Is FOREX trading a good idea?

Q: Is FOREX trading a good idea?

I am a 3rd year college student (entrepreneur) and I love business. I have been wanting to get myself into some trading with stocks and learn to build up from there. I have no prior knowledge or experience with trading at all. Through all my googling and researching I have found out about ForexTrading and it sounds interesting. Is it better to start with stocks and build up or does it really matter? From the people I have asked they said Forex trading is a bad idea. What sites should I look at for regular and forex trading? I found eToro for forex trading. What else would be good to learn and for regular stocks. Thanks

A:  

Nowadays Forex trading has been a very fast growing market, and the potential to make money attracts both traders/investors looking for fast and risky profits and those looking to take advantage of those traders/investors who are looking for quick profits. 

The Forex market is the biggest financial market in the world with over $2 trillion traded daily. 

20 things you should know to be a successful trader. 

1. Know yourself. Define your risk tolerance carefully. Understand your needs. 
2. Plan your goals. Stick to your plan. 
3. Choose your broker carefully. 
4. Pick your account type, and leverage ratio in accordance with your needs and expectations. 
5. Begin with small sums, increase the size of your account through organic gains, not by greater deposits. 
6. Focus on a single currency pair, expand as you better your skills. 
7. Do what you understand. 
8. Do not add to a losing position. 
9. Restrain your emotions. 
10. Take notes. Study your success and failure. 
11. Automate your trading as much as possible. 
12. Do not rely on forex robots, wonder methods, and other snake oil products. 
13. Keep it simple. Both your trade plans and analysis should be easily understood and explained. 
14. Don’t go against the markets, unless you have enough patience and financial resilience to stick to a long term plan. 
15. Understand that forex is about probabilities. 
16. Be humble and patient. Do not fight the markets. 
17. Share your experiences. Follow your own judgment. 
18. Study money management. 
19. Study the markets, fundamentals, and technical factors leading the price action. 
20. Don’t give up. 

And finally, if it sounds too good to be true, it probably is. Nothing can be guaranteed. If it is, it is most likely a scam. Forex trading should be approached as with other markets and education is key previous to you jump into it.http://www.mcx-sx.co.in/