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

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        • 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
              Icq: 306232
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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 $$$

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                    • 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.

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                            • 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.

                              .

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                                • 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 $$$

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                                    • 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.

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                                                        • 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

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