Forex Trading

[jon101]

Has anyone had experience with Forex trading?

I was thinking of starting a protected account with $100 at IForex.com

They allow you to trade 100:1 margins and if you negative out they cover it.

Hence the protected name.

I was thinking of using a forex signaling software to make trades, and since they set it up after 2 weeks you get to keep whatever you earn, and transfer to a standard account, and the startup is low for that too.

Just a thought, comments please.

[korbal29]

I read somewhere is that you need at least 10k to make significant profit otherwise it's just a waste of time

[jon101]

OK thanks, I am glad to take any input.

[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.

[jon101]

Wow! Thanks for the insight.
I guess the 100:1 margin won't help?

Jon

[dmtrader]

Your leverage works both ways. You are only thinking of markets that move in your direction. What happens when they move against you?

[jon101]

Gotcha bigger losses.

[dmtrader]

Jon -

by making that statement, you now understand more than 90% of people who begin their trading careers

[uwfargo]

I was thinking about doing the forex trading too but thanks to this thread I think I saved myself money by not trading at all.

[jon101]

Thats cool, I dunno I am looking to get a FREE DEMO ACCOUNT and play with it with FAPSTURBO for free.
Mind you I don't want to have to pay for fapsturbo to do it, so I am gonna look on the internet for it.
Anyway, I figure with 6 months and a demo account I can learn to save myself a lot of heartache.