Anyone here do forex/ currency trading? Seems like quite a few guys follow stocks and was just wondering about this. Looking into getting into it and wanted some opinions.
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did it like 3 years ago unless you have a supercomputer in your house...forget about itComment -
How'd it work out for you? What program did you use?Comment -
i started out with a practice account with lind-waldock, then i try all kind of system(Fibonacci, forex robot). just never work out for me.
you going against financial institutions who have faster computers and can squeeze you out a position
that why they advertise it on cnbc...if its on tv it is worthless!!!
if you want to get cash ..try e-minisComment -
also seems like you would have to be up all around the clock..i have tried trading foreign markets and that gets rough too...no time to sleep ever.Comment -
Read up on it. Forex is a total scam intended to vacuum all the retail money into the institutional trader's coffers. Unbeatable.Comment -
you will get buried
all currencies do is mimic dow anyway
trade the dow futuresComment -
Definitely try the practice accounts first and see how you do. IMO Forex is the crack cocaine of gambling.Comment -
If you do it get a micro account and then it is very affordable
Its mainly margin/credit so you need to be careful
Even places like Ameritrade offer it now so use a big placeComment -
I agree. If you start up a forex account to day trade you will be going up against financial institutions like Goldman Sachs...and you don't want to mess with those guys. It's not a bad idea to have some money in foreign currencies (I have some Yuan and Swiss Franc), especially if the US dollar keeps depreciating, but micro forex-trading is a scam. Avoid!Comment -
I have 2 friends who in a matter of weeks, lost over $22,000 each doing FOREX!!!... AND they are NOT stupid investors.Comment -
USD/jpy is a stable pair
Be careful
I trade aud/usdComment -
PM me frye. I do this for a semi-living, hoping to do it full-time soon. People that have tried it and got burned didn't know what they were doing, and now they blame the industry. There's a right way to do it.Comment -
Its not a scam, most traded instruments in the world
Major brokerages now offer itComment -
Currencies trend very well over the medium to long term in line with macro cycles and you can do very well with leveraged plays if you are patient.
It is a zero sum game though (unlike stocks and their derivatives) and the fees/commissions/spreads tend to kill day-traders who try to get in and out for small profits.
I am guessing that financial spread-betting is illegal in the US (CFDs too?), these have much lower costs than the FOREX platforms offered by internaxx and those other guys who advertise on CNBC/Bloomberg TV.
There is no question that the little guy is a huge disadvantage. The banks know which technical indicators are popular and have the resources to move the market a few pips to generate 'false' buy/sell signals according to those indicators.Comment -
The Dow controls currencies in most cases
Dow up Canadian dollar down, euro and Aussie dollar up
Financial spread betting is illegal in USA, big shops like Finspreads, igmarkets, GTC have tighter spreads on currencies and no taxes.Comment -
Commodities, bonds, currencies and equities are all closely related, of course but it is not a question of one controlling another.
CAD/AUD were the easiest currencies for me in days gone by but commodity prices these days are so much driven by Chinese demand that it is a lot harder than it used to be.Comment -
again like i said earlier if you dont have a supercomputer.. forget about itComment -
Just buy Goldman Sachs and Apple stock and hold for the next 5 weeks. Thank me later.Comment -
I've tried it a few times, I read everything I could, learned different trading styles, candlestick etc. and have always been lucky enough to only lose a little.Comment
