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Forex Worth It?

Discussion in 'Making Money' started by stealthisblog, Mar 31, 2009.

  1. stealthisblog

    stealthisblog Regular Member

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    Hey. I was just wondering, how many of you have actually made money through forex? I've heard of some people making a lot, but I don't know if its luck, fake, or they're just some of the few people who can actually do it.

    Even wikipedia says its a scam:

    Code:
    http://en.wikipedia.org/wiki/Forex_scam
    Well, has anyone made real money? I hope so, cause if its true I definetely want to get in on this.
     
  2. spankythepyro

    spankythepyro Power Member

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    Its not a scam, but you have to have high starting capital in order to even get a chance at beating the market, even then you have to deal with your own psychology.

    The starting chance I am talking about is LOW LOW spreads, and a level 2 Institutional feed.

    BE AWARE OF BUYING EBOOKS, ROBOTS, SYSTEMS, METHODS, ETC. when looking into Forex
     
  3. blackhat50

    blackhat50 Regular Member

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    comprehend this, there are huge firms moving money, they are the market movers.


    it's the little kids game of "big bank vs little bank".


    you sir, are the little bank, care to play a game with your money?

    you'll have a better chance predicting your own citys 14-day weather.

    for the ones that think they have magical knowledge of how forex works, they are new to investing and use fake money programs to invest. you need huge capital to be able to afford the 500 pip swings that it has during breaking news, remember the forex market is open 24/5daysof the week

    there is no strategy that works 100% thats why theres so many straregies out there to make you feel confident enough to put your real money in,


    to make this short and simple. Go invest in forex today, honestly, live and learn enjoy the experience but don't act like you'll retire tomorrow night or act like you can't lose it all by tomorrow night either.

    p.s. this is comming from someone that has made 5k into 20k within 30 days with fake money. and over 700 transactions.
     
    Last edited: Apr 1, 2009
  4. spankythepyro

    spankythepyro Power Member

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    you don't need captial to handle 500 pip swings, infact that does not happen with most news breaks.

    In fact you shouldn't even be trading around news anyways, limit your exposure to the market...get in get out
     
  5. theprofitpro

    theprofitpro Junior Member

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    I tried Forex for 2 years and spent most of my time learning. I learned that I do not have the right mind set for it and that my capital is to low.
    Psychology and risk are the two most important things when it comes to trading in my opinion.

    Yes stay away from NEWS EVENTS! Scary stuff!
     
  6. wisdom

    wisdom Newbie

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    Several of the posters here mentioned about the importance the size of the capital. How much capital in forex is necessary say to make 2K per month?
     
  7. blackmagiquellc

    blackmagiquellc BANNED BANNED

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    DON'T DO IT

    yet. You need about 40K start up capital. Me and a friend trade for fun and there is good money to be made.

    The trick is to have a base "gamble" amount such as 10K that you'd be willing to lose. As my capital goes up I put 50% into my gamble amount and the other half towards savings/spendings.

    It can be a lot of fun, but have the start up money to make it fun

    :)
     
  8. misterajc

    misterajc Registered Member

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    Look at the URL he quoted:
    http://en.wikipedia.org/wiki/Forex_scam

    Wikipedia is saying "Forex scam" right there in the URL.
     
  9. FilthyCro

    FilthyCro Registered Member

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    dont get why so many people are saying you need HUGE capital?

    its all leverage...forex is 100:1 to 400:1 leverage.

    as for the people saying big banks control forex....yeah sure.......thats the advantage of the forex market.....it turns over 1 trillion daily....so no one controls it!

    honestly just find a good tip sheet and trade it.
     
  10. theprofitpro

    theprofitpro Junior Member

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    Check out forexpease army. Felix is a trouble maker but his heart is in the right place. Google it you will find out who some of the scamers are, ie brokers.

    I used MB trading and they seem to be fare. They keep it real.
     
  11. emgxxg

    emgxxg Registered Member

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    I was all prepared to go to sleep and then i found this post. Before I say anything further, I have traded in Forex Markets and Do trade it once in a while, but its not my instrument of choice, those would be Options, Stocks and Index Futures(e-mini's), in the order specified.

    First to target those who think wikipedia is the final word, think for yourself here, any tom dick and harry can go and write what they feel, i myself have a number of pages i put up there, most are still stubs though!

    As far as the zero-sum game is concerned, almost every type of trading instrument, money, transaction etc is a zero-sum game! if you think that should stop you go dig a hole for yourself, go live there for a few days until u starve n die, it'll save someone the effort to dig the hole at least. Though on a serious note, that's the beauty of the markets, there is always someone betting against you, it could be someone booking profits, losses, buying, selling, short-selling, its always the same!!

    Now to get on with forex, its not really that tough to calculate, one of the main basic principle is the interest rate of the country, if its high, there will be higher demand, hence lesser supply, hence a rally or vice versa, apart from that other factors like the GDP numbers, Ruling Government, Public Opinion etc play an important role. Frankly there are a too many un-related variables that come into play, hence its not worth my time.

