Hey all, Just curious how many other people if any have experimented with Forex Currency Trading? Its 'similar' to day trading stocks, but also very different at the same time. Its around 30X more traded then stocks atm, with around 1.5 trillion dollars in cash a day going through. They have a 30 day trial you can try for anyone who seems interested, Forex. About 3 weeks ago my first night trying out my trial account, I was able to make 370 on my first trade (about 4 minutes) and on my second trade 470 (took about 20 minutes). Just curious if anyone else has tried it. And if you havent I suggest you try out a demo account where they give you 25,000 virtual money to trade. Im not thinking of switching careers or anything just yet, but my success with 0 knowledge was enough to spark my interest and try to learn as much as I can about it / and open up a real account Apparantly Forex is how banks make 90% of their money. It is very, very interesting to say the least.
It is a very dangerous game to play with real money. In order to make profit, you have to deal with large amounts, so the small changes in the currency be meaningful but this also means that when the trade goes against you, it wipes you out in no time.
Yeah im still gonna give it a try, I seem to do decently at everything else I put my mind too, and going good so far =) I put my stop losses up tightly but thankfully havent lost a trade yet.
I haven't done it myself, but I worked on the development team for a forex trading product. The Forex market is huge, and from what I remember, most of the deals involved huge amounts of currencies.
yeah the leverage is 200:1 in some places though, if you have 25,000 in your account you can do 5,000,000 dollar trades.
My wife just spent $1900.00 on a course that starts next month. Before you put her down, I did do a bit of reasearch and although described as pricey, the company/course is actually recommended. I figure about christmas I will have enough knowledge to give you a very educated answer.
Hey Worldwid, you've not created this thread because Forex is a high paying AdSense keyword, and those 'shared ads' are your ads in this thread...... have you? Just jesting....... or am I? Pete
I trade for a living and can tell you that spending $1900 on a course is a complete and total waste of money....even if you do learn something you need at least 12 months of trading history to make the knowledge stick. If your not a regular trader of stocks first you are jumping into the deep end of the pool and will lose your money. I have been trading for 30 years and still rarely venture into Forex...it's just too volitile and too hard. You have to be very disiplined and watch your trades 24/7. If you still want to give it a shot go to one of the Forex forums and read through the posts for a couple of months...you will learn far more from doing that than you will paying for a course.
I do contract work for one of the large Forex forums and the owner of the site doesn't even trade Forex because it is too volatile.
We already registered, so I'll see how it goes. The course is for a "SYSTEM", yeah I know what you are thinking, but my wife got sucked in and paid. I have done some research on the company and have found mainly good reviews. (Believe me I looked for bad ones), with about the only complaint that was justifiable was they are to expensive.. I used to make a living at stock trading in 98-99 so I do have a fair bit of knowledge in that area. I can't see forex being an more volitile than the VSE. I don't think you have to watch 24/7 as you can use stop losses, etc. Should be interesting, besides, it's only money.
O God, a "system". good luck. Some interesting stuff at this forum. http://www.moneytec.com/forums/showthread.php?t=11403&page=1&pp=8
Interesting read! Thanks! I just started Forex trading and thusfar it's ok, just try to ignore your emotions like greed and anger because it has a bad influance on your performance...
I trade for a living too. I trade in stocks and derivatives only. I have never traded forex but I do track the market. Forex is a high risk high return game. I would advise new comers to stay away from Forex and commodites. Forex is not volatile. Compared to stocks, forex is much more stable and that is why brokerage houses can risk giving such high leverage of 100-200 times. It is this high leverage that makes forex risky. Most traders dont realise the potential for losses till the losses become real. Leverage is two way sword... it can bring both big profits and big losses. One bad trade can wipe you out in a day. Chances of this happening in forex are rare - but a news driven move wouldnt even allow your stop loss to be filled. Say for example you are long on USD...say 5,000,000 of them and news comes of a major terrorist attack in US..and USD moves down by 0.5%... that would wipe 25000 margin in single move. I feel stocks are much safer.. the lot size is much smaller and thus you are not forced to trade big. As for the systems and courses..I feel most of them dont work. If I had a sure shot system I would be busy making money trading it and not selling it.
I have made a crap load off google and apple stock. Just buy quality leading companies that you know about and hold on to them. I also like netflix.