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How is the forex business?

Discussion in 'Making Money' started by idlemind, May 6, 2011.

  1. idlemind

    idlemind Junior Member

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    Is anyone making a good income from a forex website? Im looking for new ways to make some cash and was wondering if this might be an avenue to take a look at.
     
  2. Chrisss

    Chrisss Senior Member

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    I find the topic very interesting, but the competition is hard.

    If forex is a big interest of yours, then go for it. But be prepared that it's going to be hard work.

    My advice would be to look at a subject with less competition!
     
  3. Nosleepever

    Nosleepever Registered Member

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    Really good business if you treat it as exactly that. A business. Use an ECN and not a dealers desk. Never go over 100:1 ratio especially if you are a newbie. learn to get in and get out. learn to trade when the market is at its busyest.

    pick up 3 pips profit everyday and get out. Compound interest baby. Its were its at. Downside, I lost over 40k when I first started trading fx. Never let emotion get involved when trading. Know your stoploss and be disciplined. ;)
     
    • Thanks Thanks x 2
  4. Nosleepever

    Nosleepever Registered Member

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    My bad. lol. Though he was asking about trading in general.
     
  5. Chrisss

    Chrisss Senior Member

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    Think you might be right and I misunderstood his question. I just assumed that the question was related to IM, but that might not be the case?
     
  6. idlemind

    idlemind Junior Member

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    ive never traded but i see everyone talking about it, ive dabbled with stocks a bit and have been doing sales over the phone for 5years now in my personal business. I noticed a handful of places looking to hire people to trade/sell forex (maybe its the biz to be in?). I was also thinking about a website to capture some leads/buyers/people who are interested and possibly sending them an occasional offer or two....
     
  7. PinkBitz

    PinkBitz Regular Member

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    PM me your email I will send you some info since I can't post links yet.

    Like the others have said tough business but if you can get your foot in very profitable.
     
  8. maybach305

    maybach305 Newbie

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    ^^^could you me pm me 2 i just started with forex this week. some dude called me but didnt really give me the answers i needed. Anybody know a good stock adviser? lol
     
  9. newpro

    newpro Newbie

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    forex trading is good one to make money.if you trade with patience you can make money easily.but stocks and forextrading emans its like a gambeling.you cant control your self and you will get tempt.u willloss.if trdde with patience.you can make money correctly.any way if u need any help u can send pm.with your messnger details i can help you if you need any info about forextrading and optionss trading.and one more good news to black hat forum members.i decided to post my techianl analsyis here daily.i will make one new thred i will post my analsys there .i think that may help to few memebrs
     
  10. Gold Hat

    Gold Hat Regular Member

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    trading is all about psychology if you can get it right you will make bucket loads of cash, if you get it wrong you would go homeless.

    for starters read trading in the zone by mark douglas.
     
  11. iseegreen

    iseegreen Power Member

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    If you are based in the USA and have a website and solicit or try to recruit people from the USA to trade FX - then you have to comply with the govt rules.

    Basically what will happen is that if no-one complains about losing money because of you - you will skate under the radar - but the moment someone complains then you are in a world of hurt.

    There are tonnes of new regulations that apply to Forex so before getting into it read up on them- also do not listen to someone who says I made alot of money from it years ago - things are different now.

    However as long as you market your website to Non US investors or traders then you can pretty much do what you want.

    Just a word of friendly advice.
     
  12. Nosleepever

    Nosleepever Registered Member

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    I put it to you like this. If you are an awsome trader and your personal account is sitting at 500K and you can prove that you are consistant, huge 500 companies will want you on the team to manage million dollar FX accounts.

    I have also learned trading money this big, stick to the scalping method. Be disciplined. Get in when you see green, get out. Get your 3 pips and go fishing.

    When your account has about $100K USD in it, if you trade at about 50:1 you can still make good money. $500 per pip. The move happens so fast you can literally be in and out in lest than 10 seconds with your pips profit.

    Savvy investors will look at this understand compound interest that the forex market brings. 3pips per day = 500 x 5 days a week = $2500 x 4 weeks a month - $10,000 profit. That's with low to moderate risk. 10% ROI monthly. And the bank gives you 5% returns on you money annually.

    If you find someone that you can trust in this indutry and you have some funds to play around with, you could make some serious cash flow. It happens everyday folks.