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Anyone trade forex here?
- Thread starter hornykid
- Start date
Hey Horny Kid
I trade in the Forex Market. Making money in any market is rather simplistic. Buy at a bargain and sell at a premium. Ie Buy Low and Sell High. It also helps to have a long term perspective in a market so that the short term swings up or down average out over time.
PM if you want to know more.
I trade in the Forex Market. Making money in any market is rather simplistic. Buy at a bargain and sell at a premium. Ie Buy Low and Sell High. It also helps to have a long term perspective in a market so that the short term swings up or down average out over time.
PM if you want to know more.
Aren't you the guy who is looking for advice on how to build credit fast? And now you want to get in on FOREX??
Yeah, good luck. I think you'll need it.
Yeah, good luck. I think you'll need it.
Strongbeau said:Buy real estate properties in the US. Sit tight for oh 5-7 years, or until their real estate market rebounds. Sell.
Smart move...that's what I'm doing. Historically, perioids of dollar parity have lasted six years .... but they always end. So today, we have the double advantage of being able to buy in a depressed market with strong dollars.
Just buy in areas with strong population growth and a good economy ie. not detroit ....
bee eh said:If you're asking the question you shouldn't be seriously thinking of doing it.
Yup. Forex is one of the most aggressive (and risky) forums of trading. You should also understand that currencies move in very small increments so in order to actually make money you need enormous sums to begin with.
Think about it. Today the Canadian dollar closed at 1.0355 which means it gained $0.0085 today. So if you had invested $10,000 this morning, you would have made $85, but you also would have incurred trading fees and of course, let's not forget taxes. So in order to actually make any real money, you would have to invest much more than $10K.
As you pointed out in another thread, you don't have money so quit trying to dream of making a quick buck this way. Forex is nor for the faint of heart nor for those who don't actually have any money to begin with.
"You should also understand that currencies move in very small increments so in order to actually make money you need enormous sums to begin with."
Not true .. There is something called leverage ..
Though its a double-edeged sword ..
Not true .. There is something called leverage ..
Though its a double-edeged sword ..
bullwinkle said:...Not true .. There is something called leverage ..
Though its a double-edeged sword ..
$10K leveraged at 100:1 = $1M so the gross profit would also be $8.5K or almost double your money. Similarly, if things had gone the reverse, you would have lost $8.5K or most of your money.
You make/lose money based on how one currency moves in reference to another currency on a minute by minute basis (i.e. Cdn$ vs US$ or Cdn$ vs. AU$).
If you are trading Cdn dollars, it's value doesn't matter as long as it's moving relative to other country you are trading against. You don't even need to trade Cdn dollars, for example you could trade AU$ vs. US$.
It's very similar to on-line gambling in many respects
True - I should have mentioned leverage. But fundamentally my point is you need a lot of $$$, either your own or leveraged, in order to see any real profits in currency trading.
And I also agree that it's just like on-line gambling. Even the pros will agree with this once you pour enough alcohol into them.
And I also agree that it's just like on-line gambling. Even the pros will agree with this once you pour enough alcohol into them.
"And I also agree that it's just like on-line gambling. Even the pros will agree with this once you pour enough alcohol into them."
Pls dont take offence but not true ..
Markets follow certain rules & underlying structure, so you just have to follow them ..
Of course no one wins 100% but ..
Pls dont take offence but not true ..
Markets follow certain rules & underlying structure, so you just have to follow them ..
Of course no one wins 100% but ..
bee eh said:If someone wins 51-55% of the time they are very good. So unless you want to lose a lot in commissions, etc. don't bother.
Ah...the secret underlying rules and structures...I forgot about them. Follow them and you can be guaranteed even bigger losses...because anyone that can sell you the rules will be on the other side of the deal scamming you.
Very true, man! Just like going to casino, if you can win 51 percent of time. You'll be consider a pro.
lol, this thread is too funny. The true, professional traders who know what they're doing and are making very good money at currency trading, which are less than 1% of the traders btw, won't even comment on this thread. Most of the comments here are so out in left field, which explains why 99% of traders don't make enough money to earn a living.
I'm not an expert, I happen to know a couple of pros. If you ever have the good fortune to watch the real pros trade and make huge money consistently, you'll be blown away, and no, it's not gambling, not by a long shot, far from it. These guys know what they're doing, they're quite unique individuals.
I'm not an expert, I happen to know a couple of pros. If you ever have the good fortune to watch the real pros trade and make huge money consistently, you'll be blown away, and no, it's not gambling, not by a long shot, far from it. These guys know what they're doing, they're quite unique individuals.
You are right. These guys usually work without emotions, they are ruthless. If you think you are smart and think you can take a crack at it remember that Warren Buffett recently lost 900 million dollars betting on foreign exchange.Mia.Colpa said:I'm not an expert, I happen to know a couple of pros. If you ever have the good fortune to watch the real pros trade and make huge money consistently, you'll be blown away, and no, it's not gambling, not by a long shot, far from it. These guys know what they're doing, they're quite unique individuals.
Mia.Colpa said:lol, this thread is too funny. The true, professional traders who know what they're doing and are making very good money at currency trading, which are less than 1% of the traders btw, won't even comment on this thread. Most of the comments here are so out in left field, which explains why 99% of traders don't make enough money to earn a living.
I'm not an expert, I happen to know a couple of pros. If you ever have the good fortune to watch the real pros trade and make huge money consistently, you'll be blown away, and no, it's not gambling, not by a long shot, far from it. These guys know what they're doing, they're quite unique individuals.
