[garyh]

Chris,

Yes, you can make a lot of money in this business. You can also loose a lot. The real secret to making money in Forex, like most trading, is money management. It's not a question of whether you will loose money, just when and how much. The best advice is to control your risk (or exposure). You can do that by determining how far a trade goes bad before you feel you need to exit. A rule of thumb is about 3% of your equity, but that really depends more on the style of trading you are doing. So if you had $10,000, you would exit a trade when it lost $300.

As far as indentifying and interacting with trends...well...that's more of a personal thing, like finding a spouse. Everyone has their own opinion about what's the most important thing. The main thing is to find what works for you. Become a student of the market. Find out WHY you made money. And when you loose, what did you do wrong. Read what other's are doing on this site. There is a wealth of information for free right here. But above all CONTROL YOUR RISK. Treat it like a business and you may make a lot of money. Treat it like a gambling casino and you will loose your shirt (pants, shoes, car, scholarship). Demo trade for a while (like till the term's over), save your money and open a mini account ($500-$1000). Take your time and trade the same as you did with your demo. Don't try to make a million in a year...what's wrong with 4-5 yrs? See if you can make enough to pay a school bill? Set reasonable goals. And if you can persist in this business...you WILL make money!

Enjoy the journey!
Gary