Forex Trading?

jjgold · 02-23-11, 12:11 PM

You can get burried very quickly if your not in front of a computer all the time

It is exciting and gives you 24hr a day action except from Friday 5:00PM EST until Sunday 5:00pm est

blaucoin · 02-23-11, 12:15 PM

That's all I do is stay on the computer, its a must for trading. I have been doing it for 2 months now on a virtual account and made profit everyday. Whats your experience?

jjgold · 02-23-11, 12:15 PM

I lose

Been chasing the Eur/JPY for a while and still cannot get me to like 115.20 to break even

blaucoin · 02-23-11, 12:17 PM

I've done only EUR/USD, I hope it works with real money lol

jjgold · 02-23-11, 12:20 PM

Well its deadly

I think you need tight stops to cut your loses

Which outfit you using??

xkgb · 02-23-11, 12:20 PM

i like to subscribe to a level II quotes and wait for a ticker to send some great company news or earnings , then jump on it, before the majority of market does and cash out before 2pm, while the ticker is still on a way up....sure i could have set stop limits and just walked away, but i like to keep my hands on aproach in trading, though i dont trade much in currency....but BOL

blaucoin · 02-23-11, 12:25 PM

I use fxdd.com I think the good thing about me is I'm not greedy, I start off the morning and buy just 1 mini lot. If I'm up $20-$30 that day im done. Low risk play

jjgold · 02-23-11, 01:51 PM

Forex shops now offer micro trading where it is almost impossible to get hurt

I recommend micro trading instead of paper trading because it is real money

goucla · 02-23-11, 01:52 PM

i might have to use some of my tdameritrade money for this

jjgold · 02-23-11, 01:53 PM

yes at td ameritrade you can link it to ThinkorSwim and they offer forex trading

YorkHunt · 02-23-11, 02:05 PM

fxdd here also I do well, but you need a robot or to be there all the time. I personally do not trust robots.

blaucoin · 02-23-11, 03:14 PM

Thats what Im doing the mini lots. So far so good, ill post a pick as soon as i figure out how to do it

KKoz9 · 02-23-11, 03:19 PM

Will be following this, I've wanted to give it a shot.

It's made to look so easy...

Ralphie Halves · 02-23-11, 03:29 PM

Penny stock trader here. Portfolio up 466% for 2011. No BS. Bought and sold SPAH today for 95% gain in 6 hours. Have three other holdings currently I'm expecting big things out of. Took a bad loss in January because I was careless, or I'd be up even more.

This is the arena you need to be in, fellas. Sportsbetting covers the taxes, but this is what pays the bills now. Get your feet wet with small trades, get to know the studs of the game and ride their plays to the moon. Forex takes a long time to master. My dumb ass started trading pennies in May, and haven't looked back since.

jjgold · 02-23-11, 03:34 PM

Ralphi I agree the big money is in financial markets

where do you trade?

Ralphie Halves · 02-23-11, 03:37 PM

Originally posted by jjgold

Ralphi I agree the big money is in financial markets

where do you trade?

My platform? Zecco mostly. It's cheap and orders get filled quick. I use TD for longer plays, and a few Canadian plays that I can't trade on Zecco.

blaucoin · 02-23-11, 03:37 PM

Heres my history from when I started

Attached Files

Forex.xls (10.1 KB, 103 views)

DustyDiamond · 02-23-11, 06:30 PM

Originally posted by Ralphie Halves

Penny stock trader here. Portfolio up 466% for 2011. No BS. Bought and sold SPAH today for 95% gain in 6 hours. Have three other holdings currently I'm expecting big things out of. Took a bad loss in January because I was careless, or I'd be up even more.

This is the arena you need to be in, fellas. Sportsbetting covers the taxes, but this is what pays the bills now. Get your feet wet with small trades, get to know the studs of the game and ride their plays to the moon. Forex takes a long time to master. My dumb ass started trading pennies in May, and haven't looked back since.

Do you do your own research or are you a subscriber somewhere?

Ralphie Halves · 02-23-11, 06:51 PM

Originally posted by DustyDiamond

Do you do your own research or are you a subscriber somewhere?

I never do my own. Just like in sports, I'm a dirty tailing SOB. The bigtime penny traders need guys like me though, because my money makes their stock go up, so one hand washes the other.

The way I look at it, there are so many people out there that have toiled and failed a bunch of times to get where they're at, why do the same thing if you can get their plays for free and help them at the same time? Gotta budget your time in this world, most people suck at that.

mattmc419 · 02-23-11, 06:55 PM

I trade Forex. I'm fairly new to it and still learning, and just trading a small account, but I do good at it.

I think I have a fairly good entry technique, but still trying to figure out where to exit/place stops.

I've downloaded quite a bit of great information about it though, just need to find some time to read/watch it all. I use FXSolutions as my broker and MT4 for charting.

Dutch · 02-23-11, 08:03 PM

I've been in and out of forex for 3 yrs now. It's easy to get burned. But if you use money you can afford to lose and are fearless you can make a profit.

I agree stocks is a much easier game to win. I fuk with stocks in the $10-$20 range usually and haven't looked back since I started. Find a stock. Learn it's high/low cycle. Buy and sell the same stock over and over. Always take the profit, don't wait for a number that you think it will hit.

Dutch · 02-23-11, 08:09 PM

It'd be badass if SBR had a stock sub forum.

DustyDiamond · 02-24-11, 05:13 AM

Originally posted by Ralphie Halves

I never do my own. Just like in sports, I'm a dirty tailing SOB. The bigtime penny traders need guys like me though, because my money makes their stock go up, so one hand washes the other.

The way I look at it, there are so many people out there that have toiled and failed a bunch of times to get where they're at, why do the same thing if you can get their plays for free and help them at the same time? Gotta budget your time in this world, most people suck at that.

Mind sharing the service you use with me?

dmtrader · 02-24-11, 05:55 AM

Here's my response to a similar question a few years ago. Good luck if you decide to pursue this type of trading.

Originally posted by dmtrader

I suppose you could start out in a protected account like the one you describe. At least your downside is covered.

You will lose all of the $100 , btw. Your tradings expenses will be proportionately higher than those trading in a regular account, which puts you at a competitive disadvantage. Currency trading is not like the old days, where you could take advantage of some inefficiencies between the European currencies (dmtrader stands for Duetsche Mark trader - which was me in the 90's). Now the major currencies move in concert, due to the euro, dollar, yen, etc. ruling the roost. Unless you want to trade something that is relatively illiquid like the Thai baht, you will not be able to exploit any differences between currencies. The techno geeks make money off of minute, less-than-a-second movements in the market, something you will not be able to do.

So this is how it will go: You will take a position, and lose. And take another postion, and lose some more. And God forbid you take one postion and make some money on it. You will be stunned by how easily the markets move, and think you have some sort of edge. You don't. You just got lucky. The market will take back your new found equity and then some more on your next trade.