Anyone here trade Forex?

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  • HandballJim
    Confirmed User
    • Sep 2008
    • 4024
    #1

    Anyone here trade Forex?

    Someone turned me on to Forex last week and said I would be better off trading FX then stocks since I am more of a technical trader then a fundamental trader, so I opened a demo account with FXCM...and started trading with 5 minute and 15 minute charts and made about 20 trades in 3 hours. Since it is all new to me I was down 2k and was able to recover to down $500. I really liked the idea of closing out the position before going to bed.

    I am going to open a live account soon, does anyone have any helpful advice? I did google some Forex info but it is a lot of data to take in and many of the results were from sponsored.

    If you have some good links please forward, thanks
    HOW I MAKE LOTS OF $$$
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    • xato
      Confirmed User
      • Mar 2003
      • 1205
      #2
      one advice from somebody who has been trading forex for almost 5 years now: dont even think about opening a live account before you successfully increased your demo account balance for at least 6 months in a row.
      trust me, you'll lose otherwise.

      Bad Lamborghini Crash

        Comment

        • DBS.US
          Geo Cities
          • Aug 2003
          • 11843
          #3
          Originally posted by xato
          one advice from somebody who has been trading forex for almost 5 years now: dont even think about opening a live account before you successfully increased your demo account balance for at least 6 months in a row.
          trust me, you'll lose otherwise.
          YES,,,At least 6 months in a row
          Have an unused domain? Make a Free Chaturbate White Label site and be making money tonight

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            • okny
              Confirmed User
              • Aug 2002
              • 5761
              #4
              I personally like to trade stocks, but the only good thing I enjoyed about the forex market being that it's 24/7
              Aim: okny
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                • HandballJim
                  Confirmed User
                  • Sep 2008
                  • 4024
                  #5
                  Originally posted by xato
                  one advice from somebody who has been trading forex for almost 5 years now: dont even think about opening a live account before you successfully increased your demo account balance for at least 6 months in a row.
                  trust me, you'll lose otherwise.
                  see this is type of advice I am looking for, as far as charts what range is the safest to trade?
                  HOW I MAKE LOTS OF $$$

                    Comment

                    • HandballJim
                      Confirmed User
                      • Sep 2008
                      • 4024
                      #6
                      Originally posted by okny
                      I personally like to trade stocks, but the only good thing I enjoyed about the forex market being that it's 24/7
                      I usually do stocks also and the same person who recommended Forex also said forget stocks and trade ETF's since you have less risk.

                      The guy (friend of another Handball player at my park) used to trade for a hedge fund, currently his wife made him quit so he took a job in a computer lab in a college in NYC. In which he still trades Forex and makes between 4-8k a month. So I am supposed to meet up with him and learn a little of his strategies. But since I don't know this guy well I want more advice...
                      HOW I MAKE LOTS OF $$$

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                        • XSAXS
                          Confirmed User
                          • Nov 2004
                          • 652
                          #7
                          The best way to make a small fortune in Forex is to start with a large fortune.

                            Comment

                            • L-Pink
                              working on my tan
                              • Mar 2005
                              • 39151
                              #8
                              Every time one guy sells, another one buys, and they both think they're smart.

                              .

                                Comment

                                • HandballJim
                                  Confirmed User
                                  • Sep 2008
                                  • 4024
                                  #9
                                  Originally posted by XSAXS
                                  The best way to make a small fortune in Forex is to start with a large fortune.
                                  like with everything...money makes more money. They give you 5x your money to trade with for more leverage...

                                  Originally posted by L-Pink
                                  Every time one guy sells, another one buys, and they both think they're smart.

