What is it with FOREX?
- Thread starter PhiltheBear
- Start date
PhiltheBear
Junior Member
- Feb 17, 2008
- 197
- 96
Why? They get large bonuses because they've made the company huge amounts of money. Seems quite fair to me.
areyouserious
Registered Member
- Jun 21, 2008
- 80
- 188
As a veteran trader (18 years, mostly derivatives) the appeal to forex is simple.
1. leverage with out interest cost.
2. "no commissions"
3. 24 hour market
4. less than 20 Major currency pairs (as opposed to 20,000 plus stocks, mutual funds, ETF's etc.
5. Low capital for entry.
6. Free analytical tools (charting software etc.)
7. The ability to open demo accounts to test ideas, systems etc.
8. wonderful forums where experienced traders share ideas, systems etc. for free.
9. the ability to backtest ideas in an instant without worry.
10. the ability to trade news on a "whole market" instead of trying to identify specific stocks that may be affected.
I could go on but this pretty much sums it up for the hundreds of forex traders I have spoken with.
Seriously
1. leverage with out interest cost.
2. "no commissions"
3. 24 hour market
4. less than 20 Major currency pairs (as opposed to 20,000 plus stocks, mutual funds, ETF's etc.
5. Low capital for entry.
6. Free analytical tools (charting software etc.)
7. The ability to open demo accounts to test ideas, systems etc.
8. wonderful forums where experienced traders share ideas, systems etc. for free.
9. the ability to backtest ideas in an instant without worry.
10. the ability to trade news on a "whole market" instead of trying to identify specific stocks that may be affected.
I could go on but this pretty much sums it up for the hundreds of forex traders I have spoken with.
Seriously
justmeron
Power Member
- Sep 16, 2007
- 652
- 412
I really don't trade, But from an IM standpoint fx seems hot right now. Out of my sites and blogs I get way more post and clix on forex ads. It is very appealing and looks like a get rich scheme. I agree one should paper train for 6month to a year minimum if they are going to trade.
I've traded futures, bonds, options & FX.
FX is hot for a number of reasons:
1) Traditional retail brokers here in the US have been offering FX brokering services in the last few years, so it doesn't seem so exotic.
2) the barrier to entry is much lower because of the much smaller account requirements, for example you can get in with a 1K per FX lot account, as opposed to a 10K per futures contract account.
3) Marketers (and brokers) can sell the living shit out of this with that lower barrier to entry.
FX is hot for a number of reasons:
1) Traditional retail brokers here in the US have been offering FX brokering services in the last few years, so it doesn't seem so exotic.
2) the barrier to entry is much lower because of the much smaller account requirements, for example you can get in with a 1K per FX lot account, as opposed to a 10K per futures contract account.
3) Marketers (and brokers) can sell the living shit out of this with that lower barrier to entry.
Yeah, they just call them something else (ever heard of spread or gotten 5-10 pips slippage during London open?)
s0ap
Regular Member
- Sep 23, 2008
- 218
- 847
That was a huge deal for me when I first started way back when, but eventually you realize that nothing happens between about 9:00 AM and 11:00 PM in the US. The London open is where the real action is, and I am usually still sound asleep at that point in the day.
PhiltheBear
Junior Member
- Feb 17, 2008
- 197
- 96
I think that may be true
but it just seemed to me that there's suddenly a huge proliferation of Forex stuff about. Perhaps it's just me