Forex pool

[kewluke]

so I have been dabling in Forex for the last 6 months and I am making money now. I started with a demo account and made 50K to over 800K in 6 months. I trade just one currency pair GBP/JPY and make big $$$.

Any one out there trading currencies online? Interested in starting a TERB Pool. We can make huge money for our hobby expenses....

 

[Mia.Colpa]

Trading a demo account is night and day compared to trading real money, the nerves greatly effect your thinking when you're trading $50k of your own money. If you can make $50k into $800k in six months and only dabbling in it, lol, as you claim but in real money, then you're a better trader than 99% of the traders who have been trading full time and way over 10 years IMO, and I've seen and know many currency traders.

And on top of that you only trade the guppie?????????????? The most volatile pair with the largest ATR of any currency pair in the world??

I have a hard time believing this as I know quite a bit about currency trading, but whatever works for you, you're better than George Soros.

In fact, if you can do what you say you can, I think any of the big banks would love to hire you and pay you north of seven figures with those kind of results.

btw, just curious are you a technical trader or more a fundamentalist? Are you guided by Fibonacci clusters and retracements, trend lines, moving averages and all of the other technical formations? Just wondering what kind of technique you use.

 

[Warrior666]

I'm interested in getting into Forex as well, what platform did you use for demo account to get good, also, what are the best times to trade given that the market is on for 24 hours.

Please let us know. Thanks.

 

[danmand]

Isn't trading demo the same as playing poker without money?

 

[Rockslinger]

Correct me if I'm wrong but isn't trading FX a "zero sum" game? If you made $800,000, somebody out there lost $800,00?

 

[hairyfucker]

Correct me if I'm wrong but isn't trading FX a "zero sum" game? If you made $800,000, somebody out there lost $800,00?

correct. same same as with stock.

BTW kewluke I also dabbled with the demo account. I lost the $50K within a week. I agree with Mia.Colpa. I call.

One question come s to mind. Are you reading the account correctly?

 

[C Dick]

correct. same same as with stock.

I don't think that is strictly true. It you buy a stock, and the company does well, and increases in value, then wealth has been created, not simply transferred. Just because the market might have sold at $10 and bought at $100, does not mean the market lost money. The market sold something worth $10 for $10, then bought something different, worth $100, for $100.

Same with Forex, if a currency appreciates because the economy of the country grew, then wealth has been created. But with the short term churning we are discussing here, it is more like a zero sum game.

I don't see why anyone would want to be in a pool, just trade your stake yourself. Any lower commissions you might pay from being in a pool would be offset by the hassle of dealing with your pool-mates.

 

[hairyfucker]

speaking of pools. My advice here?

Don't piss where you swim.

 

[Rockslinger]

I don't think that is strictly true. It you buy a stock, and the company does well, and increases in value, then wealth has been created, not simply transferred.

I would compare stocks to real estate. If the value of my house goes up in value by $100,000, you haven't lost a $100,000.

 

[thecuriousgeorge]

Is forex like PIP trading??
Isn't that illegal?

 

[Yoga Face]

Blah, blah, blah...

Watched Bill Maher on Leno the other night. He said something pretty insightful when he quipped something to the effect that just because Wall Street is making money that the rest of the country is. That an economy based so much on slicing and dicing debt and making a commission on it is not creating anything.

Bill Maher has a PHD in humor

You get your insight from someone who makes a fortune on comedy ??

Air waves are too precious to be given over to comedians yet they monopolize them

Limbaugh or Maher , left or right , WTF does a talk show host know ???

I always thought a market rise was a necessary precursor to economic rise usually trails by six months


"someone" is good at economics if he will chime in

 

[great bear]

I would compare stocks to real estate. If the value of my house goes up in value by $100,000, you haven't lost a $100,000.

If your home increases by $100K the new replacement will also have increased by $100K.

 

[Warrior666]

Where do you guys sign up for a demo account, please?

 

[fuji]

If your home increases by $100K the new replacement will also have increased by $100K.

Yeah, this is why I don't really view my home as an investment per se. I view it as the price of admission, a way of ensuring that I am not priced out of the market later.

On forex trading:

Don't do it with any serious amount of money. It's a good way to lose a lot of money VERY quickly. It's a zero sum game, meaning every dollar you made is a dollar someone else lost. In that respect it is not at all like the stock market where everyone can be a winner. You have to be better and faster than the person you're trading with.

Do not be fooled into thinking trading with a demo account is the same as with real money. It is not the same thing, both for technical reasons (your trades don't affect the market, which is significant) and for psychological reasons (it's a lot harder to stand firm on a real money position than on a fake money position.)

Just because you did OK in a demo account does NOT mean that you are going to be a success in the real one. It's a LOT easier in demo.

 

[Mia.Colpa]

There are literally dozens of brokers who have demo accounts, just google fx demo accounts and you'll be amazed at how many come up. Here's one that is a popular one, although I don't use it. When you want to trade live, it's in US dollars, so you need to transfer US funds into a trading account.

http://www.fxcm.com/open-free-100k.jsp

I hold accounts all over the world to trade, that's the beauty of currency trading, open as many accounts as you strategically need, there's a wealth of information on the web, trade with a buddy, when you get good at it, you can set your trades, ie. when you buy in, limit and stop orders, and then go out and play golf while you're making money. There are key times in the day to trade when all the action happens, other times it's like watching paint dry. I've got to the point that I spend a couple of hours a day, then do whatever I want, that's why I have time to post often on Terb, lol.

