Well, after making a tremendous profit with my demo trading account on eToro, I’m finally back into learning how to trade the Forex market. Seriously, those 600 virtual Dollars I made while demo trading where due to the fact that I took such a big risk…a risk a normal/pro trader never ever would take.

Today I learned some good lessons on risk and money management, which is probably the most important part in Forex trading. E.g. I learned not to risk more than 5% of your trading account on a single trade, usually professional traders take less than 3% per trade. I also realised that a high leverage, like I used on my ultra-profit demo trade, is the worst thing you could potentially use while trading your positions (I used a 400:1 leverage). You could destroy your whole account within a single trade.

You may ask why I tell you all that? Well, I just want to point out that I’m still busy and won’t maintain my blog as regulary as I should . Right now I’m back in learning everything about the Forex, different strategies, technical and fundamental analysis and many more things. I do this because I think the Forex market is such a great money making opportunity that it’s well worth the time invested in learning it.

If you want to find out more about the Forex, I highly suggest to visit Babypips, Forex Strategies Revealed and Oanda as a really nice trading platform (which is even registered and therefore much more secure than eToro for example).

Have a nice day,
Querblogger

Well, unfortunately I made those 600 bucks only in theory. I just recently got into Forex trading again and came across the, in my opinion most easiest to use, Forex platform called eToro. They offer a demo trading account funded with 2000 virtual Dollars to play around with.

Yesterday I made a trade on the USDJPY (US DOllar, Japanese Yen) currency pair and within only 15 minutes I made a net profit of $600 from investing $500 by going short on that currency pair (meaning I first sold USD against JPY, and later bought it back for a cheaper price to make profit).

I must admit that this trade was anything but safe and I doubt anybody really into the Forex market would recommend i). I used an extremely high risk level and could have probably also lost my investment in 15 minutes too. Maybe I had some good portion of luck to make that profits yesterday. Anyway, since I only traded with my demo money, I had nothing to lose at all. And if I’d used real money, I’d be a richer person now, hehe!

eToro is probably the greatest Forex platform I’ve ever seen on the market. They offer an easy to use trading interface with realtime rates and market news. You can fund your (real) account with different payment methods including Paypal and start with as low as $50 as your first deposit. They have really low spreads (think about it like trading “fees”) and offer you a leverage of up to 400 (the risk level already mentioned above). I can only recommend this Forex platform, especially the demo account to train your Forex skills at first! Feel free to download the eToro client now and start trading, for real or just for practise.

When I’ve enough money (and skills), I’ll soon start trading the Forex for real. I’d even be happy to make only 10% of those $600 a day, but I assume this will be a matter of some hard work.

See you,
Querblogger