                                  .
                                  yeah the volume with Forex is ridiculous, a couple years back someone was pushing Forex on me at the International Trading Expo...I should have given it a look back then.
                                  HOW I MAKE LOTS OF $$$

                                    Comment

                                    • shimmy2
                                      Confirmed User
                                      • Mar 2009
                                      • 3271
                                      #10
                                      unless you scalp (newstrade) and are good at it forget about it you will lose $. dont try to catch a falling knife.
                                      Make $$$ with Toticos.com! | Email: 1bluemiata@gmail | Joutube: ShimmyCash | Faceberg: ShimmyCash

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                                        • XSAXS
                                          Confirmed User
                                          • Nov 2004
                                          • 652
                                          #11
                                          Originally posted by HandballJim
                                          They give you 5x your money to trade with for more leverage...
                                          But when they "give" (to use your word) you 5x your money, they can also TAKE 5x your money. Some (I would guess a small percentage) do very well with Forex. The vast majority just lose their cash -- at 5x (or more) speed.

                                          But to each his own.

                                            Comment

                                            • HandballJim
                                              Confirmed User
                                              • Sep 2008
                                              • 4024
                                              #12
                                              Originally posted by XSAXS
                                              But when they "give" (to use your word) you 5x your money, they can also TAKE 5x your money. Some (I would guess a small percentage) do very well with Forex. The vast majority just lose their cash -- at 5x (or more) speed.

                                              But to each his own.
                                              yeah the 5 minute charts felt like I was gambling, and trading 5x the money when your down helps you recover if things move your way...if it moves the other way it's ugly. I do like the idea that you cannot lose anymore then what you have in your account.
                                              HOW I MAKE LOTS OF $$$

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                                                • Paul&John
                                                  Confirmed User
                                                  • Aug 2005
                                                  • 8643
                                                  #13
                                                  would like to get into forex also.. a nice short tutorial would be nice
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                                                    • mafia_man
                                                      Confirmed User
                                                      • Jul 2005
                                                      • 1965
                                                      #14
                                                      Originally posted by xato
                                                      one advice from somebody who has been trading forex for almost 5 years now: dont even think about opening a live account before you successfully increased your demo account balance for at least 6 months in a row.
                                                      trust me, you'll lose otherwise.
                                                      And.

                                                      Don't expect massive short term swings. Currencies don't work like that.
                                                      I'm out.

                                                        Comment

                                                        • Nicky
                                                          Too lazy to set a custom title
                                                          • Mar 2003
                                                          • 30071
                                                          #15
                                                          5x leverage is pretty low though, many sites give you 50 or even 100x

                                                          gfynicky @ gmail.com

                                                            Comment

                                                            • NALEM
                                                              Confirmed User
                                                              • Nov 2010
                                                              • 3163
                                                              #16
                                                              Originally posted by HandballJim
                                                              Someone turned me on to Forex last week and said I would be better off trading FX then stocks since I am more of a technical trader then a fundamental trader, so I opened a demo account with FXCM...and started trading with 5 minute and 15 minute charts and made about 20 trades in 3 hours. Since it is all new to me I was down 2k and was able to recover to down $500. I really liked the idea of closing out the position before going to bed.

                                                              I am going to open a live account soon, does anyone have any helpful advice? I did google some Forex info but it is a lot of data to take in and many of the results were from sponsored.

                                                              If you have some good links please forward, thanks

                                                              http://www.babypips.com/

                                                              When ready, open a MIG account.
                                                              "The time men spend in trying to impress others they could spend in doing the things by which others would be impressed."

                                                                Comment

                                                                • Alex69
                                                                  Confirmed User
                                                                  • Aug 2007
                                                                  • 328
                                                                  #17
                                                                  forex offered on net today is in 90% gambling, you dont really trade, they just bet against you and in 90% of the cases people loose.

                                                                  why its gamling - just google, too lazy to explain

                                                                    Comment

                                                                    • videoscribe
                                                                      Banned by fatfoo
                                                                      • Apr 2012
                                                                      • 362
                                                                      #18
                                                                      Be careful with trading volatile stocks. Don't go all in. You say you are worrying about $2,000 or $500. These are large sums of money. The Forex market is 24/7. You talk about a guy that makes 4-8k/month. That is hard to believe.
                                                                      Banned by fatfoo

                                                                        Comment

                                                                        • NALEM
                                                                          Confirmed User
                                                                          • Nov 2010
                                                                          • 3163
                                                                          #19
                                                                          Originally posted by Alex69
                                                                          forex offered on net today is in 90% gambling, you dont really trade, they just bet against you and in 90% of the cases people loose.

