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Unregulated. Unlicensed. Foreign. If it's too good to be true. .it isn't. Guys. ..gals..do your homework. Investigate the company. Investigate the broker. Check the country they are located in. Can you get your principal out quickly? What are the financial and extradition laws between countries? What are the tax laws applicable to both countries? Be a responsible investor and ask tough questions!
Couple FSB accredited brokers lately.
Forex trading seems to be booming lately with a couple self made millionaires.
As for strategy.
Most popular seems to be BTMM or Price action with Naked Charts.
*please note I'm not a financial advisor and any advice given is my personal opinion and nothing more.
Golden rules: 1.money management, 2.don't be greedy and start with a demo account.
Definitely! One mistake new traders make is choosing an unregulated broker. If the company folds, anything could happen to your hard earned money.
One problem however is knowing where and who to ask the difficult questions. For the average trader access to correct information is often difficult, and there are numerous self made "millionaires" misleading the masses.
A little research does go a long way. Don't follow the crowd, be your own trader.
Unfortunately even the legit ones delude the masses. Anyone who thinks they can predict currencies is crazy. Trillions moving everyday and you think you can predict it....rather go to Grandwest casino, and invest in shares.
Someday, somebody needs to explain to me the allure of forex trading. Is it because it is advertised the most? Or because it is easy to get started? Or because it is a foothold into something more exotic? Or it is the only thing people think of when they think "trading"?
Of course it is a massive business, so I'm not knocking it. Just wondering...........