I’m a complete novice, could buying the software help make me money ?
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This entry was posted on Thursday, February 11th, 2010 at 2:46 pm and is filed under forex trading tools. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
white1827 February 11th, 2010 at 2:54 pm
I work for a large national bank in foreign exchange trading. Individual investors do not generally invest in FX as the returns are highly risky and you can get similar returns with a low cost index fund with MUCH less risk.
Most foreign exchange business is done by large corporations hedging their exposure to currency fluctuations. The only entity really making money in the deal are the traders. Traders quote an exchange rate a small amount higher than what they can get on the market. That small amount is their profit.
Forex trading for consumers is a scam. The only person who makes money is the guy selling you the get rich quick scheme.
bijak_sinner February 11th, 2010 at 4:03 pm
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whiteash February 11th, 2010 at 3:30 pm
No.
Please do not think that buying any software will make you rich!
Softwares are only meant to provide you with data. It is you who have to go through the data, analyse it, so that you can reach an informed decision about what to trade and whether you should trade.
If you think investing in software alone will make you rich from forex, I advise you to steer away.
Most likely, you’ll be worse off.
To survive in forex, you not only need to invest in tools but also in yourself.
You also have to be updated with the latest government policies and analyse the impact on the currencies.
Perhaps, you should consider mutual funds first or at most stocks?