Michael Constantinos

Make money with forex? Absolutely. Lose money with forex? Absolutely. When considering forex as an income stream, think wisely and do not (I repeat) do not jump into it head-first with your own money.

Forex is nothing new, but with the maturation of the Internet age, and some great resources and software technology, as well as retailing of the market, forex is now easily available to anyone with an internet connection and some cash. The problem is though, that if you don’t know what you’re, then prepare to lose it all.

Too dramatic? Well, their is blind dumb luck and I’ve got a story to share about such a moment in time…. After becoming introduced to forex with a particular product, I whacked $3,000 into my account and I was set to conquer the world. I mean, with $3 Trillion a day being traded, my tiny little bit would not even be a blip but still life-changing to me and my family. So, at this stage, I kind-of knew what to do, sort-of. I looked over a couple of currency pairs and even though I should wait until the end-of-day charts (which I had no idea of when end-of-day was depending on what time my platform was based on). Anyway, both the Australian and New Zealand currencies looked as though they were going to plummet against the US. Seemed good to me but then again, in retrospect, I wasn’t even looking at the right chart. Anyway, I worked out my Order Price, whether is was going to be a buy or a sell, and what type of buy or sell, calculated my Stop Loss and finally my Profit Take. I double-checked my figures and went to place my order of Sell Stop on both the Aussie (Australian) and Kiwi (New Zealand). The problem is I had no idea of what Lot I wanted to use. All I wanted to risk was $50 on each, but I only had a choice of 0.1-0.5 and 1.0-8.0

Needless to say, I didn’t have a clue but I figured that 8.0 Lots sounded good and what the hell… I was in the mood for a bit of a punt. It was late at night so I crashed and didn’t recheck anything until the next morning. When I woke up the next day, I excitingly turned on my computer, fired-up the Forex Trading platform and checked my trades. Holy Smoke! I couldn’t quite believe what I was seeing… My balance was listed at just under $4,600 and both trades had been successful with both the Aussie and Kiwi plummeting over 100 Pips (1 measly cent/penny) and securing (totally automatically despite my unconscious incompetence) $800 in revenue each. You see, 1 Lot was actually a $10,000 Lot of currency that I was able to control on a 100:1 Leverage with a mere $100. I had requested 8 Lots on each order which were equal to $80,000 (8 x $10,000 Lots) each all controlled by a mere $800 with my Stop Losses set to half my Profit Takes. Yep, I was lucky - really lucky. But it dawned on me that Forex was really so ridiculously easy to make money, that it really made everything I was doing such as Internet Marketing really look like a labor of love. So Yep, you can make money on forex even if you don’t know what you’re doing, however that’s equally the easiest way to lose everything you own, and essentially turns the forex market into a giant super-liquid casino with no limit if you continue to trade in this manner.

So here’s the moral of the story. Get into forex but for God’s sake, learn and use the great resources out there before you start trading seriously. And Yep, you can have fun and trade on a demo account until you’re brave enough to use your own cash. Because of my growing interest in Forex, I’ve decided to launch a new blog called Forex Trading Wiz totally dedicated to forex and forex resources. I have also dedicated numerous sub-domains on this site that will be dedicated to particular resources and I will always, only publish information on products that I feel are worthy of sharing.

Have fun with your future forex trading and I’d love to hear your stories.

To your success with Forex Trading and I hope you find Forex Trading Wiz a positive Forex resource. Visit back every couple of weeks as I’ll be updating it virtually every week to keep everyone updated with Forex and what resources are available including summaries, reviews and ratings.

I strive to only publish information that is worthy of sharing.

To Your Success

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