Is Forex Worth The Time and are Forex Trading Systems Good?
Full disclosure: I have SOME experience in trading Forex specifically (stocks, yes), but still wanted to offer my insights as an experienced self money maker.
Forex trading has exploded online over the last few years, and fueling the growth are hungry entrepreneurs pushing every imaginable forex trading strategy, system, and software. Many sites even give the impression their forex software is almost entirely automated. Robot software, if you will. Just set it, come back in a few hours, and your bank account will be full. Well if you've learned anything from Scamreview so far, it's that nothing is that easy. Right?
So what is Forex Trading Exactly?
I won't go into too much detail about the market itself. I will provide some resources for learning the details. You can start with Wikipedia's Forex page. My article rather is both an overview and a cautionary warning on Forex Trading. Let's start with a simple definition: Forex is the Foreign Exchange Currency Market and is the largest financial market in the world. It's where the world's currency trading goes down.
While the majority of trading is done by large institutions, banks, and governments, there is a place for smaller individual investors / speculators. But, it is as risky a game as they come, where the big players are at an advantage and individuals can be chewed up and spit out before they know what's happened.
Can you Work From Home Trading Forex?
I don't doubt there are many people that make GOOD money from Forex trading, but I guarantee more lose money. That's it in a nutshell. I think it takes serious time and more importantly serious investment (risk) for any worthwhile returns. It just seems like too much of an uphill climb.
Now, that said, I don't want to totally discourage you. If you're that interested in trying Forex, simply start by trading with "free money" or a "play account". Most online Forex Brokers offer these free accounts in addition to free learning materials, so as long as you resist the temptation and become confident in your trading skills, there really is no risk. A sound trading software could be a good addition to those skills.
Top Automated Forex Trading Software
Okay, so this is where it's easy to get caught up in the hype. Countless people hyping their forex trading system as the absolute best money maker known to man. I'll let you be the judge simply be providing links to the most popular and well known forex trading robots. Remember, just because something's popular doesn't make it good.
FAP Turbo - FAP Turbo is the best selling automated forex trading software online. Apparently it's a robot that runs on autopilot making you money. Yeah, right. What blows my mind is how wildy popular this site and software is. It makes me think there's probably something there, but it is still hard to believe it works like they claim. If I were to try any forex robot, this would be the one. Please, if you do try it, write me! :)
IVIBOT! - Another automated forex trading system.
Top Online Forex Brokers
A Forex Broker is where the action happens. You deposit money and they provide leverage, tools, and software for trading currencies on the Forex. Keep in mind there are tons of these Forex brokers. I've gathered up some of the biggest Forex Brokers, but before you deposit any money, try a free practice account and experience the software for yourself.
Forex.com - Maybe the biggest Forex Broker online.
ACM - They offer a free practice account.
eToro - Another big Forex broker. $50 to get started.
FxPro - Practice account offered.
ForexClub - Get a free demo account as well.
Free Forex Strategies and Forex Systems
Investopedia's Forex University - This is maybe the single best free forex introduction covering the history of forex, risk and benefits, theories, strategies, and more.
Forex Strategies Revealed - A well laid out site with simple to advanced and complex forex trading strategies.
Forex Realm - Lots of information here on Forex strategies, terms, brokers, charts, etc.
Forex Training - Looks like there are some decent articles here.
PipTrader - Free forex tools and educational material.
Cyber Trading University - Supposedly they offer a free Forex Trading course, but you have to submit a form. I'm really not sure if it's worth the hassle. Your call.
Forex eBooks - Horrendous design but maybe some decent Forex ebook downloads. I would guess there's a good chance any information is outdated though!
Winning Strategy - Simple Forex trading strategy with an eBook.
Forex Blogs
Forex Winning - Looks like an okay blog with some Forex strategy.
A Forex Loser - You've got to like his blog name!
Forex Project - Well done blog on trading forex.
Piptopia - Interesting blog from an experienced trader.
If you know of a good resource I haven't listed, please contact me.
