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Is FOREX really worth learning?

Discussion in 'Making Money' started by charliebne, Feb 27, 2008.

  1. charliebne

    charliebne Registered Member

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    I am thinking of learning forex and/or stock trading...

    Which one is less risky and could make you more money? And what programs would you recommend reading?

    I downloaded the Babypips guide, ima start reading it soon. But not too sure if forex or stock trading are even good choices to make money in...

    what do you think?
     
  2. Given

    Given Regular Member

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    They are both risky really. And since there's a lot of instability in both markets, there isn't a more profitable one. I think forex is less risky...Let me give you an example. Lets say you go into forex. I live in brazil so I am going to use our currency as an example. Last year, the dollar was worth 2 brazilian reais. Now it's only worth around 1.7 You suffered a 0.3 loss or made 0.3 depending on which way you were trading it.

    With stocks, some can simply sky rocket and earn you double, triple,etc.. of what you invested and some can literally fuck you from behind and make you lose basicly all or most of your investment. Not to mention you have to be on top of the news when it comes to stocks.

    I have about 75k worth of stocks invested in Petrobras, the largest brazilian company. They are an oil company. Now, if they have a problem with something or something breaks down, etc... that means that the stocks are gonna go down, which means sell it asap. If they find a new oil source, then that means stocks are gonna go up. So the secret is to be on top of the news depending on what you invested in, and in my experience stocks are way more risky than forex.

    If you do decide to learn forex don't buy a scam ebook or get one of those free reports because they only want money and referral cash lol. Hope I gave you some insight.
     
  3. Essential Clix

    Essential Clix Executive VIP Premium Member

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    Can you refer any good books or ebooks?
     
  4. titalian

    titalian Junior Member

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    I think if you really want to make money off of forex you will need to know the world market and trade in between currencies at their "tweakest moments" if that would make any sense to you guys lol had a few drinks

    Between 2 currencies you are limited to the amount of action you can find or expect. Learn different countries economys and currency with it's effect seems to most logical way to go.

    So basically, the more country economies you can be highly updated with, the more money you can earn from the system.

    There are brokers who specialize in this right now. However, you will need top dollar to get their attention if you know what I mean.
     
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  5. caretaker2007

    caretaker2007 Power Member

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    I have tried a sample forex trading platform by oanda(?) and I won some and lost some. The fun part is to do it while you sleep, so you have to know the national economies of all the pairs you trade and their trading partners, paying attention to all the reports from all of them, so you can gauge the market. If the dollar stumbles, and the EU uses the euro to fortify the dollar what will the yen do? Got me, but something will happen and if you know the conditions you can make good pips while you sleep and the Japanese markets are open.

    Overall, for what I wanted to do with my life, it wasn't learning the global economy to that level. Looking back I guess I said what titalian did in a more long winded way.
     
  6. justmeron

    justmeron Power Member

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    I have a friend who trades a lot of futures and options. Forex and stock tradeing can make you very rich. But it can also put you out of your home and into bankruptcy. My friend always tells me to get one of those programs, many are free to paper train. In other words the program is based on the actual market and you get play money to use. And play it like it was real money for at least 6 months to a year before usening your real money. You loose about 80 -90% of the time. But that 10-20% you win can more than make up for the losses.
     
  7. wendy

    wendy Newbie

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    I think you could do much better with AM promoting and selling Forex programs/courses and brokers then actually trading Forex.

    Their are 1000's of people working for large FI using expensive software trading Forex everyday, trying to bet them and make money is going to be hard.
     
  8. FatHuntresS

    FatHuntresS Newbie

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    Hi i would advise if you really want to get into FOREX or Stock market, u will need to have ALOT of knowledge before you jump into it.

    please read atleast 2-3 books on them.

    stock market is ALWAYS less risky than forex because of many components,driving factors you can analyse.

    make sure you do your homework about the fundamentals , you have to know if you are going to be a trader or an investor. if you want to be a trader u have to be up to date, follow the news and watch CNBC and listen to experts but u cannot trust them 100% you have to do your own homework aswell.

    if you want to be investor i suggest that you become a financial expert or have knowledge in the finance /accounting field or read lots of books on investment.

    Hope this helps, investing is not gambling.
     
  9. Given

    Given Regular Member

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    Sorry, I can't because I've only read brazilians ones and unless your brazilian which I doubt, it will be useless. What I can say though is dont buy an ebook, go for a real book at a bookstore. I've read only 2 forex books in my life and they taught me pretty much everything I needed to know.

    Maybe go to a library and take a book or two out, that way you don't spend big bucks.
     
  10. TheWildOne

    TheWildOne Newbie

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    Thats not 100% true. All these sophisticated programs tend to create inefficiencies in the markets.

    Also have a look at managed funds. They go for small percentage gains so they leave a lot on the table...

    It's not easy to beat forex but it's doable. I'm studying and trying programs like tradestation etc (thank god I got them cheap) for 3 years now and only recently developed 2 very promising systems. I managed to automate them and I'm now testing them in the markets with very good results, I will go live with them only after 6 months of testing.