Posts Tagged ‘diy’
how to make money
How do i make money from the currency exchange?
I was just wondering if anyone could clarify to me how to make money from the exchange market. Could someone try to clarify it to me in simple terms, and do they know how simple it is, or what i should do to start making some money. Thanks
1) Buy it low, sell it high, or; 2) Be the bank ;) Seriously, tho, I can tell from your message you have no thought what you're doing in this area, so the best advice would be to stay out of it. There are millions of participants in the forex markets, most of whom do know what they're doing, and they want your money. Odds are very high that they'll get it. If you INSIST on getting involved in a market you don't know, tho, there's only one strategy which is worth pursuing. Most people follow a 'trend-opposing' strategy, no matter which market they are trying to trade. This is when you buy something which has fallen in price, and sell something after it has risen. Sounds logical, but it's a disastrous trading strategy. We're wired that way, psychologically speaking -- we want to buy things which are cheaper than they were, and sell them when they're more expensive -- and it sounds like a way to make money, but it's not. It amounts to bucking the trend, and what eventually happens is that you buy something which has declined, say, 5%, and it carries right on down, say, 50% more. Now you're buried. The only strategy which, when correctly applied, consistently leads to profits over long periods of time is trend FOLLOWing. This is where you buy something which has broken up to new highs, or you sell something which has broken down to new lows. It sounds counterintuitive, but it's not. When a major high or low is broken, sometimes it's a pre-cursor to a major go, and this -- maybe one trade out of every ten -- is where you'll make pretty much all of your money. To repeat, I do not consider it wise to jump into a market you don't know, particularly when that market is filled with experts ready and able to part you from your money. But if you choose to go ahead with it anyway, at least give yourself the best odds possible, and do it the right way, even tho it sounds counterintuitive. If you'd like to read and learn about Trend Following, the following books are a fantastic place to start: http://www.amazon.com/Trend-Following-Millions-Expanded-Paperback/dp/0136137180/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1206223482&sr=1-1 http://www.amazon.com/Complete-TurtleTrader-Legend-Lessons-Results/dp/0061241709/ref=sr_1_4?ie=UTF8&s=books&qid=1206223482&sr=1-4 Excellent luck.
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