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Forex experience anyone?

Discussion in 'BlackHat Lounge' started by endorphine, Jul 14, 2011.

  1. endorphine

    endorphine Newbie

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    Hi there

    So I started with Forex trading a few days ago, because I don't like the stress and the addictive potential in sports betting. Despite discovering my hidden talent for buying at the highest possible and selling at the lowest possible price, I made some small profits, but they pretty much even out with the losses. Normal statistical distribution. Now I have a few people constantly telling me currency speculation were no gambling, but I assume it's just too easy to fall for the illusion it were none. All the "strategies" and "systems" I've seen there so far were barely more than quite esoteric ways to hide the blatant rest risk from someone who sucks at math. Still I hope someone can prove my impression wrong and give me some advice where to find useful material how to get the odds far enough to my side.

    Thanks in advance,
    endorphine
     
  2. endorphine

    endorphine Newbie

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    So, talent or not, after seeing a narrow spike with exactly the right amplitude to just hit my stop-loss line the third time in four hours, I got suspicious. And compared the price index of my online market maker with the index of the London stock exchange. Looks like plus500.com is really creative in its exchange rate calculation. That's worse than gambling. And finally explains how they can afford the huge bonus offers they advertise with. Looks like I have to find reputable traders first before I take care of the other stuff.
     
  3. SpareTimeBillionaire

    SpareTimeBillionaire Registered Member

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    Forex speculation is gambling, as is commodities trading, share day trading etcetera and so on. It's just respectable because it is undertaken by men in suits and not punters in cloth caps ;)

    That said, I have done it in a small way for many years and even now have a fund you can watch on myFXbook called SpareTimeBillionaire. There is a busy forum there where you may find helpful advice, particularly the art of choosing the right broker and which robots work better than others.

    It is gambling though, don't kid yourself it's a morally good thing that makes the world a better place, just console yourself that you're no worse than the high moral guardians of society like Goldman Sachs and Citibank...
     
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  4. endorphine

    endorphine Newbie

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    This forum will keep me busy for the next days. Looks like a good entry into the field. Thanks.

    I don't value moralistic judgements very high. But it's good to have some appropriate answers for the people who do.
     
  5. kusai

    kusai Regular Member

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    Well I assume you are into forex to make money right ? So take my advice its worth $50K (cause I learned it the hard way after loosing it) Dont trade forex. If you really have $50K or close to that to burn, then trade CL and make huge chunks of money. Its safer than forex, low volatility, and possibility to wait long term too.
     
  6. wantsuccess

    wantsuccess Registered Member

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    FOREX- not for the common man...the most money in any niche is made by the person selling the info on the niche not persons involved in the niche...

    ex: the only people making big buck in the forex niche arepeople selling courses or seminars 1-1 coaching etc...and the big investors who invest as a profession (wall street)

    same in the IM niche the people selling you push button softwares ,seo, traffic, product creation etc make all thier money from selling the info not from the actual niche itself...they don't use the stuff they sell.or very seldom you find a marketer whose actually actively using the methods he teaches...

    the monies in the info...

    thanx and i have an affiliate site that pays $1000 per sale...anybody wants it it's free but only if you go through my link...it's being sold for $27 elsewhere...include complete marketing strategy with a new twist enabling you to have little to no competition
     
  7. softwareprogram

    softwareprogram Junior Member

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    Well I used to play with 10k .. and what I calculated that I was doing like 4% every month .. because you have to do is like .. addiction .. I suggest you do options .. it's better than forex and secure
     
  8. softwareprogram

    softwareprogram Junior Member

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    I am doing Options at the moment .. try that .. money is insured .. :) let see how it converts .. at the moment I am doing with 25k and profits are around 3% monthly (compared with last 6 months calculations)
     
  9. webnise

    webnise Regular Member

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    I am also new to Forex and working on some demo accounts from last few weeks.

    I am sure it is very risky but if you can keep your R:R and your emtions in control, then you can avoid any big loss !

    For reference, you can check babypips.com and forex-strategies-revealed.com.
     
  10. Mercury363

    Mercury363 Newbie

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    Guys as with anything forex is a skill that must be learnt and developed over time, it is not a get rich quick scheme and to be good at it you have to be disciplined and work hard.
    You don't turn up at Uni on your first day and expect to come out with a masters on your second do you?
    If you are looking for some actual trading advice head over to my blog. It is geared towards beginners and will give you some good advice on what to go for and what to avoid to help you make some forex profits!
     
  11. Bross

    Bross Senior Member

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    Forex is gambling and the brokers trade against you.
     
  12. kawarimi

    kawarimi Registered Member

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    Forex is for people with alot of discipline. It is best to start off with a free account and work towards finding your favorite strategy. Once you have your favorite strategy, use it and trust it. If you want to test a new strategy, go back to the free account.

    Remember to always use a stop loss.
     
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  13. premiumsource

    premiumsource Senior Member

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    I highly disagree on both points. Forex isn't anything like gambling because a good trader can find a significant edge, which is close to impossible in gambling. Once you have an edge the sky is the limit with a proper money management and risk to reward ratio.

    Only bucket shops trade against you. That is why, it is absolutely crucial to find a reputable ECN broker which does not take positions against you. They strictly profit from spread and/or commissions.

    Hope this clarifies some of the common myths.