I met a friend, Alex over the weekends for coffee and check up on each other's life.
Then he told me that he is venturing into forex trading online. And has started out with a demo account with onanda.com.
So I began to ask him about the basics in forex. And to my shock and horror, he does not even have the slightest basic knowledge at all. All he knows is, he was asked by his colleague at work to sign up for an account and try to make it work in forex for passive income.
I told him, that was very risky as this market is risky and highly volatile. He must at least understand all the terminology as well as what makes the market move. he should follow up diligently on fundamental new releases or at least understand how to do technical analysis before doing this headlong.
Otherwise, he may lose more than what he can chew.
Opening a forex account is easy, making use of it and making the right decision in order to make it profitable, is another thing altogether.
Then he told me that he is venturing into forex trading online. And has started out with a demo account with onanda.com.
So I began to ask him about the basics in forex. And to my shock and horror, he does not even have the slightest basic knowledge at all. All he knows is, he was asked by his colleague at work to sign up for an account and try to make it work in forex for passive income.
I told him, that was very risky as this market is risky and highly volatile. He must at least understand all the terminology as well as what makes the market move. he should follow up diligently on fundamental new releases or at least understand how to do technical analysis before doing this headlong.
Otherwise, he may lose more than what he can chew.
Opening a forex account is easy, making use of it and making the right decision in order to make it profitable, is another thing altogether.
