Unexpected fun & frustrations with Forex trading

Recently I was part of a small group of Nuffnang bloggers who attended a forex workshop at GK Goh FX, talking about the basics of forex. But really, the best way to learn something like this is hands on, so GK Goh FX provided us with a demo account that has an opening balance of $20,000 to trade with and hopefully end up with some “earnings” and learning”.

I could go into the boring details of what is forex, etc etc but know what? I really only interested in this whole Forex Trading business when I went HANDS ON into the whole she-bang. If you want to know all about the INS and OUTS of it, you may check out tanxueling‘s blog. I’d like to take a different approach and share with you my ups and downs of trading.

I personally, would recommend that anyone who interested to learn more about Forex Trading to get their hands on a demo account, it is definitely the best way to put your Forex knowledge, strategies and theories to the test and without seriously burning holes in your hip pocket.

My Success – Illustrated

And then, my downfall – Illustrated

I thoroughly enjoyed “playing” forex on this GK Goh FX platform. At times the trades can be slow and prices barely moving much, resulting in a boring stretch. But during the peak trading periods, which tends to be the opening or closing time of a trading market OR the odd occasion is when the market is reacting to the release forex sensitive information.

It’s fun and rewarding to see that if I buy/sell a currency at the most appropriate (even though, it’s only virtual money) can earn me so much. For beginners, I think the GK Goh FX trading platform is great point to build up trading experience. It’s very easy to use, and has a clear and simple user interface.

MY TIPS:

As a summary of my personal experience, I would say that don’t let the early wins cloud your judgement and get overconfident (Don’t be like me, learn it the hard way, my balance was up to $53,000 at one stage but then confidence got best of me LOL).

Refrain from using large portion of your available margin at once. Always keep in mind that as soon you buy you could be making a loss, never assume that you are safe from a loss even when it seemingly appears that there’s a very strong trend, as the forex market is extremely volatile. Within a few seconds the prices can jump 30 pips.

Finally, must have a stop loss plan, rather cut the loss early, free the margin and have more time to reinvest. Many a times, the inexperienced me just helplessly waited for the prices to go back to my desired range at a much later stage.

If you are interested as well, you may find out more about this here on http://www.gkgohfs.com. GOFX is an iPhone Application by GK Goh which allows you to check the latest statistics and updates. I used this frequently too, when I am out and about and am not able to closely monitor my investments. :D

LEARN ALL ABOUT TRADING

GK Goh runs a TerraSeeds Forex Trading Course which is suitable for both Novice and Professional Traders. It’s designed to bring you the basics of Forex till Professional Forex Trading. If you want to learn all about Forex Trading, you can call (65) 6492 3196 or visit them at www.terraseeds.com