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FOREX - Can we makes monies?

Discussion in 'General Business' started by sysop, Jan 2, 2007.

  1. z80039

    z80039 Well-Known Member

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    #81
    forex trading is not easy at all and you can make up to 1000% profits if you know how to trade forex and sometimes with "good luck" , as said before you can start with marketiva because they give you a 5$ real cash to start with and 1000$ virtual to learn with , just if you want to learn try searching google and you can also find some videos about forex on youtube.

    Best regards
     
    z80039, Jan 17, 2007 IP
  2. bornagaintrader

    bornagaintrader Peon

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    #82
    Can you make money trading FX? The easy answer is yes, but the reality of the situation is that most small traders lose money. There are a number of reasons for this

    - Lack of knowledge about the market i.e. do you know the effect that various fundamental data is going to have on any individual currency pair

    - Too much leverage, while leverage obviously helps improve your ROI, it is a double edged sword. For example if I take a £1 a tick/pip position with a 50 tick stop, and the market has a quick knee jerk move on some fundamental data -- I'll get stopped out and seconds later the market is back to where it was. In this example i've actually lost 100% of my investment on the trade.

    - You need to think about how most of these companies make their money. They do it on the spread (bid/offer), given the fact that a lot of companies who offer FX trading don't offset your position within the market (which is certainly the case we are talking about very small positions), they will either look to hedge your position against clients who are positioned the other way OR look to shake you out with the use of stops on any quick big move. In other words, when you tick that 'agree to all the terms' box, get ready to get taken for a ride.

    I think the most important thing to do is not get sucked into this 15% a day return or anything like that. You need to be adequately capitalised, you need to trade in a size appropriate to your capital base (i.e. risk 1/2% of your capital on each trade). Of course you can ignore this advice and try and hit a home run everyday, but the reality of the situation is that the easiest way to make money trading is to be consistent - try and make SOME money everyday. Not only does this reduce the volatility of your PnL, but it also removes those days when you get that awful sinking feeling having put on a trade too big for your capital base that goes wrong.

    Compared to market professionals you don't have the same level of research, you don't have direct market access and you don't have large capital reserves. Nonetheless you can still gain an 'edge' in the markets by having a plan, being patient and being disciplined.

    It's the best game in town but it comes with a health/wealth warning.
     
    bornagaintrader, Jan 18, 2007 IP
  3. tridean

    tridean Guest

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    #83
    Hi All,
    There has been a lot said about the risk involved in trading with good reason.

    Well, here's a great way to try your hand at trading stocks, currencies, commodities and indices with no risk.

    You get to start with US$1,000,000 play money.

    You can trade any or all of the listed instruments, and you can compete with other's on an hourly basis, daily, weekly or monthly basis.

    What's more there is a chance to win $100 if you have the highest portfolio value by the end of March, and $25 for second place. This is only allowed to members but signing up for membership is free. To enter the March contest you must register before March 1st 23:59 ET.

    To find out more visit

    http://www.atradersuniverse.com/Simulation.html

    If you have any questions please refer them to here so all can get to see the answer.

    Happy Trading
    Dean
     
    tridean, Jan 18, 2007 IP
  4. OD69

    OD69 Guest

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    #84
    "You get to start with US$1,000,000 play money."

    LOL, play money and real money are two completely different animals.

    I tried to warn DP members early in the thread.

    Leave trading to traders. This is no place to toss around "donations" to the pros. Save that money and spend it on a great ad campaign instead.
     
    OD69, Jan 18, 2007 IP
  5. shah2k

    shah2k Peon

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    #85
    i highly doubt you could make $15/day with $10 investment. i would say more like with $1,000 investment you could probably make $15/day.

    i know you could leverage it 100:1 or whatever it is but even then its very hard. but good luck to you.

    and marketiva doesnt accept anyonefrom US :(
     
    shah2k, Jan 18, 2007 IP
  6. tridean

    tridean Guest

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    #86
    Thanks Bradlee,
    Thanks for trying to make me feel like a complete #$^%^#

    It's just an innocent trading simulation.
     
    tridean, Jan 18, 2007 IP
  7. OD69

    OD69 Guest

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    #87
    Tridean,

    Please look up my post from earlier in the thread.
    I have extensive experience in trading the markets (15+ yrs).

    What I say is from the heart and not meant to make anyone look bad.

    IMHO, I feel that if anyone is really interested in learning how to trade, then visit one of the many trading websites and learn from other traders. DP is NOT the forum for trading discussions. A trading discussion here just sounds like a scam like 90% of all those "Get rich from the markets" websites.

    Justmy2.

    Good luck to you, I mean that.

    PS: BTW, I disagree that paper-trading is harmless. If someone shows a profit from paper trading a play money account and then decides to use real money, most of the time, the outcome will be disastrous.

    PSS: FINALLY, IF someone had a sure way to make money trading the markets, why would anyone give away the secrets for free? You think a SEO guru having found the next "secret" to SEO would turn around and give away this info? NO! The ONLY ones who do that are the marketeers!
     
