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Ask HN: Is it worth investing time in learning Forex Trading?
Hello HackerNewsers,
I'll be right to the point. In the past I had the opportunity to try Forex trading through a couple of the pretty popular online platforms that offer this kind of service. They had the feature to let you invest in the real market with dummy euros in order to make you practice with the tool before risking your actual (and real) money. I played with those fake moneys for a couple of weeks and in both cases I ended up earning (fake) revenues. In one case I started with 5000€ and transformed them in more than 7500€ in more or less ten days.
My question is: have I been just lucky? Did the app trick me into believing I was able to earn easy profits in order to make me put my money in the account? Or it's just that Forex trading is "doable" if you are cautious enough?
I've been wondering about seriously starting to invest some time into Forex since then, but for some reason I never did. Would you share your experience with me?
Thanks!
- leojg 11y agoHi, personaly, I have used a plataform that also allows play with fake money and after that I invested a small amount of real money to see what would happen. With the fake money I was also able to double what I started with in a couple of days. But with the real cash I did not. But I think that the reason for this was that the small amount of money I had didnt provide a lot of margin for losses, so a small loss would be enougth to run me out of business. While with the fake money I would make micro transactions, buying and selling in minutes and if I failed I had a lot of backup. So, If I come back to forex I will with a higher amount of money and invest small amount at a time.
- NwmG 11y agoSimilar story here. Paper trading is significantly different than live money trading. Best thing to do is start out slow with learning traditional market movers, e.g. how economic reporting affects specific markets. Then move to more technical trading ideas, advanced charting etc.
- oAlbe 11y agoI see a pattern here. (although it can't really be called a pattern with only two sources of data) I think I'll definitely try again, despite not having "so much" money to invest at the moment. Any good book to suggest on this matter?