I found this below very useful, and newbies should always know about it 12 years ago I was a newbie too, but now a profitable proffesional. So always know what you are getting into.
Pro : The forex markets are the largest in terms of daily trading volume in the world and therefore offer the most liquidity .  This makes it easy to enter and exit a position in any of the major currencies within a fraction of a second for a small spread in most market conditions.
Challenge: Banks, brokers, and dealers in the forex markets allow a high amount of leverage , which means that traders can control large positions with relatively little money of their own. Leverage in the range of 100:1 is a high ratio but not uncommon in forex. A trader must understand the use of leverage and the risks that leverage introduces in an account. Extreme amounts of leverage have led to many dealers becoming insolvent unexpectedly.
Pro : The forex market is traded 24 hours a day, five days a week—starting each day in Australia and ending in New York. The major centers are Sydney, Hong Kong, Singapore, Tokyo, Frankfurt, Paris, London, and New York. Challenge: Trading currencies productively requires an understanding of economic fundamentals and indicators. A currency trader needs to have a big-picture understanding of the economies of the various countries and their inter-connectedness to grasp the fundamentals that drive currency values.
The Bottom Line For traders —especially those with limited funds—day trading or swing trading in small amounts is easier in the forex market than other markets. For those with longer-term horizons and larger funds, long-term fundamentals-based trading or a carry trade can be profitable. A focus on understanding the macroeconomic fundamentals driving currency values and experience with technical analysis may help new forex traders to become more profitable.
Dorigda posted: Trading is really quite risky, but there are not much more advantages, you just need to approach everything competently and judiciously.
It's true you have to have a sober mind in trading. and for me forex has a lot of advantags. first of all i knew a lot of new thing. Now i know every economics event. and even politics is interesting for me now. and the bigest advantags is money. i have aditional money from trading.
Whatever trading style you follow you have to expert in that. If you do not have enough skills, you will not be able to stay here for long. A newbie should focus on learning and researching. They should remember it takes time to be expert.
Michihito posted: Whatever trading style you follow you have to expert in that. If you do not have enough skills, you will not be able to stay here for long. A newbie should focus on learning and researching. They should remember it takes time to be expert.
Yes forex market is the biggest financial market on earth. But only 5% to 10% people are successful in trading. It because it requires specific knowledge and skills to make profit. So every newbie should remember that they need to focus on sharpen their skills.
UweMoench posted: Yes forex market is the biggest financial market on earth. But only 5% to 10% people are successful in trading. It because it requires specific knowledge and skills to make profit. So every newbie should remember that they need to focus on sharpen their skills.
True, took me over a year to develop strategy now I'm using back in 2008. Since then no going back till date. I always avoid contracts of some banks becauseonce they see you are successful, the will try to tire you down with contract.I prefer private banks and individual trading as I have freedom.
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UPOZORNENIE NA VYSOKÉ RIZIKO: Obchodovanie s devízami prináša vysokú úroveň rizika, ktoré nemusí byť vhodné pre všetkých investorov.
Páka vytvára ďalšie riziká a straty. Než sa rozhodnete obchodovať s devízami, dôkladne zvážte svoje investičné ciele, úroveň skúseností a toleranciu voči riziku.
Môžete prísť o časť alebo všetky svoje počiatočné investície. Neinvestujte peniaze, ktoré si nemôžete dovoliť stratiť. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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