    OD69, Jan 18, 2007 IP
  8. tridean

    tridean Guest

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    #88
    Bradlee,
    Your intention may not have been to belittle me but the wording doesn't suggest that.
    However I appreciate your response.
    I am a trader of 5 years and I call that inexperienced compared to you, however I have to make a couple of points.

    My web site is aimed at teaching traders, I have written many articles (and yes I wrote them, they are not regurgitated garbarge), however contrary to your suggestion that I am trying to sell a secret, my teachings on my web site are aimed at the things that most so called experts don't address, such as building a business plan, a self anaysis report and ongoing development etc. Plus I don't charge for any of this. It's a site which I feel has good information and is from my own experience.

    Your posts are spiked with some bitterness, otherwise why write them, obviously not directly at me, but somewhere along the lines you have ben bitten. I have been bitten too, and this is why I started my web site in the first place.

    The game is not a fix to a problem but more a way to get interaction happening. I never have claimed it will make someone profitable in the real markets, I regret posting it here now.

    You have taken an innocent idea and turned it into farce. You have now painted a picture of me that is not warranted, you could have at least checked out the rest of my site first
     
    tridean, Jan 18, 2007 IP
  9. OD69

    OD69 Guest

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    #89
    Your signature says...

    "Free Stock & Forex Trading System"

    What does that imply? :rolleyes:

    Did I get bitten? Yes, by 9/11. My offices were 2 blocks away from the WTC when they came down. I've since "retired" from trading.

    Look, it's nothing personal. I'm all for the free mkt system.
    Good luck in your trading and other businesses.
     
    OD69, Jan 18, 2007 IP
  10. tridean

    tridean Guest

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    #90
    I'm sorry for your trauma but it's no excuse to assume someone elses motives.

    I'm also sorry that you have got me very wrong. I see this as a loss as I would have liked to get to know you better, being that you are a 15 year veteran.

    Free Stock & Forex Trading System doesn't imply anything. There is no secret and no hidden agenda, and I will defend my self and my principles to the bitter end.
     
    tridean, Jan 18, 2007 IP
  11. Voyager59

    Voyager59 Peon

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    #91
    Trading involves risks. People lose money and make money. Timing and some luck helps.

    I don't think that is something that I could promote myself.
     
    Voyager59, Jan 18, 2007 IP
  12. sysop

    sysop Peon

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    #92
    If you're know the Currency Pair trend well enough, you can see the flows and for sure you can make profits.

    By the way, please trade with knowledge. Without proper knowledge, try limiting your eagerness with virtual account (demo account). Test your skill first.

    Play small so your lose impact will be minimal. Use the standard trading ratio (trade only by 20% ~ 30% from you total available margin) and trade short period only.

    Try GBP/JPY pair as it's the most predictable currency pair ever.
     
    sysop, Jan 22, 2007 IP
  13. trsaso

    trsaso Well-Known Member

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    #93
    I use only EUR/JPY EUR/CHF pair and going almost perfekt , and start with 10$, make ~2$/day :) I use daily trading for short time.
    If you need help with this pair PM.
     
    trsaso, Apr 25, 2007 IP
  14. Investawise

    Investawise Well-Known Member

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    #94
    The key to Forex is knowledge, if you absorb yourself in enough information then you have a chance of being a successful trader.

    I wouldnt recommend setting daily targets so much though, weekly or monthly maybe but even then you can find youself chasing to reach your target and thats when you can come unstuck.
     
    Investawise, Apr 25, 2007 IP
  15. Sohan

    Sohan Peon

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    #95
    Also, to make a nice profit, you need to do it in large amounts of money.
     
    Sohan, Apr 25, 2007 IP
  16. sysop

    sysop Peon

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    #96
    If you trades safely and accurately, you can also earn enough streams of income daily. As I stressed it out, eventhough you only have around USD$10, you can make at least around minimum at USD$1.

    Yes, you can bring more by investing more. But the more you bring can gaves you higher risk. Trades with knowledge.
     
    sysop, Apr 30, 2007 IP
  17. yohanip

    yohanip Well-Known Member

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    #97
    i like the state ment :D you may gain the same amount of your investment, but the chances also allowing you to loose more than you gain :p

    that's th forex market.. :D
     
    yohanip, May 21, 2007 IP
  18. qwestcommunications

    qwestcommunications Notable Member

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    #98
    It is possible but highly unlikely., Even the best FOREX traders get some of their bets wrong, but they know when to get out. Anyway, the key to success in such a volatile market is to get more winning trades and cut you losses on losing trades. Its not really a market for abolute beginners. You need to familiarise yourself first or play with very little money at first.
     
    qwestcommunications, May 21, 2007 IP
  19. yohanip

    yohanip Well-Known Member

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    #99
    i think there is an old saying that, if you want to gain high, you need to risk high :p
    such a contradictions, but it's the fact that you see in everyday life..
     
    yohanip, May 21, 2007 IP
  20. sysop

    sysop Peon

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    #100
    Make it simple. I trade's daily using hedging technique. It took me a while to learn how to trade's using hedging but now I make almost double everyday either the market is up or down.

    On February when the market plunge down more than 600++ pips, I makes around $25k on that particular month targeting big on down trend. But the risk is very high. You should also learn all the key technique before jumping to trade's big money.
     
    sysop, May 22, 2007 IP