed by skills and strategies,to utilise this skills and strategies to attain profits is where the problem lies.

 

[Decub]

Basic just the first part to get skills in forex, for me what is the basic thing is knowledge, first you need to know what is forex is and how to get money and profits there, also other terminology and also some meta traders function and feature that we will use later, and then practice itself.

Yes, my post was based on cutiekc's (#364) which Riddick09 replied and I affirmed to it. We all know that the basics are the first thing to understand in Forex but you know, you can't easily succeed in it without the skills. One who know the basics alone can't make any good profit in Forex if he is not involved in the practical aspect through trading in Demo.

 

[Cutiekc]

Well, eventually it will be hard to make money and that we will going to have here obstacles and hindrances in our success and yet, the traders will need to experience what will be wrong in their trading or what is lacking on them to fill it up and to have reach for their goals slowly.

Yes, thats true it will be hard simply because it will be invariably hard to start some new but as soon as we keep it going we will get used to it whereby also be able to make good money from the business, on the other hand knowledge and skills has always been the key to attaining success in forex trading. Thats why there is need to understand in details the meaning of forex trading because though it is said to be the buying and sellong of currencies but there are more added to that.

 

[anosocialnet]

Yes, thats true it will be hard simply because it will be invariably hard to start some new but as soon as we keep it going we will get used to it whereby also be able to make good money from the business, on the other hand knowledge and skills has always been the key to attaining success in forex trading. Thats why there is need to understand in details the meaning of forex trading because though it is said to be the buying and sellong of currencies but there are more added to that.

I think that is the fact in trading on markets, many move into forex with the intention of earning as fast as possible, with mission of fast money. But forgetting that forex has the fundamental facts facing it's members newbies world wide...and without that knowledge and skill, they will be loosing money and time as well...learning forex more is still advised

 

[glucoseguy]

Well said, that's why it may be good to spend a lot of time using demo accounts for trading practice before venturing into the real trading but the problem is that newbies may not have the patience to wait that long to gain experience before embarking on real trading. They all want to make money from forex quickly.

 

[riddick09]

We know that a trader will be in need of demo accounts. Furthermore, it should be skipped or ignored by traders for the reason, it's a way to have our trading strategy and understand the market and our trading skills on how we handle the different instances and situations of the market.

 

[hadg33]

Well said, that's why it may be good to spend a lot of time using demo accounts for trading practice before venturing into the real trading but the problem is that newbies may not have the patience to wait that long to gain experience before embarking on real trading. They all want to make money from forex quickly.

Of course,forex beginner or newbies needs a demo account but the demo account is not really what matters,getting a demo account is so easy but they need to know his have the basic requirements that they can use to make practise in the demo account.

 

[Cutiekc]

I think that is the fact in trading on markets, many move into forex with the intention of earning as fast as possible, with mission of fast money. But forgetting that forex has the fundamental facts facing it's members newbies world wide...and without that knowledge and skill, they will be loosing money and time as well...learning forex more is still advised

Just as mormal trading they think thats the way forex trading is but ther are more added to it. Forex trading is quite a diifferent trade in the sense that price are not correctly predicted and also you cant have a fixed earnings, you might earn higher and earn lower the next day. Thats how it works.

 

[glucoseguy]

Of course,forex beginner or newbies needs a demo account but the demo account is not really what matters,getting a demo account is so easy but they need to know his have the basic requirements that they can use to make practise in the demo account.

That's correct, apart from the basic requirements, they also need to be patient in order to practice on the demo accounts as most people trade with the perception that forex is a get-rich-quick business. Trading with a capital which we cant afford to lose is not recommended, even though the chances of making profits with higher capital are higher.

 

[hadg33]

Well,when you talk about the chances of making higher profits with higher capital without considering the risks involved in forex trading,then that trader is just a greedy trader and most of them that does this rushes out of it cos they get MC most times. They never bothered to learn,they just feel it is a lucky business.

 

[Cutiekc]

Well,when you talk about the chances of making higher profits with higher capital without considering the risks involved in forex trading,then that trader is just a greedy trader and most of them that does this rushes out of it cos they get MC most times. They never bothered to learn,they just feel it is a lucky business.

Thats right because some traders or rather beginners in here will invariably be like they can make enormous proits with just same capital which is not that easily done, I consiider the proffessionals seldomly doing it. Forex trading in short should be defined as other business where your profits matches with your capital.

 

[glucoseguy]

[MENTION=475]hadg33[/MENTION] and [MENTION=75]Cutiekc[/MENTION] you both are very correct. Well, I recently discovered that it can take a very long time to earn good profits from forex backed up with sufficient experience in the field not neglecting patience and consistency. I actually used to assume that it would be possible to make good amounts of profit from forex on a daily basis.

 

[Decub]

Thats right because some traders or rather beginners in here will invariably be like they can make enormous proits with just same capital which is not that easily done, I consiider the proffessionals seldomly doing it. Forex trading in short should be defined as other business where your profits matches with your capital.

And you find out that this becomes one of the major reasons they fail a lot. Having that thought of making it within the shortest period of time leads to greed and subsequently their resultant failures. I will always tell people that sometimes, the earnings of Forex trading is exaggerated to me since it's not as easy as being talked about.