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Opinion on forex ?

Discussion in 'Making Money' started by Sjutaboy, Sep 10, 2014.

  1. Sjutaboy

    Sjutaboy Newbie

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    After reading some interesting articles/books about forex, I'm willing to try it out myself. It sounds a bit too easy and I don't believe there's any easy money to be made in this world, any tips or insights from forex traders on this forum ? I'm not asking for any hand outs ! I just want to know if it will be worth the time if I put my focus and time in it, thank you.
     
  2. bigbroski

    bigbroski Newbie

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    No... ugh... i get so flustrated everytime i see guys like you, fooled by ads on specific sectors, that think you can make easy money. Forex, Internet Marketing... you name it. You will most likely fail, unless you have a degree in Ivy League school, or you are some autistic genius, who has sharp fucking focus on forex, and every information he reads, he remembers and automaticaly puts 2 and 2 together. Forex is huge... like ridiciously huge. If it would be possible to make money with some techniques, or by looking at patterns, everyone would abuse the shit out of it. It is already happening, but only trough HFT and algorithmic trading. And then, we have firms that have army of analysts that work 12 hours / day, to bring home xx% annual return. Forex is for big dogs, and when small dogs try to snug themself in, they get bitten in the ass by reality.

    Just try a demo account, and trade it with your "laser focus" and hard work for a month. You will get your answer.
     
  3. myinternetempire

    myinternetempire Jr. VIP Jr. VIP

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    Forex is not an easy business. It is a risky business especially for new comer. Sometime new comers make some money from this market. The only reason of such money is luck. In Forex market luck can help to make some money. But if you rely on your luck, you won't be able to win in long run. So take your time and learn about Forex market.
     
  4. joshposh

    joshposh Newbie

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    Forex and trading in anything is gambling. Just be careful. I've been on and off of trading Forex for 7 years and I'm still learning. The market is always evolving and changing. When they change so does the learning curve. Do your demo trading for awhile, and when you are ready to trade with real money. Start off small with micro accounts. When you get comfortable and confident then bump up the trading with your winnings.

    If there is any words of wisdom that I can give you it is:

    1. only trade in the direction of the long term trend

    2. keep an eye on the psychological level, 0.500 and 0.000 levels

    3. Never chase price action. Wait for the price to come back, then get in.
     
  5. Aty

    Aty Jr. VIP Jr. VIP

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  6. I-marketer

    I-marketer Regular Member

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    You can make more money on forex by (re)selling books, indicators and trading systems than by trading itself.

    This is how real money is made in ivesting, trading, real estate...
    Take for instance famous robert "kawasaki" who knew nothing about investing, but wrote a fictional book, labeled it as non-fiction and sells thousands copies per day. It's called rich dad poor dad.
    Forget about trading. There has been too many unsuccessful journey threads on this forum. Give people what they wanna hear and you will make serious cash.
     
  7. codexehow

    codexehow Power Member

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    Too easy? Which books have you been reading? :p

    No, I get what you mean.

    Those books make it sound like all you have to do is put up two moving averages and you can print money.

    The reality is very, very different. I've been trading for 10 years, and I can tell you that it's not easy.

    Technically, there are systems that you can use to achieve a high probability of success, but other factors—such as fear and greed—get in the way.

    This article is a good place to start:

    http://oracleoption.com/archives/214

    This is true 90% of the time. If you have the patience to master trading—and yourself—you can make tons of money.

    Not really. There are high-probability setups out there. You just have to have the discipline to stick with them.

    95% of traders fail. The reason is in the article I linked to above.
     
    Last edited: Sep 30, 2014
  8. wallstreetque

    wallstreetque Newbie

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    I'm a full time trader...trading can be very lucrative. However you must commit to being disciplined and learn as much as you can from someone who is already doing it and making money!!
     
  9. petrovski

    petrovski Regular Member

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    Head over to babypips.com, go through their School. Then Forexfactory.com. Read up on MM. Find something you like and stick with it. Forex can be as simple or as complicated as you want it to be. There are no shortcuts to making money online FULL STOP!

    Oh yeah and don't believe the B.S, and dont get lost in the myriad of systems/methods/Bots/Gurus blah blah blah....Find what works for you and stick to it, no matter what!
     
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    Last edited: Oct 6, 2014
  10. Tiddlywink19

    Tiddlywink19 Regular Member

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    I have tried Forex, along with virtually every other type of "alternative" trading and really it is just gambling. You are better off day trading stocks on nasdaq etc., than using forex. There are a few cheap martingale style videos out there of people turning 50 dollars into 4000 or whatever. I can say personally, I invested $200 after watching that video, made 150, then lost it all back down to where I started, I ended up withdrawing I think $215, and that was after doing it all night. Honestly, unless you personally are a guru, I would not recommend it.
     