    I would ask you to do only a couple of things.
    1) Learn the meaning of risk - There is no easy way to do this, and the best way is by experience, and that only comes with losses, so if you have $100,000 to trade with break that up into 20 $5000 account and start slowly, with control and rules(self set) blowing your accounts, if an account never blows, good for you! Hopefully u'll have learnt quite a bit by the time ur half way through ur capital.
    2) Maintain a journal of trades! ur emotional experiences while trading!
    3) Try and learn more than one style of trading!
    4) Never blow away your whole capital! u'll need to figure this out on ur own!
    5) Dont expect fake money to teach you anything! there is no risk involved and u'll make an emotional wreck of yourself when you decide to go live! unless of course ur style is algorithmic trading, not my style but tell me how it goes!
    6) LEARN TO TAKE LOSSES AND BOOK PROFITS!!

    If ur into reading I would ask you to read only one book, i.e. Trading in the Zone, it has hardly anything about trading itself, but has everything else that comes along with it.

    Lastly, there have been scams in Forwx markets, like all others that sell dreams based on HYIP structures or give u tons of fake money(point 5!!) and get people confident to put in money and hedge their trades and earn tons of commisions, what can I say, its a good business and there are tons of fools wanting to get rich quick!

    Btw, try and find someone who will give u real money to trade with at no or minimal risk. (Hint: Propitiatory Trading, also know as Prop Trading, and Prop Shops, if ur in the US look for Bright(tough entry), and if ur in canada look into swift(they'd hire a chimpanzee who can use a keyboard and play video games) there are others too, do your research)

    Cheers!!

    G'nite

    P.s. I will not be answering any PMs for this topic.
     
  12. Tom

    Tom Regular Member

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    That alone means Forex is a scam? You really believe that? Some people really need to spend more time reading and thinking, and less time posting.

    By your logic, the wikipedia URL of http://en.wikipedia.org/wiki/Investment_scam implies that investing in anything is a scam.

    Please, read more, post less.

    By the way, the wikipedia entry not dedicated to forex scamming schemes is http://en.wikipedia.org/wiki/Forex
     
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  13. Whisker

    Whisker Moderator Staff Member Moderator Premium Member

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    Forex is foreign exchange trading, obviously foreign currencies are not a scam. I would advise you not to trade forex if you can't understand the market, you will end up broke for certain.
     
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  14. spankythepyro

    spankythepyro Power Member

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    Don't listen to the guy who posted the "gambling amount", he actually never makes money off of skill, if you take forex as a gamble you're going to lose money, treat it as a business

    Also fx is not 100-400 leverage.... its anywhere from 1-400, with most legit banks only allowing a max of 50-100 lev
     
  15. MikeHustle

    MikeHustle Power Member

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    High Leverage will kill you. The number one thing is money management.

    Stay away from day trading.... I know that it's sexy, fun, and feels like racing downhill on a winding road, but DON'T DO IT!!!! So few people are successful day traders. I would suggest a trend base system that is BASED ON PRICE, and not on a whole bunch of lagging or predictive indicators. Trade off of the daily chart, wait for trends to emerge, and keep your ass out of the market when you can not blatantly recognize a trend on the daily chart. This is hard because it takes discipline, and it removes the thrill out of trading. Develop an exit strategy... Remember that markets only trend 25% of the time, so 75% of the time you will not have your money in the market. In essence, catch the major moves and trade with the big banks.

    With good money management you can start with almost any amount. There are micro accounts, your return will also be micro, but don't let people tell you that you need X amount. In the beginning you should start off really small. I don't recommend using demo accounts for an extended amount of time because you need to learn the psychology of trading, and have to have the mental toughness to stick to your strategy when things go bad (THEY WILL), and you must NOT become overconfident when your making 'easy' money.
     
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    Last edited: Apr 1, 2009
  16. plut0

    plut0 Regular Member

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    Forex is about money management (Risk/Reward Ratio management). Between Fear and greed.
    The point on forex is to take best time to in and out.
    Trader are believe there is no holy grail. Just dont hear the bullshit out there.
    Try to find the best methode that suite you.
     
  17. blankbee

    blankbee Newbie

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    40k were such a huge amount for start up. don't really get it. maybe should expert the simulation 1st before into real trading.
     
  18. blackhat50

    blackhat50 Regular Member

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    i take it you don't follow eur/usd pair? whatever you do, don't look at its 5 year chart. thanks in advance.
     
  19. stressfree

    stressfree Senior Member

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    so much B*S* here....

    forex is a business. Treat it like one and you can make money. Gamble and you will lose it all. End of.
     
  20. stressfree

    stressfree Senior Member

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    non-sense I have done this successfully for years. In fact I find it rather boring now but it makes me money...