FOREX Trading

jonas33h

jonas33h

New member
Feb 27, 2011
868
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Dayton, Ohio
Anyone do FOREX trading? I'm interested in trying this I am already pretty good charting stocks and was thinking about giving this a go?

Any recommendations on good reading material/platforms to nudge me in the right direction?


Thanks,


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I might have an affiliate link for eToro if you just hang on while I lol at your attempts to beat the market.
 
rusvik said:
I might have an affiliate link for eToro if you just hang on while I lol at your attempts to beat the market.
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Oh yeah people don't make money off the market silly me. . .

no but seriously bro.


Wall Streets dead, they used to represent some big companies at one point but not anymore.
 
jonas33h said:
Oh yeah people don't make money off the market silly me. . .
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only about 2% of the people in that market make money.

Do I have to tell you that those accounts are quantative bots made by really smart people backed by a lot of money?

Forex is just bullshit that only rich people with a lot of knowledge and years of experience can use to make themselves more money.

I'd recommend you less demanding fields lie CFDs and their more casuals cousin - spread bets. Easy to pick up, easy to scale and lot of fields you can go from there, once you have the experience.
 
momchil9 said:
only about 2% of the people in that market make money.

Do I have to tell you that those accounts are quantative bots made by really smart people backed by a lot of money?

Forex is just bullshit that only rich people with a lot of knowledge and years of experience can use to make themselves more money.

I'd recommend you less demanding fields lie CFDs and their more casuals cousin - spread bets. Easy to pick up, easy to scale and lot of fields you can go from there, once you have the experience.
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Do I have to tell you that in any market rich people dominate because they have the ability to purchase more than the rest of the investors/traders?

Forex is bullshit huh? Do you understand markets? There is a buyer and a seller one will benefit the other one will not.

It's all percentages. . . . 20% is still 20% no matter how much money you have.

I never said I don't have experience related to markets, monetary and fiscal policy, stocks, trading or investing. . . I just never used any of those skills for trading currency. And besides if forex was such bullshit why would banks hire people to trade currency for them?

The thousands of stocks that are floating around as a whole are way more complex than trading the 8 major currency in the world.

Why would someone be so quick to dismiss a subject that can easily be experienced with ZERO risk via paper trading, which in fact will allow a person to determine if that particular market is a viable source of income for them.


oh and by the way if this were me I would immediately say tl;dr.
 
Banks hire a couple thousand of the brightest minds, make them work together, collude, produce prototype trading software, most of those guys will never make a single trade.

If you want to swing trade macroeconomics and youve got some knowledge, youll probably be able to hit 10-20% a year. If you want to daytrade forex, forget about it.

Read forums like wilmott.com, nuclearphynance in order to convince yourself that trading the forex using some kind of "system" is a shitty idea.
 
jonas33h said:
There is a buyer and a seller one will benefit the other one will not.
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That is simply not true.

Forex is extremely competitive, and you are most likely not going to profit from it. It's hyped up so a lot of people will join and give away money that in the end go to the top dogs' pockets.

Do as you wish, of course. I just said that there are more profitable, easier and with bigger perspecitve fields, that you can look into.

Good luck.
 
momchil9 said:
That is simply not true.

Forex is extremely competitive, and you are most likely not going to profit from it. It's hyped up so a lot of people will join and give away money that in the end go to the top dogs' pockets.

Do as you wish, of course. I just said that there are more profitable, easier and with bigger perspecitve fields, that you can look into.

Good luck.
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i am still missing your point then. I dont see how you find this to be competitive. If i am looking at buying usd/cad i am going to give 1 dollar to recieve 1.50 in canadian dollars and will be willing to sell these back when the usd goes ip to 1.2

The reason why i started this thread is so that others could learn more about it or other options. I've traded options in the past but there is so much that comea into play and makes picks very volatile. Stocks are good but its hard to accumulate capital rapidly granted trading on margin helps.

Also i wouldnt recommend day trading to any one as noted above. Swing trading is what i had in mind to try to achieve 10-20% returns and using leverage to accumulate capital quickly.
 
wayn3 said:
Banks hire a couple thousand of the brightest minds, make them work together, collude, produce prototype trading software, most of those guys will never make a single trade.

If you want to swing trade macroeconomics and youve got some knowledge, youll probably be able to hit 10-20% a year. If you want to daytrade forex, forget about it.

Read forums like wilmott.com, nuclearphynance in order to convince yourself that trading the forex using some kind of "system" is a shitty idea.
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I agree wholeheartedly day trading is such a crock of shit for the average jo. But it's also bullshit when people say "you cant beat the market" or wall street always wins. That's shit dumb fucks say. It's like AM some will make it and the rest just talk shit because they cant figure it out.



Fyi i didnt proof these im on my phone apologies for any errors.
 
If you make 10-20% annually, you arent beating the market. Youre only beating the shitty returns the local branch of your favourite commercial bank offers.

Take your money to private bankers in switzerland. Theyll produce those returns for you. No need to study boring macro. Or just invest in gold. Many ways to achieve 10-20% annually. Just need to look beyond your borders.
 
Didnt realize you were talking annuall ( i should habve read morethe closely lol) i was thinking more along the lines of a per trade basis ( on stocks i expect 15%-20% as a minimum but i always shoot higher) not sure if this same philosphy applies to currency but i will find iut soon enough. I started my paper trading account last night.
 
I personally don't think there is something more volatile than foreign exchange trading. All trading has swings, just I think futures are your best bet.

I will point you to a sub-forum of another forums. It's online poker related. A lot of folks over there know their shit. A lot have MBAs and a lot have used their poker experience to land jobs at major investment banks and are ready to share knowledge. A lot of threads are worth reading. Mostly investing and other business ideas are discussed, but some trading too.

http://forumserver.twoplustwo.com/30/business-finance-investing/

Good luck, and I think that forex is the easiest way to chat up with some broker on the phone. For a margin call.

PS: above 20% annually is INSANE returns.
 
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