Im a newbie at this stuff and there's a lot of FOREX brokers out there, what the best brokerage firm that I can join? Please help.
There is a bit more to it than just finding the right broker. Send me an email and I will send you a Forex startup guide.
Paul
pupp52@yahoo.com
I mean something like with a language for it, like TradeStation is for stocks and futures and MetaTrader is for forex. (I also want to trade the underlying too).
RTS, Aquatant, ProOpticus, Microhedge.
I'm a college student who won a chunky settlement and have been using it to pay for my living expenses. However, sick of seeing my bank account slowly deminish, I've been searching for a way to make enough money to pay for gas, beer money and sushi that only consist of me sitting at my computer for an hour or two a few days a week. I came across Forex trading and have been researching it thouroughly. After reading daily journals of traders it seems almost all of them barely break even in the long run. I feel they might as well be playing online poker. Is it worth it? Any other ideas? Is futures trading any better?
Well first of all I don't know of any successful Forex traders that post their journals. They are quite happy to make a nice return on their investment without having to toot their horn
There are some conservative strategies to invest in the forex market that many people consider too boring and evidently not complicated enough. It seems there is a breed of players entering the Forex market the same way they would belly up to a roulette wheel in Las Vegas.
I ran an analysis a couple of weeks ago that you may find interesting. First of all it is important to note that this is based on historical prices and is not necessarily representative of future results. But it is interesting.
Let's say that you opened a conservative hedge trade on the 1st of any month this year.with $10,000 and used a conservative margin of 10% You just let the account sit and didn't touch it what would it have looked like on 7/20/2007 (the day I ran the analysis).
If you opened your account on
Jan 1st = $13,161 on 7/20/2007
Feb 1st = $13,645
Mar 1st = $11,924
Apr 1st = $12,045
May 1st = $10,473
Jun 1st = $10,530
None of these accounts would have ever been close to a margin call and the Jan and Feb accounts would seem to have faired quite well through the China correction during late Feb / early Mar.
So I guess the morale of the story is that it is not the Forex market that is the problem. It is the human elements of greed, fear, lack of knowledge and lack of a conservative investment strategy.
It's not what you do it's how you do it!
Good luck with your decision process.
Paul
I have been trying several platforms and reading reviews. Virtually every platform has someone warning you it is a scam. I have forgone FXCM and I am trying Interbank right now. Does anyone have alternative suggestions? I'm looking for ease of use regarding limits, stops, fast trade execution etc.
I have used GFTFOREX and like it but I am holding lots over time. I have looked at Interbank and like the chart features but never traded. I have used FXsolutions and liked the ease of use and the way it looked. I have looked in to Forex.com and ac-markets.com. one world forex. It just depends.
Over the years i have problably read more books than i can count but i thought i will compile a list of the best that i have read. Check it out at http://www.geocities.com/lcming/Forexbooks
hi
i want to become a forex trader but first i need to use an automated system to make some money and get better about it
most of the people offer me to use forex-tracer or forex-killer
i want to know if they are safe and really working
(please note that) if you tried one or both of them i will be very happy hearing about their experiences
(and if you heard about forex loophole or silicon forex can you please tell me about them)
thank you all..
I have tried Forex Tracer and Forex Killer.
Forex Killer is my favorite forex software and has made me some money.
I have tested Forex Tracer and results are quite good but I’m not too keen on totally automated trading for forex so I’ve not trade aggressively using Forex Tracer except on paper.
Not tried Forex Silicon but I heard a lot from my friends about Forex Loophole. It is supposed to be an improvement of the Forex Assassin which was highly successful.
Anyone know about forex automonay?
Is it scam?
If someone joined, please describe what is forex automoney actually work?
Join as trial membership, then pay real membership fee per month after trial, is it…..????.
I used to be skeptical on the autopilot approach to forex. But lately there are many sophisticated software systems that came out and I have to say I am impressed.
So far I have paper traded on 3 of these software and they are giving good results. In fact, I'm been trading on Forex Killer and I have made some money since I started.
I don't know about automoney but I tend to be less keen on memberships. I would rather generate my own figures.
The beauty about this is new comers can now trade reasonably well without having to go through all the learning process like we did in the old days.
I have $50,000 that is just sitting there. I have seen some Forex Sites that promise good returns on managed accounts. I am a bit cautious of those since they can just blow my money.
I have also heard of some Forex accounts that are insured- like in Canada.
Can someone recommend something legit?
I have looked at 5% bank accounts and I am just wondering if there is something higher than that. More agressive with more manageable risk. Legit and audited, registered with BBB if possible.
Any ideas?
Personally, I would have a hard time entrusting my money to a stranger in a Forex managed account. As you pointed out there is no guarantee that they wont just lose your money. I am sure it is alot easier for them to take increased risks with your money that trading their own funds.
You are on the right track looking towards the Forex market for higher returns. What most people do not realize is that there are conservative strategies that can be utilized in the Forex market that will reduce the risks and generate a consistent monthly return greater than what a bank will pay you in a year!
I guess the question is …'Do you want to put YOUR money in the bank….or do you want to put YOUR money where the bank puts YOUR money?"
I have an analysis of the daily results of 5 different Forex hedge trading strategies over the past 500 days if you would be interested.
Paul Upp
(925) 236-1839
Is it true when you have a multi currency account , to hold foreign currencies in, that the interest rate on that account HEDGES currency fluctuations? How?
I've been doing online investing in Forex for 2 years and never heard of that, that's not saying it's not true.
I have a e-gold e-currency account that's backed by gold spot price it changes 2 or 3 times a day.
I would never try trading Forex myself but I'm in programs that do, take a little time to check out these forums
I only do Proven Proformers here. http://www.gold-horizons.com/forum/
I'm in most of the private programs Min. are from $50 to 5k https://www.projectpcf.com/
It seems like if I sell then it goes up, if I buy, it seems to go down. Someone clue me in please.
I think you are talking about technical indicators.
Well Charting technical indicators don't only cover Forex but also apply to any market at large.
People use moving averages, bollinger charts, fibonacci, MACD and a whole heap of other indicators. These indicators will usually form part of a trading system that traders use to know when they sell or buy.
Professionals usually make these systems through back testing and experimentation.