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How does Forex Currency Trading work?
Question by BarbieDoll: How does Forex Currency Trading work?
I need someone to explain to me how Forex Trading works? Can I make lots of money off it? Whats the technique and how much money do I need to start?? Please explain if you know about Forex. Thanks!
Best answer:
Answer by Sambrook101
Forex currency Trading, or FX is when you buy/sell different currency’s in the hope that you can profit from it. For example, if you thought that the USD was going to rise in value, you would buy that currency (in what quantity you decide) And then sell it when the value goes up for more than you paid for. Thats a very simple example and it can get much more complicated.
To answer about the technique, the truth is there is no technique; you must find you’re own way of working out why markets can change and how you can profit from that.
Yes Forex traders can make LOTS of money but it is very hard to get into, you’ll have to have a 2:1 degree of above, good numeracy skills and other attributes. But traders like the stereotypical wall street trader can make money as well as loose it.
Hope this helps 
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How do the tax laws work with playing the forexfactory calendar market with a US broker and being a Canadian resident?
Question by dodger346: How do the tax laws work with playing the forexfactory calendar market with a US broker and being a Canadian resident?
I currently dabble in the forexfactory calendar market and using a US broker. How will I be taxed on my earnings, and what happeneds if I lose money that year, is it a capital loss? HOw does this work in regards to canadian tax laws with the broker being in the US?
Best answer:
Answer by T E
Your tax reporting for dealing with a US broker is the same as dealing with a cdn broker in that the income reporting and transactions should be translated in Cdn $ .
Regarding your quesion whether your loss should be a capital loss depends on whether your “playing” in the fx market constiute an investment or a business. There are no provisions in the Act which specify whether a foreign exchange gain or loss is on account of income or capital. An investment is generally in a situation of buy and hold, while a business is in a situation when you are knowledgeable and maybe with insider information, lots of daily time spent and numerous buys and sells during the day or week, etc.
Please see the CRA’s IT-95R “Foreign Exchange Gains and Losses”. http://www.cra-arc.gc.ca/E/pub/tp/it95r/it95r-e.txt
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Is Foreign Currency Trading worth it, and does it work?
Question by Lys: Is Foreign Currency Trading worth it, and does it work?
My father is willing to pay me to use a Foreign Currency Trading software basically all day every day. But, we’ve researched that it is a large investment to get the software to be able to do it. They’re advertising that if you do it all day, everyday you can make “a lot” of money per year off of this. I am concerned before we pay for the software if the program really does work and if you are able to make money off of it?
Best answer:
Answer by MoneyMonkey
No. No. No. No. No. You can LOSE a lot of money. And you will be out the software cost. Only professionals should do anything along these lines. This is a really bad idea. Unless your father is paying for everything, and he has plenty of money he can afford to lose you should not even consider this venture.
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How does an automated forex trading system work?
Question by detra: How does an automated forex trading system work?
Might be nice if someone can simplify how it works. I am also looking for an automated forex trading system too.
Best answer:
Answer by ada
Automated forex trading systems (robots) are just a tool. Like any tool their success ultimately depends on the person using it. There are many people that make a ton of money from forex trading.
If you are looking for the best forex software, visit this site
http://the-best-forex-software-in-internet.blogspot.com/
This software is the best software that can help increase your trading profit and user friendly.
Best Wishes,
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How does currency trading like Forex work exactly?
Question by Evan M: How does currency trading like Forex work exactly?
I understand that you buy currency in “lots” and depending if they go up or down in value you make in profit or loss.
I just don’t understand why the currencies are paired like “EUR/GBP”.
Can someone help me understand the actual process taking place when people trade currency?
Best answer:
Answer by sham
forex trade i s very simple….read this web page …………http://foreignexchangebasics.blogspot.com/
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What is the best Forex robot on the market and does it work?
Question by hansackd: What is the best Forex robot on the market and does it work?
I heard that a new robot has just been released (RCTPA driven Forex Megadroid). There are quite many robots on the market. What is a Forex robot anyway? Which one is working? I have heard many good things about Forex auto pilot turbo. I would like to know which one is the most reliable. Thank you.
Best answer:
Answer by Mark K
First, you should know that Forex is not that easy. Do not believe those who may say it is!
Now, there are some good robots that MAY help you. Some are scam. Others are for real.
Simply put, a Forex robot is a program that attempts to take the guess work out of trading currencies. Currently there is a lot of information floating around the internet about these products. Like any other tool, it needs to be used properly in order to be most effective.
Like I hinted, in order to use this tool the right way you need to understand a little bit about how it works and where it is best applied.
A Forex robot is a computer or computer program that monitors currencies and does calculations to figure out the best time to buy and sell. These programs help to take some of the guess work out of buying and selling and can help a trader to identify currencies that meet certain criteria, or when certain currencies perform in certain a way. Most of the selling points of Forex robots state that you can simply set them and watch the cash come pouring in. While in some cases this may work, in most cases you are going to need to carefully monitor the program and make sure that it is adjusting to trends in the market. While they can be very profitable they may require a certain amount of intervention to be run effectively. Used properly, and if you have the patience to get to know the programs, they become a powerful tool.
For this automatic approach, forexfactory calendar auto pilot turbo has worked wonders for me: http://www.forexapt.com/. It offers, among other features, high spread protection system and automated risk scaling. They say “95% winner”. Well, only the bottom line counts. In this regard, it has really delivered for me.
I had been watching the forexfactory calendar robot market for months, waiting for the right software to come out. I believe I have found a great one.
Really, get the fundamentals first. Then get your own system and test it offline (do that for weeks, if not months, until your system is well tested), whether you use a robot or not. It really takes a few months – a lot of patience and resilience. But if you are made for it, it is worth it. Read about the psychology of trading (never to underestimate). And then you should be fine.
Good trading!
Mark
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