Replies to post #7039 on FOREX TRADERS

[ultimatepick]

That is the gist of it correct! Be sure to practice for a whole year .. if you can hold out that long. LOL! You will see season patterns and HUGE moves that will surprise you (200 pips+) and if you are on the wrong side of the trade you wil lose big. With a stock you can only lose the cost of the stock but with forex you can losed an unlimited amount of $$$ (if you DON'T use stops losses). If you do not want to use stop losses then you can hedge the same currency pair (FXCM offers hedging) or play the EUR/USD - USD/CHF combination.

Good luck.
You absolutely positively have to learn about the fundamental reports. Technical analysis goes out the window during news releases.