2 trillion dollars traded each and every day. 400:1 on your money. Currency is not easily manipulated, unlike corporations. With proven systems available to the average Joe, why is this forum not loaded with questions pertaining to the foreign currency exchange market?
2007-01-26 14:23:47 · 9 answers · asked by Chris T 2 in Business & Finance ➔ Investing
All trading is tough. The previous posters cite the 90% of forex traders lose money. True. But they fail to tell you that 90% of people trading equities lose money also. Trading, whether it's equities, fx or futures is tough. Actually, I think the numbers are 90% for equities and 97% for futures/forex traders.
The first poster that said to trade currency futures is insane. Futures contracts possess the potential for unlimited losses. Like the one poster said, you can lose 100% in fx, but you can loss 200% in futures. I've seen several instances of futures traders losing their entire account and then having to cough up more money to cover the losses above what was in their account. If you have a $10,000 futures account, you could realistically lose $50,000 on a trade that goes horribly wrong and you'd have to come up with an additional $40,000 to cover the loss above the $10,000 in your account. In fx, you can only lose your entire account.
I am an fx trader and I love it, but I don't think it's for everyone. It bothers me when a person knocks a specific investment vehicle because they don't like it or it doesn't fit their investment style. I don't like medicine. The hours are long, the field is tough, but I wouldn't go knocking being a doctor. Because it's not what interests me or what I want to do doesn't mean it's a bad occupation. There are people out there that love medicine and are geniuses in the field. It's good for them, but it's not good for everyone.
The same thing with investments, I love the high risk markets, but only a small percentage of the population are suited for them. Doesn't make them bad.
I really wish people would stop being so judgmental about things they don't like or don't understand. If forex trading is not for them, then they should just say, "Hey, I don't like it, but that's me", instead of making it out to be an evil that EVERYONE should stay away from.
2007-01-28 14:24:11 · answer #1 · answered by 4XTrader 5 · 1⤊ 0⤋
One of the most important things to remember when it comes to forex online trading is that you must remain emotionally calm and in an objective state of mind. If you give in to your emotions and become an impulsive trader, you will quickly lose money in the forex market. The only cure for emotional trading is to predefine all aspects of your online forex trading; you can do this by creating a concrete forex trading plan that describes everything you will do as you interact with the market. The best online forex trading educational systems will give you a solid trading strategy that you can use to build an effective yet simple forex trading plan around.
2016-05-24 04:00:37 · answer #2 · answered by ? 4 · 0⤊ 0⤋
I dont see any traded market as being any less competitive than forex. All trading is dangerous. I also see forex as being less dangerous than futures because you can only lose 100% of your money---unlike futures which you could easily end up losing 200% or more.
Anything is possible with the right mindset, work ethic, and proper resources. Make no mistake about any market you trade in. The game of all trading is survival. The goal is to take money out of other peoples pockets and have more than what you started with. Since it is a game and everybody who plays are willing players, it makes everything ok and fun:-)
90% to 95% of traders lose money.
The number 1 goal is to survive. Education, persistance is step number 1.
2007-01-26 19:09:35 · answer #3 · answered by spencer 2 · 1⤊ 0⤋
Dear Average Joe,
Do not let anybody talk you into trading Forex. It is an ax murderer waiting to strike. Forex is VERY manipulatable. Especially by banks and their offset hedge positions. Not for the faint hearted? Hardly. If you have millions to invest in Forex trading you still had better be an expert technical anylist, or at least a high ranking government official with the inside track.
I say this because the banks and especially governments who are also in this forum have BILLIONS and you will be stomped like an ant. The safest way I have experienced to trade Forex is to trade the spreads or to trade overnight when London and New York are asleep.
2007-01-26 17:11:24 · answer #4 · answered by Scott O 3 · 1⤊ 0⤋
Proven systems available to the "average Joe"????? You've got to be kidding. 90% of all people that try FX Trading lose all the money in their accounts. There are many Forums on the Web for FX trading.
Be very cautious. This market is neither easy nor simple. If it was, everyone would be doing it!
2007-01-26 15:33:38 · answer #5 · answered by Common Sense 7 · 2⤊ 0⤋
Don't kid yourself the For-ex market is not for the faint of hearts.. Its not really intended for small players like mom and dad accounts.. Its a big arena filled with nasty traders and bankers who know more about the direction of money supple then you and i will ever understand. As a wall street trader in the Global bond market, I see all crazy things.. and one thing I do know, if you don't know what your doing don't play this game.. There is a reason 2 trillion dollars are traded in this market daily.. YOU have all the central banks of the world in it.. Including our own US Central bank.. and banks are in the busy to make money.. not lose it.. Those who do lose are the little people.. IF you want to trade in For-ex type of market .. Play in the futures market.. the cash market your looking to get involved with DONT!!.. Its like opening your window and throwing your 10,000 out of it.. The futures market u can leverage up to 10 times you deposit.. guess right you win guess wrong you lose.. But the thing is you start off small. Experience is the best teacher but at least you will not lose a big amount of money learning.. Good luck..
2007-01-26 14:46:09 · answer #6 · answered by Anonymous · 2⤊ 0⤋
I've read 5 or 6 books on Forex trading. I've spent countless hours studying various technical analysis techniques, and I spent months trading in a demo account before trading with live money. I still lost most of my account value. Forex trading is very tough and the cards are stacked against you.
Don't do it!
2007-01-27 01:52:45 · answer #7 · answered by howardrourke 3 · 0⤊ 0⤋
There can be no proven system that brings on ore than the treasury rate. Why/ cause then nobody would buy treasurieis and everyone wold be in the forex. it is a concept called arbitrage and it keeps all rket efficient.
There is no proven system and to say their is is tantamount to fraud.
2007-01-26 15:41:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋
But it is unregulated market.
If you want to know more about certain practices used by FX brokers see this: http://www.forexbastards.com/
2007-01-26 18:45:13 · answer #9 · answered by efpol2000 2 · 0⤊ 0⤋