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Want to know a bit abour forex.

Discussion in 'Making Money' started by varundbest, Mar 29, 2010.

  1. varundbest

    varundbest Jr. VIP Jr. VIP Premium Member

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    Is it legal in india?
    Best website to use for forex?
    I can only do paypal but have a debit card and can use it if forex is legal.
    Is it profitable?
    Any suggestions?
     
    Last edited: Mar 29, 2010
  2. voyevoda

    voyevoda Regular Member Premium Member

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    Trillions of USD is traded daily on the forex markets. Someone, somewhere, is making money on it. :)

    You should read "Fooled by Randomness" and "The Misbehavior of Markets" before you get into forex. Anything promising a return in a certain amount of time should be avoided.

    You can get demo forex accounts on almost any broken website, such as fxcm.com (they give you a $50,000 USD account you can use to practice with using real market data).

    Learn about the major currency pairs (or minor if you want to trade them) and the exchanges to start.
     
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  3. varundbest

    varundbest Jr. VIP Jr. VIP Premium Member

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    I made an account on etoro, is it good?
    Code:
    http://www.etoro.com
    Well i saw their seo data (as i am SEO guy) and thats great.
     
  4. kenblack

    kenblack Regular Member

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    I own both FAP Turbo, and Megadroid. (if you are lazy like me, and don't like to waste your day staring at graphs).

    Do they work? Yes.. but you need a sizable investment (5K or more) before they are worth while.

    You can sign up with any off shore broker (UK preferred) but you need a direct bank deposit. I've not met any brokers that do paypal due to fraud, etc.
     
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  5. superspiderman

    superspiderman BANNED BANNED

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    Is it legal in india? - Yes and there are quite a few Indian based brokers

    Best website to use for forex? - Go with a Metatrader Based Broker - That way you can use Expert Advisors (Sort of like Bot's that trade for you)

    Is it profitable?/Any suggestions?- The Vast majority of Newb's, like IM, lose in forex, however if you are smart and willing to learn and study the markets you can be successful. If you have computer programming knowledge even better as you can design expert advisors, which trade 24/7 without human intervention.

    Fap and Megadroid are good EA's but recently they have lost their effectiveness. Fap depends on the EURGBP having a ranging pattern during the Asian Market Session, and recently it has not been performing this way.

    I myself am a professional forex trader and I also code EA's on the side. If anyone else wants anymore info or wants to JV in the forex/IM arena hit me up and we will see if we can work together.
     
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  6. varundbest

    varundbest Jr. VIP Jr. VIP Premium Member

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    How much profit can 200$ make as i dont want to throw a lot.
     
  7. varundbest

    varundbest Jr. VIP Jr. VIP Premium Member

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    How much profit can 200$ make as i dont want to throw a lot.
     
  8. Bross

    Bross Senior Member

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    Forex = Casino.

    They make money when you lose. These guys are going to hell.
     
  9. Curt7

    Curt7 Junior Member

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    You are almost 100% guaranteed to lose your $200. It's not near enough money.

    I used to trade commodities. My friends shifted to Forex, and have been involved in that for several years.

    One of the things that will happen is that your demo account will not work like a real account. The major difference will be that you can't get in and out of a trade exactly where you wish, even though they tell you your account is real time.

    Another thing you should be aware of is that you will need several good trades to make up for just ONE bad trade. You can have half a dozen good trades that build up your account, when suddenly you get one bad trade that wipes out your account. That's a hard concept to get your head around until it happens to you, but it's the reality of trading.

    With all of that said, I will tell you that I did, and still could, make money trading. It was never a case of not being able to predict which way the market was going to move. It was a case of timing. You can see what is going to happen easily enough. But, when to enter the trade is another thing altogether. If you get in too early and the market doesn't go your way for a few days, it can devastate your trading account, unless you have a lot of money in it.

    One of the primary things I came to hate about trading was the tremendous emotional ups and downs. When you're winning, it's great. But, I got tired of being sick at heart when I was losing.

    The most valuable advice I ever received was from a broker who told me to decide how much money I wanted to make "today". He told me to get out of the market just as soon as I had made it. I didn't really want to be a day trader, but from my own experience and watching the market, his advice would have worked best.

    Whatever you decide, good luck. I wish you well.
     
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    Last edited: Mar 29, 2010
  10. kenblack

    kenblack Regular Member

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    There are some penny forex accounts (depends on the broker) you can get that you can find with $200 and last you a great long time, but will never amount to anything substantial as you are trading pennies and not dollars. It is a great way to get started and learn, after which you can upgrade to a normal account and fund it with $5k or whatever their minimum is. This type of account you can make good money, but can also lose it all in a day if you are not careful.

