AbleForex.com

AbleForex answers:

Don’t worry, you will only lose maximum $1000. It’s margin call that will automatically close your open position.

AbleForex answers:

I am trading in Forex market in India with http://www.finexo.com/, which is a business partner of Denmark’s Saxo Bank, with its headquarters located in Düsseldorf, Germany with huge US currency and never ever encountered any problem.

Whatever I gain is credited in my Indian bank account through Finexo trading account. The tax is deducted at source and when profit is repatriated here the Indian government deducts it.

AbleForex answers:

Some of the better currency trading sites are:

http://www.forex.com

http://www.fxcm.com

http://www.marketiva.com

Most of these companies allow you to start trading with around $250USD however you should probably start out with a free practise account until you learn how to trade profitably.

If you want to trade news, probably look out for interest rate decisions and non-farm payrolls

Hope this helps

AbleForex answers:

If you look at an FX chart there’s only one line…

Http://www.dailyfx.com/charts/Chart.html …that’s an EUR/USD chart.

All charts work on the basis that 1 of the first symbol will buy you ___ of the 2nd.

Example: EUR/USD is now at 1.2811 which means one euro will get you 1.2811 dollars.

AbleForex answers:

Will try to answer as many as possible.
Yes, it’s the most liquid market in the world. The daily average turnover is about $4 trillion.
EUR, USD, JPY, GBP are more liquid than others.
The highest leverage I’ve seen is 1:1000 and most of traders use leverage more than 1:50. It makes forex trading very very risky (and rewarding of course) if you don’t know how to control risk.
Go through the posts and categories on this site.

AbleForex answers:

I like the choices you provide.

Currencies are highly volatile, but usually trade within a predictable range, which minimizes risk to a point. The amount of margin you are willing to take on can increase both the risk and potential reward. The lack of commissions can be a plus, but the lack of assistance can be a minus.

Options are less risky, but you must balance yourself here. The price you pay is directly tied to the possibility that you will be able to exercise your option in the future. You are able to limit your risk to the price of the options you purchase, but you will likely pay commissions, which can keep you out of the money, even on a profitable trade.

Commodities are one of the fastest ways to lose money consistently. Commissions can be quite high with these, but patience can work to your advantage, if you are not just looking to make a quick strike.

Any of these choices can cause you to lose all of your money. For that reason, I would not recommend that you enter into any of these arenas unless and until you have the rest of your financial house in order. Be debt free, with adequate savings for emergencies, as well as your college funds and retirement funds in place. If you have an extra six figures lying around the house after that, then go for it.

Personally, I prefer a lower risk approach that does not require my constant attention. Having lost $60K in commodities over four months several years ago kind of soured me on high-risk investments. I’ve since learned how to make a large income from my efforts, and I let my money grow at a reasonable pace, sufficient to fund my future.

Good luck!

AbleForex answers:

Yes, it’s possible, but not with a couple of hundred dollars of starting capital. Think about it, for many professional traders, having a 50% profit on the year is considered a good year. If you start of with $200, and make 50% profit, you would have $100 profit. Is $100 enough for you to live off of? Not unless you live in a cave.

However, if you start off with $100,000 capital, and make 50% profit for the year, then you would end up with $50,000. Is that enough to live off of? Probably yes.

Yes, I know $100,000 is a lot of money. But you can start up with $5,000 and work your way up. You are still young. I would get a job and start saving, and on the side, continue to trade and research using a micro account. (Notice how I didn’t say demo account because demo accounts success do not translate to real account success). Anyways, once you know you can be profitable with real money, then you wouldn’t hesitate as much to put in $5000, or $10,000 or whatever you have saved up in your account.

Lots of people make great living as day traders. But it takes time and patience to get there. Hope this helps.

AbleForex answers:

The sessions have to do with times when markets are especially active. New York session covers typical work day on East Coast. This is when economic numbers are released, trading desks are fully staffed and the real decision makers are at work. It is high volume period, after which, normally, there is less activity. But you can trade around the clock.

AbleForex answers:

As a 10+ year Forex trader, here is how I trade to make money…

If you want, you can also follow these steps. I’ve dumbed it down to the easiest, yet safest way to win in the Forex.

1) Open a live account at http://www.bmfn.com.au
2) Select AAAFx broker, and open MICRO account with 200:1 leverage.
3) Deposit at least $300 in your account to start.
4) “Add to Portfolio” the top 20 strategies at http://www.bmfn.com.au
5) Don’t add any strategy that makes less than 10 average pips per trade.
6) …when adding strategies, set maximum number of trades to 5, and…
7) …select lot size of 0.1 “mini” lots for each $1000 in your account.
It will trade automatically, following all those top 20 strategies.
9) Then sit back, relax and take a vacation as you make easy Forex money.

AbleForex answers:

The value of one currency against another is usually caused by one of four factors. Economic Data, Political Data, Natural Disasters and Acts of war.

For example, THe Fed last week announced theyr’e pumping $1.2 trillion into the economy. This caused investors to worry about devaluation, and they then sold their dollars for Euros. Net result? Big sell off of dollars, which weakened the currency – big demand for Euros so a strenghtening of that currency.

Its like anything. If everyone is selling eggs, and there are more eggs than buyers, prices will drop and vice versa. Its no different for anything else – currency, cars, plastic boxes etc etc etc