Forex Trading

This is one area I intend to look at and start experimenting with. Has anyone here made money with Forex or does Forex trading?

 

Yes i am....

I have spend about $2000 in forex trading, and i alost $1900
Now i have only $100 and i don't want to lose it, that's why i stopped trading lol

 

Forex is a great way to lose money fast when you don't know what you're doing. That's why places give added leverage to mini-accounts. It's like an ATM for them.

If you just have $2k, trading (in any market) isn't the way to go. You don't have enough to ride the ups and downs.

Build up your money through solid investing and then start trading when you have more disposable capital.

 

Forex trading can be lucrative if you know when to get in and get out.

90% of the traders lose their money while only 10% earn what they deserve.

I think burhankhan is a good example. hehe.

 

Exactly

 

The easiest way to make a million dollar in Forex is to first lose 10 million.

 

Forex isn't easy but you can make money from it.

You need to take your time and start slowly, learning as much as possible. Make sure you keep your discipline too but starting slowly is definately the key.

I have a couple of Forex sites you might find useful (see sig)

 

That's very good to hear, I've seen that infomercial about the forex market where people are all making money. Their system made it easier apparently, but its good to hear the negatives as well.

 

That's with anything.

I saw a commercial for a stock market product a few days ago that made me laugh.

It said: "see, you sell high and buy low. It's the trade channel."

Oh really? All this time I was buying high and selling low. I've been waiting for Google to come back down to $300. Well, let me burn my 200 books on finance and investing and buy this program then.

Anyway, they made it sound like all you did was buy their software and buy low / sell high.

Sad.

 

Quite true, actually. Learn from your mistake. That's it.

 

Take a long term fundamental approach and you will do fine. I am at 33.89% return since October 05 when I started trading a fundamental system i studied. Just about coming up on the 2 year mark for this system.
Oanda account, 50:1 leverage(I wouldn't suggest any higher leverage), 5-10% margin used max. I have to find a company to re-register with before my series 3 test scores expire with the nfa.

Forex is ripe with scammers, don't deal with anyone who is not NFA registered(if you are in the U.S.), reduce your chances of getting scammed. Day trading is hard, FCM's have a dealing desk that try to make money off of you. There is no such thing as an straight through processing available directly to traders. Any IB, CTA/CPO should clearly state all fees and effects of these fees on returns.

Tom Saari
NFA ID 0359740

 

On forex most people think laverage is the advantage of this market, i am certain it is true, but only if you know hot to use it. I mean default account is 10 000$ cash to trade with Lots where 1 Lot equals 100 000 units and 1 unit = 1$.

So by default by buying single Lot you are spending 100 000$ but you have only 10 000$ this is very wrong. I mean you probably also know that you shouldn't risk more then 5% of your money on single trade right? But by buying 1 Lot with 10 000$, your 5% risk is not 500$ but 5 000$!!!.

Do you see where i am going with this? If you have 10 000$ you should buy only 0.1 Lot to start with, when you earn some money you can lavereage by using only money you earned.

Let's get back to risk, 500$ with 1 Lot is only 50 PIPS (on EUR\USD). This will be the biggest StopLoss you will make but this is very wrong, probably the biggest mistake of all traders who belive they can get away with 20 to 50 PIPS StopLoss, of course with enough experience and solid strategy it is possible to make money this way, but beginners should forget small StopLoses and big leverages and concentrate on BIG StopLoses (like 100-200 PIPS) and 1:1 leverage, this way you will risk not more then 2% of your capital.

Ofcourse taking profits is the other story, you must take at least 80 PIPS and more over do not focus on Intraday trading, swing trading is much easier.

 

Just wondering what website to use for forex trading. I am interested in buying some RMB (China currency).

 

Checkout www.gftforex.com and www.oanda.com if they do not have RMB then you should chinese brokers.

 

I have a tried trade via marketiva(I know its a lousy platform), about 1 yr ago, and I go into live trading straight away as i think trading on demo is not real bec you tend to anyhow trade.

So after reading up the whole free course on babypips, I start to trade.
1st month, I profited 55%. I was so happy and declare, soon I can trade full time.. its so easy..

2nd month came, I lost 80% of my total capital back.. ;(
The wasnt a good month, and once i saw my currency keep droping, I didnt control my emotion well and keep buying the wrong curreny as I m so eager to earn back.. in the end, I stopped after the 2nd month.

Its fun, learning how to trade. But you have to be serious about it. if you start with a play play kind of mentality, you wont go far in forex..

 

Forex is not easy way to earn but you can make money from it. Start wokring with that, and move your baby steps, once you learn when to in and when to out. You'll get it for sure.

 

I know someone who made a million with forex trading.. but then I've heard about lots of people who lost money there :\

 

Well I am a forex Trade and it is really a nice way to make money.
I am Lovin It.

 

Thanks. I will check it out.

GftForex looks good, will try a bit of it.

Too bad they dont accept funds from neteller.

 

my $.02....just stay away unless you really know what you are doing. Find someone who has been successful at it, and then get them to help you...otherwise, you are better off putting your money in some sort of high yield bank account. You won't make money as quick, but you will def. make money and your investment will be safe.