Currency Trading-is it really so difficult?
Question by chickadee584: Currency Trading-is it really so difficult?
So I am looking into doing some currency trading to make some extra money, but everywhere I turn, So I just learned about currency trading. I hear people saying it’s risky and that there is a lot involved. At the risk of sounding really ignorant, couldn’t it be as easy as exchanging money in person at a bank when the time is right and then months later when you’d make a profit, going to the bank and changing it back? Are there problems or flaws with that way of going about it? I mean, you could still report it on your taxes, right? Thanks!
Best answer:
Answer by Norrin
The problem is not making money, the problem is losing money. Doing it is the easiest thing in the world.
I would suggest you go to thinkorswim.com and open an account. You don’t have to fund it, but open it, and download their software. You can paper trade forex, currency, or you can paper trade the currency futures. While you’re at it you could also try your hand at stocks, options, futures, etc. . It’s all in a practice account.
Then you’ll have a better idea about it all.
What do you think? Answer below!
Filed under: Currency Trading
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