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I am very interested in the forex market. I understand that traveling around the world while tracking the market with your phone is not very realistic. However, I dream that one day that I will be able to visit first world countries and be able to support myself, living comfortably while breaking even or saving a little. I don’t expect to be rich.

I work my butt off and I deserve what I earn. In the next 4 years I expect to be a certified welder and motorcycle/small engines mechanic with a full GI BILL for college. I feel that I need to get into the forex market and play around with 500 bucks or a grand to better understand how it works. Where should I look to get into the forex market and learn many things while not getting scammed?

When I attend college, what courses should I look at if I want to increase my forex knowledge and skills? Financial economics, etc.? I don’t want to waste my GI bill since it only lasts so long.

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    I recommend that you play around with 500 bucks, not a grand. That way you will only lose $500, rather than $1000. – Simon B Sep 8 '18 at 22:56
  • You could save time and energy by withdrawing the five hundred, from a bank, and burning it. Same result. You would be far better served to give the money to charity. As a fellow veteran, please understand that FOREX is a sucker's game. – Pete B. Sep 10 '18 at 12:12
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Forex is one of the most liquid markets. It is incredibly difficult to outperform the market. When a country has high inflation, it often has high interest rates - making it expensive to bet against the currency. Said in reverse, if you put your money in a currency with a higher interest rate, it is usually compensation for the risk that the currency may have higher inflation (eg Brazil recently).

It is very difficult to beat the market.

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as you may know, Forex is the currency exchange, therefore it is very liquid.

To trade smart, notice that I don't mention earn money, I suggest you to learn about derivatives, have a good sense of understanding macroeconomics and keep yourself very informed about world-wide news, everyday. Learn very well some of the following concepts: Hedging, Futures, Mark-to-market and Options.

My suggestion is to don't try to focus on all the world exchanges, focus on a few. Emerging market ones, maybe?

Example: If you read the news very closely, Argentina devaluated the currency 20% in a week (this means, on Monday 1 dollar was equal to 33 pesos, on Friday was, say, 40$). On Friday, the Future on dollars was 50$, but if you were informed, you knew that 40$ could be very well a maximum. So you could go Short on a Future contract, with strike price 50$. Eventually the argentina currencey valuated again, and started decreasing. It's at 36$ now. But you had a Future contract to sell it at 50$, so that would have been a 14$ per dollar profit.

protected by Chris W. Rea Mar 25 at 2:23

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