Hi there,
To start off I don't know much about anything in regards to Forex currency trading but would like to enter the business as it seems like an interesting and exciting opportunity to earn some money. However, there have been a number questions that I've had lingering in the back of my mind. Just how risky is this trade?
I'm 19, (does age matter?) a university student and have only managed to save $1000.00AUD. Realistically speaking, do i even have enough to enter this market? If not how much do i need to save? Really, because I'm such a rookie a lot of the things i read on the forex forums and internet articles tend to overwhelm me. In addition to this, how time consuming is this trade? i know it can be a stressing trade however the potential returns seem to more then make up for this. I am willing to put in the hard work and effort but i have other studies and needs that must be taken care of in addition to Forex.
Also, what are some recommended books to learn more about this trade? Money doesn't grow on trees and if i want to make this work, i would really like to do this the right way - the first time. Also, is it possible to actually end up in debt through this trade if i only use money that i own? (No loans, credit cards, etc.)
I also don't mean to be rude but how much on average do you guys manage to pull in? I don't expect to pull in lucrative 6 figure sums anytime soon but i would like to know the reality of the situation. More often then not i find that things tend to be exaggerated and Forex trading often sounds too good to be true. Is it a possiblity to turn my $1000.00AUD into something larger and make it grow?
Additionally, how do i know which brokers offer the best deals? etc? is that even how the system works? How do i go about even starting this trade? How did a lot of you guys enter this field? What were the mistakes you made and what would you have done differently?
I guess because i'm totally new to the field i'd really like to avoid some of the pitfalls that exist in this trade, and who else to ask but the more experienced traders. I'd really appreciate a list of books or similar that are must reads and something of a way to find out how to get started.
Is forex worth the time, effort and resources? ... Feedback would be awesome. I appreciate your time in reading this, thanks!
edit: i live in Australia (AUS) does that matter?
To start off I don't know much about anything in regards to Forex currency trading but would like to enter the business as it seems like an interesting and exciting opportunity to earn some money. However, there have been a number questions that I've had lingering in the back of my mind. Just how risky is this trade?
I'm 19, (does age matter?) a university student and have only managed to save $1000.00AUD. Realistically speaking, do i even have enough to enter this market? If not how much do i need to save? Really, because I'm such a rookie a lot of the things i read on the forex forums and internet articles tend to overwhelm me. In addition to this, how time consuming is this trade? i know it can be a stressing trade however the potential returns seem to more then make up for this. I am willing to put in the hard work and effort but i have other studies and needs that must be taken care of in addition to Forex.
Also, what are some recommended books to learn more about this trade? Money doesn't grow on trees and if i want to make this work, i would really like to do this the right way - the first time. Also, is it possible to actually end up in debt through this trade if i only use money that i own? (No loans, credit cards, etc.)
I also don't mean to be rude but how much on average do you guys manage to pull in? I don't expect to pull in lucrative 6 figure sums anytime soon but i would like to know the reality of the situation. More often then not i find that things tend to be exaggerated and Forex trading often sounds too good to be true. Is it a possiblity to turn my $1000.00AUD into something larger and make it grow?
Additionally, how do i know which brokers offer the best deals? etc? is that even how the system works? How do i go about even starting this trade? How did a lot of you guys enter this field? What were the mistakes you made and what would you have done differently?
I guess because i'm totally new to the field i'd really like to avoid some of the pitfalls that exist in this trade, and who else to ask but the more experienced traders. I'd really appreciate a list of books or similar that are must reads and something of a way to find out how to get started.
Is forex worth the time, effort and resources? ... Feedback would be awesome. I appreciate your time in reading this, thanks!
edit: i live in Australia (AUS) does that matter?