FOREX Myth-Making - FAQ
Is the dealing with FOREX able to provide gaining steady profit?
FOREX runs its business more than 30 years. For that time period a great number of people have made their choice for trading at the exchange market as their professional activity obtaining steady income on regular basis in that way.
Is the statement that the lower the spread is the trading conditions are more advantageous true?
Not. Spread is not the most important thing to determine trading conditions. Why?
At first, if a company states about very low or about almost zero-level spreads, it in the most frequent cases is usual marketing trick to attract customers. However, at the same time slightly noticeable reservations are processed that spread may be extended upon trading conditions if the price moves more quickly. Actually, it means that a low spread is provided for a number of operating transactions, but mostly such a spread is reserved for indicative quotations made available for public as well as for demo accounts. Meanwhile in the course of conclusion of a certain deal customer can be often offered much higher spreads. Or –it is an easy way to do- quotation can be moved towards direction that is not advantageous for customer, particularly, if a deal is being closed. Of course, it is understandable: spreads are the principal income source for dealing companies. As a matter of fact, no company implementing such a kind of business could exist, much less run a steady business upon conditions of extremely low spreads.
The second thing is that populist affirmations about almost zero-level spreads as well as about other unreal conditions to be implemented on the market often practiced by recently established companies that are just getting started looking their niche in the segment of financial services. If a company actually starts implementing their promises, in any case it implements short-sighted policy. And it associates with high risks for its (it means there are also high risks for its customers),so it is incompatible with long –term financial stability, with steady income of company itself, which means that it is incompatible with reliable bank assurances for your deposits and your profit preservation.
And, therefore, drawing a conclusion: to make a profitable deal is much more important to provide due-time and accurate service allowing to obtain quotation allowable for customer upon changing price in rapid way. But if the trading conditions specify very low spread, a company is not able to effect transaction for price in question. Therefore, it leads to the situation that customer not only misses opportunity to open a trading position for that price but also brings to naught the necessity to enter the transaction at all, because the market has already gone ”flown away”.
Is the statement that only banks and institutions having at their disposition considerable amounts of money can trade on FOREX exchange market true?
Everybody who wishes doing that can trade on FOREX because making a start is possible even if respectively modest amount of money is available.
It is another story to comprehend namely the logics of currency exchange movement on FOREX and discover relevant regularities. For this purpose you need to master methods of trading-resolution taking in the major financial institutions over the world. Namely they sell and purchase the largest lots of currency, so namely their decisions move the market ahead.
In educational centres of our company we provide thorough information about the strategies applied in investment- and hedge-funds as well as in major banks. And above all, we provide information about application of such strategies as base for arrangement of dealing with FOREX what a private investor having relatively modest capital assets can make use of.
Is a kind of special expensive equipment necessary to deal with FOREX?
To trade on FOREX exchange market, you need only a computer with the Internet access provided. Using the Internet connections you can download trading program TeleTRADER and install it into your notebook, PPC or into mobile phone.
So your only investments into the equipment for trading at the exchange market are your personal computer and the Internet access provided. The rest you need we provided free of charge (trading platform, technical support and advice).
How big start capital should I have to start trading on FOREX?
It depends only and solely on your purposes and opportunities.
If you simply wish to make a new computer entertainment because you are fed up with totalizer games meanwhile you are eager to feel passion due to gaming with genuine money as well, 10 USD is enough to get started. Some companies "providing" services on FOREX market offer to start trading with very small amounts of money — 1, 10, 100 USD.
However, if you are interested in FOREX market as in a big deal focused on obtaining steady and worthy profit, your minimum start capital is to be 2 000 USD at least.
Is it true that training for dealing with FOREX is very expensive and takes a lot of time?
We offer for all free workshops in our educational centres introductive seminars. One training lasts for 2–3 hours. On a regular basis in our offices we take special-purposed instructional events. Within their frames you can take advantage the offer of TeleTRADE: to attend a free course of lectures and practical work on FOREX exchange market.
Training time period is different for every person, because people having different skills, knowledge level and of different age apply for it. However, our long-term experience confirms that people already acquire the solid basis for understanding operations taking place on the exchange market and opportunities to deal with conservative trading within the very first months of training.
High costs of training never assure equally high quality. We implement a simple policy for this matter: quite low costs of training, but assurance of high quality.
There is a talk that to make money on FOREX everybody should have thick-and-thin friends in the major banks of the world who immediately provide necessary information related to foreseen fluctuations of currency.
All necessary information related to the currency exchange market situation you need, you can obtain from the newswires Dow Jones PRIME-TASS. Its contents cover not only news, but also market summaries and comments of experts-analysts. A number of currency exchange market reviews accompanied with forecasts is made public during the day time.
The Dow Jones newswires is a flow of the hardest news in Russian and English that is proceeded in the real time mode, 24 hours a day and 365 days a year. It is an informational and analytic product of premium-class. It is intended for currency traders as well as for everyone who is interested in obtaining thorough and ultimately current-awareness information related to the global financial markets.
The Dow Jones newswires PRIME-TASS is available for all our customers having both operating and demo accounts. And we provide that service for TeleTRADE customers totally free of charge.
For that reason, if you read summaries in the Dow Jones newswires, information provided by “friends-bankers” is not already hard news for you.
Are the traders the super-skilled practitioners indeed so few people can become traders?
They are people of different educational level, both of technical and humanitarian attitudes of mind. They are unlike each to other. They are men and women of different age. All of them are successful traders.
Everybody who wishes it sufficiently can become a trader. Apply for our free seminar and assure yourself of that matter! And your personal results in demo trading display to what extent you are successful in application of knowledge and skills obtained. It gives a clear message if you have potential to become a currency trader.
Is it true that success achieved on FOREX is a mysterious closed book that nobody has seen and even somebody has seen and read it , is not going to make public?
Speculative trading on FOREX is a considerable income source for many banks as well as for many investment- and hedge-funds. Certainly, some pieces of information can be obtained from reports; however, that income is gained for banks and funds really existing and living people. But usually we discuss only people we have got acquainted in person. The people implementing their business activities in financial field meet each other and maintain communication as well as all of us who is engaged in market operations for a long time period, was told by colleagues dozens of stories about success and failure , and itself is also able to tell a lot of stories. For years the company TeleTRADE exists we have trained hundreds of successfully –working experts who operate in many countries of the world and who have chosen FOREX and financial markets as their professional activity. And much more private investors trained in our “school” make use of trading on exchange market as additional income source.
After all, it is well-known that money like silence so very few traders discusses their success with every Tom, Dick and Harry. Someone is afraid endangering the success making people jealous meanwhile another one does not wish to dissipate its strength for idle talk he has no need.
The traders who personally wish to share their own experience gained, do share it willingly, from time to time carrying out master-classes and author workshops in offices of TeleTRADE.
To make money on FOREX must the market be monitored 24 hors a day not wasting time for eating or sleeping?
Nobody monitors the market in continuous way. Every trader independently chooses convenient hours to operate and trades only when he notes a favourable market situation.
Certainly, when traders make a rest or deal with other things, they miss a lot of profitable opportunities. However, it is not possible to earn all existing money, and nobody strives to reach such a target. In addition, all people are different: some people spend for trading 2 hours a day meanwhile the other ones are next to monitor every free minute.
Another important thing to understand that even a skilled specialist cannot precisely predict the direction of price movement in any time moment. The task assigned for a skilled and successful trader is to choose for transactions only the moments when currency movement is properly predictable indeed.