 

[Mia.Colpa]

Yeah, this is why I don't really view my home as an investment per se. I view it as the price of admission, a way of ensuring that I am not priced out of the market later.

I don't view it that way, I've made extremely good money on selling my capital gains free, principal residences in my lifetime. Every time I bought a principal residence I always designed my exit strategy and how much money I expected to make in advance.

On forex trading:

Don't do it with any serious amount of money. It's a good way to lose a lot of money VERY quickly. It's a zero sum game, meaning every dollar you made is a dollar someone else lost. In that respect it is not at all like the stock market where everyone can be a winner. You have to be better and faster than the person you're trading with.

Currency trading is not for the faint of heart, need lots of patience, faith in your abilities, research minded, and lots and lots and lots of practice. The vast majority of people who try currency trading fail! I agree you need to be sharp to trade the market, but you don't have to be faster. Most successful currency traders are swing or position traders, ie. longer term, and not day traders that just keep punching their key board all day long.

Do not be fooled into thinking trading with a demo account is the same as with real money. It is not the same thing, both for technical reasons (your trades don't affect the market, which is significant) and for psychological reasons (it's a lot harder to stand firm on a real money position than on a fake money position.)

Just because you did OK in a demo account does NOT mean that you are going to be a success in the real one. It's a LOT easier in demo.

Bang on, it's a different world when you start putting your own money at risk, your heart beats faster, you have less tolerance seeing red numbers showing up on the screen as soon as you make your trade in order to cover the spread, and your judgement is clouded and start to question your trade. It's like getting behind the wheel in front of a video game driving a Formula 1 car, and then getting into a real F1 race car and on the track racing against Schumacher in a grand prix.

 

[Bear669]

What they say!

I don't view it that way, I've made extremely good money on selling my capital gains free, principal residences in my lifetime. Every time I bought a principal residence I always designed my exit strategy and how much money I expected to make in advance.


Currency trading is not for the faint of heart, need lots of patience, faith in your abilities, research minded, and lots and lots and lots of practice. The vast majority of people who try currency trading fail! I agree you need to be sharp to trade the market, but you don't have to be faster. Most successful currency traders are swing or position traders, ie. longer term, and not day traders that just keep punching their key board all day long.

Bang on, it's a different world when you start putting your own money at risk, your heart beats faster, you have less tolerance seeing red numbers showing up on the screen as soon as you make your trade in order to cover the spread, and your judgement is clouded and start to question your trade. It's like getting behind the wheel in front of a video game driving a Formula 1 car, and then getting into a real F1 race car and on the track racing against Schumacher in a grand prix.

Its bad enough when so many amateurs think they can be successful stock traders/'investors', but anyone who thinks they can dabble in forex/futures/commodities is totally nuts.

 

[Yoga Face]

Well aside from your assessment of the person...what is your opinion on his position that slicing and dicing debt and their derivative products does not create anything except commissions?

Way too many people sheepishly follow or dismiss based on people rather than the underlying principles.

And they build monumental towers to do their slicing up in ! I have wondered that myself. One view is that it is necessary to create cash fluidity for investors but I am not an economist but "someone" is ( or claims to be )

"Way too many people sheepishly follow " people who have read a paperback and espouse their own little opinions like they are smarter than everyone else when they got their start on Saturday Night Live

One it two things are happening

1 If Mahers is correct then - either he knows more than the Chairman of the Fed and his team of world class economists etc

- or they are all part of a world wide conspiracy

2 Mahers is a comedian making a fortune telling us what he thinks he knows. Who would listen to him if he gave a textbook explanation of economics ?? ( not that he knows it )

 

[Warrior666]

There are literally dozens of brokers who have demo accounts, just google fx demo accounts and you'll be amazed at how many come up. Here's one that is a popular one, although I don't use it. When you want to trade live, it's in US dollars, so you need to transfer US funds into a trading account.

http://www.fxcm.com/open-free-100k.jsp

I hold accounts all over the world to trade, that's the beauty of currency trading, open as many accounts as you strategically need, there's a wealth of information on the web, trade with a buddy, when you get good at it, you can set your trades, ie. when you buy in, limit and stop orders, and then go out and play golf while you're making money. There are key times in the day to trade when all the action happens, other times it's like watching paint dry. I've got to the point that I spend a couple of hours a day, then do whatever I want, that's why I have time to post often on Terb, lol.

Thanks Mia.Colpa, I was looking for a broker you've had experience with as I don't wanna get scammed, a broker that offers a demo account as well. People I've talked to recommend thinkorswim but they're based in US, for us Canadians questrade seems to be the way to go, but they only offer a 30-day demo account. So, any specific suggestions would be appreciated.

Anybody who wants to be a successful trader should paper-trade for at least one year before using his/her own capital. A good handling of the specific trading platform that a broker offers is very important, as people can lose money just by pressing the wrong button in the heat of the trading session, or, as it happened to one of my friends, he lost 4k 'cause he didn't know how to cancel an order on a new platform he began to use.

 

[C Dick]

Most of the wealth created by stock markets goes to the owners, not the brokers. At least when the system is working. If the slicers of debt are making more money in the long run than the people who take the risk and create the wealth, then the system is messed up. I regard traders who make a fortune as being like pro athletes who make a fortune: they are not really creating value to justify the wealth, but they are an unavoidable consequence of an open system, which is the best way of creating wealth. So they are a neccessary evil.