Given that you still see articles in the news about some of these 'pros' getting wiped out I would say that it is still gambling, they are just very very good at minimizing their risks because of their knowledge of how the system works and what it has done in the past.
Even banks' own trading desks regularly take write-offs for botched trades. If the banks, with all their coin and access to the latest info., find it so difficult...what makes you think you can do it??
Just another easy money con....you've got to resign yourself to the fact that easy money's the hardest money you'll ever earn.
Buy long-term US assets with your super dollars.....Blue Chips all the way. The US has got some stellar companies on sale right now.
Just another easy money con....you've got to resign yourself to the fact that easy money's the hardest money you'll ever earn.
Buy long-term US assets with your super dollars.....Blue Chips all the way. The US has got some stellar companies on sale right now.
Meister said:You are right. These guys usually work without emotions, ..
If you have a decent "system" and stick with it, you can do reasonably well. It's that most traders will start getting greedy using "their" emotions to second guess their "system". At that point, it's really educated guesses and essentially gambling.
http://www.ac-markets.com/forex-education/forex-analysis.aspx
FOOTSNIFFER said:Even banks' own trading desks regularly take write-offs for botched trades. If the banks, with all their coin and access to the latest info., find it so difficult...what makes you think you can do it??
Just another easy money con....you've got to resign yourself to the fact that easy money's the hardest money you'll ever earn.
Buy long-term US assets with your super dollars.....Blue Chips all the way. The US has got some stellar companies on sale right now.
Any recommendation?
Yeah...get some education first.
It's not as hard as you think to invest, and anyone can do it. But if you're not prepared to do your own thinking and the associated research (only a few hours a week..that's what I'm doing now), then I'd just buy some SPDR exchange traded funds (ETFs) or balanced mutual funds (Irwin Michael's ABC funds, cundill value funds, phillips Hager & North funds are pretty good too).
The books I recommend:
William O'Neil's How to make money in Stocks together with a subscription to the Investor's Business Daily IBD.com website.
Reminiscences of a stock operator by Ed Lefebvre....a classic from 1923 that still gives insight into how to THINK as a market participant; it isn't so intuitive that you could just figure it out yourself...along the same vein, I'd definitely get Jim Cramer's Wall street Jungle, and any of his books. He may look like a kook, but he's the real deal when it comes to how to analyse the current environment and develop a gameplan. The market 'speaks' to you, in the way it reacts to current economic and political events; if you can attune yourself to its signals, you'll do alot better.
I'm a bit of a contrarian, so I'm buy housing-related companies at this point (but not the homebuilders, yet)...like MGIC insurance (MTG) a large mortgage insurance company. They've got a franchise in this business which will prove valuable once again, when the housing market gets back on its feet. And mortgage insurance is a necessity. It's cheap and still has its AA rating.
US Gypsum (USG) which will one day begin to sell alot of wallboard, and does half its business in commercial construction which is still somewhat robust right now. It's also the low-cost producer in this business, with the best distribution....this is a good long-term play....
and XCEED mortgage, one of canada's largest sellers of non-standard mortgages; it got swatted in this mess, but this company's actually pretty prudently managed (it cut it's dividend to preserve cash almost as soon as the shit hit the fan)....also, H&R block is cheap; it's gotten sideswiped by it's mortgage origination business too. But it's tax-prep. business is solid and will carry the company through this mess. ...and many more, too.
good luck...the stock markets a great place to make money.
It's not as hard as you think to invest, and anyone can do it. But if you're not prepared to do your own thinking and the associated research (only a few hours a week..that's what I'm doing now), then I'd just buy some SPDR exchange traded funds (ETFs) or balanced mutual funds (Irwin Michael's ABC funds, cundill value funds, phillips Hager & North funds are pretty good too).
The books I recommend:
William O'Neil's How to make money in Stocks together with a subscription to the Investor's Business Daily IBD.com website.
Reminiscences of a stock operator by Ed Lefebvre....a classic from 1923 that still gives insight into how to THINK as a market participant; it isn't so intuitive that you could just figure it out yourself...along the same vein, I'd definitely get Jim Cramer's Wall street Jungle, and any of his books. He may look like a kook, but he's the real deal when it comes to how to analyse the current environment and develop a gameplan. The market 'speaks' to you, in the way it reacts to current economic and political events; if you can attune yourself to its signals, you'll do alot better.
I'm a bit of a contrarian, so I'm buy housing-related companies at this point (but not the homebuilders, yet)...like MGIC insurance (MTG) a large mortgage insurance company. They've got a franchise in this business which will prove valuable once again, when the housing market gets back on its feet. And mortgage insurance is a necessity. It's cheap and still has its AA rating.
US Gypsum (USG) which will one day begin to sell alot of wallboard, and does half its business in commercial construction which is still somewhat robust right now. It's also the low-cost producer in this business, with the best distribution....this is a good long-term play....
and XCEED mortgage, one of canada's largest sellers of non-standard mortgages; it got swatted in this mess, but this company's actually pretty prudently managed (it cut it's dividend to preserve cash almost as soon as the shit hit the fan)....also, H&R block is cheap; it's gotten sideswiped by it's mortgage origination business too. But it's tax-prep. business is solid and will carry the company through this mess. ...and many more, too.
good luck...the stock markets a great place to make money.
l69norm said:If you are trading Cdn dollars, it's value doesn't matter as long as it's moving relative to other country you are trading against. You don't even need to trade Cdn dollars, for example you could trade AU$ vs. US$.
Why doesn’t someone make the recommendation to him to trade Chinese Yuan (CNY) versus U. S. Dollar (USD)?
