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Does any one have experience with Forex ? | I'm gnna try this out :)

Discussion in 'Making Money' started by blackpayman733, Sep 9, 2012.

  1. blackpayman733

    blackpayman733 Jr. VIP Jr. VIP Premium Member

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    Does any one have experience with Forex ? I'm going to try this out, Share your ideas with me and tricks.
     
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  2. sheep123

    sheep123 Junior Member

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    Isn't Forex like Currency Trading?
     
  3. blackpayman733

    blackpayman733 Jr. VIP Jr. VIP Premium Member

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    yeah forex trading
     
  4. captchadreams

    captchadreams Power Member

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    My brother use to do forex in 2004.. and he had some guy he followed.. I think he had to pay like 60$ a month or something.. but he would email them before he did anything in the market.. that way you could setup the same way he was doing his and make money. My brother and a few friends used a test account for a few months before actually putting in real money. I think they had a few of them going testing out different people to follow.. and when they found the right guy.. they ended up making some nice profits.

    I tried searching for the guy, but he doesn't appear to be doing it anymore.. at least to help out other people.

    I was curious if I could find someone else to follow and just make a play account first to test until I knew it would work out. I found a few sites that looked like social networks for forex traders. I'm really curious if they work out like I'm thinking. cause you could easily just follow some of them. a lot has changed since 2004 forex. so I think it might be a possibility.

    here's the site, let me know if anyone has experience with something like this.

    http://www.etoro.com/openbook.aspx

    it even has a copytrader so you just copy everything they do.. but you can't be in the US to use copytrader.. but still you could watch and set it up yourself like my brother use to do.
     
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  5. seo-dude

    seo-dude BANNED BANNED

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    Forex trading requires some understanding about the macro economy & should follow some trending charts & technical charts if you want to minimize the risk. Also don't start trading just because you read somewhere that someone made fortunes out of it. Investopedia is good source to start with lot of information about capital market.
    And again nothing will guarantee you to make money, so be careful when you play with it.
     
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  6. claretnblue

    claretnblue Newbie

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    My colleague did/does it.

    He has spent hours and hours reading about it, a fair chunk on software and still thinks it is hard (though very exciting.)

    Money can be won or lost in seconds, it seems to be something that you really need to know what you are doing before putting real money into it.

    Clearly it can be learnt but I would say do your home work and make sure you know what you are doing before playing with serious cash.

    good luck with it.

    edit to say my colleague told me to read this: Reminiscences of a Stock Operator by Edwin Levefre. Seems a lot of folks in trading have read it and re read it.
     
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    Last edited: Sep 9, 2012
  7. donnybluejeans

    donnybluejeans Regular Member

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    My advice is if you still have questions about it then don't do it. Unless money is a non-issue for you, you will lose money.
     
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  8. nosinbor

    nosinbor Newbie

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    check out baby pips, lots of info. my advice learn the basics. do not use robots or buy systems. only trade one pair, get to know it like the back of your hand. demo trade till you can consistently make a profit. money management only risk 1 or 2% of total capital per trade or trades. risk to reward 1 to 2 min. i could go on and on; Get use to living on London time.
     
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  9. sprice

    sprice Regular Member

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    It's EXTREMELY hard to make money in it. You should fool around with it a little bit to get a feel for it, but many people (including myself) find that it's not for them after a few months. You have to go into it understanding that it's like trading stocks, if you work extremely hard to learn the market you can make a lot of $$$, but for regular people it's best left to the pros.
     
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  10. Dj Co2

    Dj Co2 Elite Member

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    My advice is don't do it unless you know what you're doing! I lost $1500 in forex which if I would have invested in some micro niche sites then I'd have earned back more than my investment! It's a really tough business and due to the global recession these days it has become even more tougher!
     
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  11. nytrolic

    nytrolic Registered Member

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    Its not easy, there is profit in there, but you really gotta know your stuff to extract. I tried and lost money - and i know plenty of other people that have lost some serious money on Forex.

    Go for it, but my advice is stay small until you know what your doing.
     
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  12. haki_master

    haki_master Regular Member

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    Forex can be exciting but its super risky as well , one day you can make big money and the other lose a lot.It is all about money management , check out "forex peace army" you will find a lot of useful stuff in there
     
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  13. browsing_hosts

    browsing_hosts Regular Member

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    I do Forex trading and binary options trading, if you are starting out you have a lot to learn you should do as much research as you can about picking the correct brokers go ECN STP brokers if you have the capital avoid dealing desk execution brokers they will hedge against you. Once you have a good brokerage you want a good connection like a VPS look in to beeks vps they are directly connected to certain brokers using a fibre connection in the exact same datacenter you can get under 1ms latency helping to avoid slippage. Next you will need to use a wide variety of technical and fundamental analysis to make a decisions do not just rely on one technical indicator have a clear understanding before the trade that all this information you have will be correct. You need to understand trader reaction and not react directly to news feeds and see what is happening to the markets. Visit FX Empire they have a lot of great information everything plotted out on the charts such as trendlines, breakout points Fibonacci pivot points etc. It is a great resource. Start training with a demo account for few months then use risk capital (money you can afford to lose) to do live trades. Gd Luck.
     
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  14. fbones92

    fbones92 Registered Member

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    Unless you have a sound metality and patience and can stick to a game plan then i would stay away from it. Might as well go to the dog or horses and put it on number 3. Take it from someone who lost a small fortune trying to play with the big boys. I started 06 and made good money and the we had credit crunch in 07 and all the rules went out the window. Its fine for pennies and dollars but lets see you hold a trade $5k in the red , close it to see it rebound over the next 2 months :)

    Stick with hard work and lasting profits, forex is gambling and you'll get bent over.
     
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  15. tim45

    tim45 Newbie

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    How are you planning on trying in forex? By trading manually or you need some advisors? For the first option i cant really comment anything usefull as i am not a trader myself , but for the second option i can recommend a good service named zulutrade. You can choose among thousand of forex traders to trade for you , for free. The website offers transparent statistics about every trader so you know who are you dealing with. Its a very handy service for people that just started with forex and have no much knowledge about the markets.
     
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  16. CazuaL

    CazuaL Jr. VIP Jr. VIP Premium Member

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    So people have mentioned a "Demo" account, how do i go about finding one of these as im interested in having ago without risking any money.
     
  17. haki_master

    haki_master Regular Member

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    every forex broker offers a free demo account with capital in it , you can play safe and test various strategies this way untill you feel comfortable to enter with real money but let me give an advice , when you will start with real money its a whole different thing and you need discipline to keep the emotions out of your decisions and judgment or you wont last long
     
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  18. Gold Hat

    Gold Hat Regular Member

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    I prefer trading indices like S&P500, not volatile at all and easy for a newbie to start.

    The best and only way to learn is to put money out there and experience the markets yourself, i lost about £5000 when i started but it helped me become a better trader and looking back at it, i think i did the right thing. Its better to lose £5000 in the market than spending it on a training course.
     
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  19. blackpayman733

    blackpayman733 Jr. VIP Jr. VIP Premium Member

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    Yeah I tried it and lost over $500 lol :(
     
  20. christianbed

    christianbed Jr. VIP Jr. VIP Premium Member

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    Yes, this exactly! Also, get comfortable with basic technical analysis...Google it. Baby pips is a great resource as well.
     
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