    All brokers offer practice (virtual money) accounts for free which you can use to practice trading, so once you are confident you can then open a live account.
     
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  11. wojos

    wojos Registered Member

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    FxPro broker is ok for small deposits. Start trading on eur/usd 4H with ichimoku and price action. Google for "trading naked" and "reading charts bar by bar". You will be in profit after half year training on demo account.

    Have a good pips :)
     
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  12. futuremills

    futuremills Regular Member

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    where can u find one of these penny accounts?
     
  13. varundbest

    varundbest Jr. VIP Jr. VIP Premium Member

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    I got etoro and they have like = 0.0000 so it is penny right?
     
  14. varundbest

    varundbest Jr. VIP Jr. VIP Premium Member

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    I made 143.29$ out of 100$ within 2 days :cool:
    Just use brain, look at chart and take nice risk (even rise of 0.02 can get you twice your amount!) But you can loose everything so have a wise look at graphs. I used practice account for 2 days and made profit of approx 300$ out of 2000$ (Coz, i didnt used up all of 2000$)
     
  15. m1ll10n3r

    m1ll10n3r Newbie

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    After a few friends tell me about the market, I decided to "jump in" and make a practice account...

    This was 2 hours ago, since then, I take a read in a few websites... since the real mode is not open, I was not able to play using the real market status...

    But in the play mode looks like it's a very simple system, you buy when something is up or down, and sell with a small difference (that can be alot)

    I was really thinking in create a account with exacly 200$, but every site says that it's a certain lost...


    But if I put 1000$, it's a certain lost too? What's the big difference of loosing with 200$ and 1000$?
     
  16. Kingfresh

    Kingfresh Regular Member

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    Dont use Etoro, google it - just bad reviews , and there is a reason why bigger cpa affiliates host etoro campaigns ;) - cause its fraud :p (Like the acai shit hosted by cpa companies ^^ )
     
  17. solar2010

    solar2010 BANNED BANNED

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    no pain no gain..lol
     
  18. MoneyMakerMatt

    MoneyMakerMatt Junior Member

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    My advice as someone who dabbled in practice trading for 2 weeks as well as learning everything I could about forex is not to do it. If you are looking to make money soon, or even within the next 6 months don't trade forex. Forex is something that seems to take years to truly be good at, and alot of hard work and mental strength. It seems unless you are a natural trader, you will not be profitable consitently until you have traded for quite a while.

    You have to truly WANT to be a forex trader, for whatever reason, simply because you would be better off and make more money doing Affiliate Marketing. When you make money with Affiliate Marketing you rarely would lose it 2 days later unless you were frauding leads. With forex however, you can lose it easily, and that is what typically happens to new traders for quite a while, which is why I say you really have to WANT to be a forex trader. Also we are in turbulent market times and the markets will be very chaotic in the forseable future as nearly every country has serious soverign debt issues which effect currency prices. Its a great oppurunity for people who know what they are doing, but could be a death trap for a noob who doesn't know how to trade safely and hedge his risk. I switched to IM after 2 weeks of trying out forex trading just because I understood how huge a committment forex was and how low my profits would be for the 6 months to year out that I was looking ahead. I am very thankful I made that change. I did already know about AM and had done it some before though I just needed a way to make money from home cause I was stuck there. So far ive made over 4k in the last 4 months off AM and I know I would not have made that much doing forex. Also starting capital is important, if I were to take 10k of IM money and put it in a forex account I might actually stand a chance at making some profit since it would not take many pips to earn, but starting with 500$ like I would have you won't make hardly any profit even when you do make money, but also you won't lose much either so thats the only safe way to practice. I have read that you have to expect losses when you learn, and it is very true. If you are interested in forex try it out on a practice account for yourself and chances are you will come to the same conclusion I did, or you will have success and that is great.
     
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    Last edited: Apr 3, 2010
  19. m1ll10n3r

    m1ll10n3r Newbie

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    Ok, I m not an experience trader, or even a trader haha...

    But from my point of view, the best thing to do is set a daily goal... like, make 50$ profit with Forex today, 30$ tomorrow, 80$ tomorrow...

    And set a loose goal too, like loose 50$ per day, maximum...

    I dont know anything about forex, but I m pretty good at poker, and I never loose money....

    But to be honest, after everything the people are saying, I m very afraid of invest in this market...
     
  20. voidale

    voidale Jr. VIP Jr. VIP Premium Member

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    You better go to casino more fun ;>