I had few thousand Pounds which I traded with Pakistani Rupees when the rate was:
1 British Pound = 118 Pakistani Rupees
After few days, I saw the Pound rate down at about Rs.113. At this level, I thought maybe I should invest my money back in Pounds. There was no guarantee that the rate of pound will go up again.
The rate could go further down or could go up again.
So I decided to do this investment and was willing to take this risk.
After few weeks, the rate of pound reached approximately Rs.118 again. That is when I again traded pound with Pak rupee.
I am currently monitoring the market and I think I will invest my money in the currency which will be weaker against US dollar. And when/if that currency gets stronger against US Dollar, I will trade that currency to get some profit.
But it is very much possible that the currency I buy will get further weaker against US Dollar instead of getting stronger. And if I will need my money for some reason, then I will have to trade it and will lose money instead of gaining any profit.
If you want to make money with forex business, then it is possible if you are willing to properly understand all the factors involved in this business and also understand that this work is extremely risky.
Do not invest money until you have done proper and thorough market analysis.
I have seen some online companies that offer a free forex practice account. You can join such program in order to see if you really can do this business or not.
You will be able to trade in forex, 24 hours a day and 5 days a week.
