I need some tips, advice and ideas on trading currency? Please help/advise. Thanks.?

I am already a live investor in the stock market but I’m getting impatient and want to gear up for a faster ride.

I also have been practicing currency trading with the capital spreads firm and I’m good at it. I even bought a book by David Jones on FX Spread Betting.

On a modest balance in a demo account of £4,000-£5,000 I can make £500/day by taking in modest limit orders several times a day or by day trading. I also know that currency tends to trend long-term either up or down in periods from weeks, months and even years and it takes big economic news announcements in order to shift the tides from their current trends.

I am just wondering, and I’ll be honest with you, I took a test about what the easiest way for me would be to become a millionaire and currency trading was the answer. Now that I know this I need some tips, advice and ideas if I am to do this for a living as in time I want to exit it completely once I can make enough money, and start a shop or something? What is your ideas here? Please help/advise. Thanks.

 Learn Our Forex Trading Strategies and Systems, Get Live Forex Signals and Training In Our Live Forex Room Each Day. Sign Up For a 10 Day Free Trial of Our Live Forex Trading Room.

"I can make £500/day by taking in modest limit orders several times a day or by day trading."

You must be taking huge risks to make £500/day – don’t even think you can replicate that using a real money account! Currency trading is definitely not suitable for beginners due to its volatility but if you want to test it out limit your leverage and you should be ok.

This entry was posted on Tuesday, April 6th, 2010 at 8:40 pm and is filed under Day Trading Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.