  11. parnchi

    parnchi Regular Member

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    Go and Try Your Luck :) :)
     
  12. bigbroski

    bigbroski Newbie

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    Hope you did not got excited by these silly jokes. If anyone recommends you Martingale, laugh into his face.
     
  13. mickyfu

    mickyfu Jr. VIP Jr. VIP Premium Member

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    If the articles and books you have been reading make it sound easy, then they are quite simply sales pitches probably stuffed with affiliate links.

    I will tell you what is very easy in forex, losing money, unless you have a seriously big budget.
     
  14. ammarm

    ammarm Newbie

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    I think forex is not everyones game.
     
  15. trunkss

    trunkss Newbie

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    Occupation:
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    I trade whenever I see a big opportunity.

    So far this year I've made about 2000 eur, it's not much, but I play it VERY SAFE:

    For example when EUR/USD was !1.40 and the FED said that it will start reducing QE while the ECB was just starting, you don't have to be a guru or a math genius to see where that is going... Now it's down to ~1.26. I got off at about ~1.34.

    EUR/GBP was at a 4 year low and after the scotish referendum the GBP got even stronger, it was unjustifiably strong. So I bought some EUR at <78, now it's at ~79,5 and going higher, I've already sold more than 50% and will probably be out soon since hte Eurozone is not doing well.

    EUR/USD and EUR/GBP is what I usually trade.... Sometimes AUD/USD or NZ/USD, but very little.

    Oil is interesting at the moment:
    Because of the Russian crisis, the US and Saudis are keeping the price low in order to suffocate the Russian economy, they can't take it much lower because then they will hurt the shale companies, I expect it to stay at around these levels until we hear some good news from the Ukraine.

    So my adivice:
    If you have an actual interest in economics, the markets, politics... Then you may consider forex. Otherwise don't even bother.
    I read a lot of finance/business news so I have an idea about what's happening and where the markets MAY go, technial analysis alone is not enough.
     
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  16. halesno

    halesno Registered Member

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    It's not easy.
    Take it from someone who got all hyped up reading different methods online, studied every aspect of forex for months and traded on a demo account every day for a few months as well.

    You can't even compare trading on a demo account to trading live.
    On my demo account I traded exactly how I planned to live.
    Same capital, same leverage, same limit, same take profit/stop loss difference, same everything.
    In a few months on the demo account I made over $100k in profit and was incredibly hyped.
    Opened up my live account.
    Lost half od my capital day 1.
    Made it back day 2.
    Decided to try and get to my day one threshold on day two.
    Lost about a third of my capital.

    I ended up emptying the account with a total of $41 left.

    Murphy's law.
    Unless you can trade with absolutely 0% emotion and be popping Modafinil all day for focus, it wont happen.
    You'll waste time and money and cause stress to yourself.
    If you want to get into it then find a trading firm that trains and join up, trade on their capital.
     
  17. darryl05

    darryl05 Newbie

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    I appreciate your post here, from what you have written I believe he would come to understand that forex is not an easy market to venture into...one must be very committed to it.
    And to add to your list here, choosing the right broker can be another key factor in terms of succeeding in forex. Such ones would make your stay in forex very easy.
     
  18. hopsie2

    hopsie2 Registered Member Premium Member

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    Unless you have money you don't mind losing, then dont try it. As yourself if its so easy, how come experts in the big bank make losses to the point that those banks crumble. Just saying! theres a lot of money to be made in fx as much as there is to be lost
     
  19. Jubv

    Jubv BANNED BANNED

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    I've been trading for around 4 years now and can tell you that it's anything but easy - you will lose money, period.

    There seems to be a lot of forex talk going on around here and I've posted my opinion around enough to start boring people, so I'll keep this one short :)

    If you want to get involved, understand that it will most likely take years before you see any profit. Best thing to do in my opinion is to put $1000 or so into an account and trade. I done that and blew my account within 3 weeks, but if I didn't make that mistake then I wouldn't have learnt many valuable lessons.

    Some more things (based on my experience):

    Trade on longer timeframes, I don't touch anything below 4H.
    Stick with the majors at least until you become profitable.
    Practice proper risk/money management, I don't risk any more than 2% of my capital per trade, 1% most of the time actually.

    Also, "Enhancing Trader Performance" by Brett N. Steenbarger is an excellent book.
     
  20. dondizzle

    dondizzle Newbie

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    inbox me bro i got a 5k training ill give it free