                                                                          why its gamling - just google, too lazy to explain
                                                                          On our level, it is a complete gamble. Charting, looking for trends, using the various graphs ... can be better used as toilet paper these last few years.

                                                                          When I learned the brokers can intentionally move the market just enough to trigger some of their clients stop losses, I stopped setting mine. Ive been down the rabbit hole for thousands, having one currency lose value, so I would hedge my losses, by betting big on the new temporary currency trend. Ive gone to sleep after ninja style trading for 28 hours +, only to wake up 6,000 in the hole, twice.

                                                                          Will I ever go back to Forex? You bet! It may be the fastest way to lose money, but it is among the quickest as well. Just need to have the time to give it the proper attention it deserves.

                                                                          My own personal tip, dont trade/bet on the pending news. Its a wild ride for the first 45 minutes +. Let it settle a bit, before entering the game.
                                                                          "The time men spend in trying to impress others they could spend in doing the things by which others would be impressed."

                                                                            Comment

                                                                            • TampaToker
                                                                              Confirmed User
                                                                              • May 2006
                                                                              • 5828
                                                                              #20
                                                                              I do Binary Options if you can spot 30 minute trends you will do well
                                                                              Icq 247-742-205

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                                                                                • Mrwww
                                                                                  Confirmed User
                                                                                  • Mar 2012
                                                                                  • 374
                                                                                  #21
                                                                                  I do.

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                                                                                    • OneHungLo
                                                                                      So Fucking Banned
                                                                                      • May 2001
                                                                                      • 40906
                                                                                      #22
                                                                                      A good friend of mine has owned a forex trading firm for about the last 10 years and he's told me every single fucker loses. Period.

                                                                                      So prepare to lose whatever you put up.

                                                                                        Comment

                                                                                        • SomeCreep
                                                                                          :glugglug
                                                                                          • Mar 2003
                                                                                          • 26118
                                                                                          #23
                                                                                          Short the euro/dollar long term.

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                                                                                            • mafia_man
                                                                                              Confirmed User
                                                                                              • Jul 2005
                                                                                              • 1965
                                                                                              #24
                                                                                              Originally posted by SomeCreep
                                                                                              Short the euro/dollar long term.
                                                                                              I value all financial advice given on an online porn board
                                                                                              I'm out.

                                                                                                Comment

                                                                                                • VenusBlogger
                                                                                                  So Fucking Banned
                                                                                                  • Nov 2011
                                                                                                  • 1540
                                                                                                  #25
                                                                                                  Yes I trade FOREX.

                                                                                                  GOLD, SILVER and some pairs like Aussie and EURO.

                                                                                                  It takes some time to learn, know the secrets and make some money.

                                                                                                  Started reading in year 2005.

                                                                                                  Started trading demo in year 2006.

                                                                                                  Started trading live in 2009, where I lost a few hundreds.

                                                                                                  2010, I started doing some money, a few hundred.

                                                                                                  2011, I did a few thousand dollars and this year I already did the same as 2011 and going to double it.

                                                                                                  With good money management you can slowly start bulilding your account and when you have a 100K account it will be easier to make more money. If you follow the rules and a good system, It's not hard to do a 25% per year, so with a 100K account it will be 25K extra per year.

                                                                                                  Problem is that newbies try to do 500% with a 5K account and they kill their account.

                                                                                                  Bad money managment and under capitalization will kill your account. Stay away from robots or holy grails. They don't work.

                                                                                                  Good luck, dude.
                                                                                                  Last edited by VenusBlogger; 04-23-2012, 05:50 AM.

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