Hello: I’m addresing to those who trade in forex with this broker, to know if it is a trustful, good broker to trade? I also wanted to know about the FXDD broker. thank you dami

Alpari UK is quite good, particularly if you intend trading with a Forex robot such as Megadroid, as their spreads suite the time of day when the robot trades.I have used them and apart from the occasional re-quote which most brokers suffer from I can’t really find any fault.

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How is the value of currency calculated? I don’t want answers like, (interest rates, or supply/demand). The new york exchange market is calculated by software written by people in the new york exchange market. Since the currency trade is open in many different countries, how is it calculated, does the software that tokyo use, different than in london? ect. Not sure if i asked this right, but I am wondering if there is some type of software that all banks share, and is it written by a european?
Follow up. The new york exchange deals with stocks. What exchange deals with currency?

There is no centralized market for currency trading, in New York, or anywhere else. It is a dealer-dealer market.

The price of a currency 1 in another currency 2 is whatever someone with currency 2 is willing to give for it. If somebody wants Mexican pesos and has US dollars to give, they are going to have to pay about 9 cents, regardless of whether they are in Chicago, New York, London or Tokyo. Location is irrelevant, because deals are settled electronically without shipping costs.

This is an auction market, which means supply and demand. I’m sorry if you don’t like that answer.

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Can you became a millionaire by trading options and how likely is it, compared to stocks, forex, etc.?

Also I know the markets in a slump right now and will probably drop a lot lower, but I want to know for the future.

you can become a millionaire by trading options if you start as a billionaire.

it is very easy to lose money.

anyone can do it.

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I have heard that most of the people who invest in forex lose their money. So why do people continue to invest in forex? It seems that this speculative investment is very risky.

Most people invest in Forex because they see it as easy….. and they’re going to be one of the few that "makes it".

Few realize that the small minority that makes money in Forex work very hard and can take years to perfect their skill.

The way BlueFX lists the reasons to be in it….. are irrelevant to the quick pace & need of extreme skills in Trading Money Management.

24 hour availability… misses the point that during slow periods…. the volatility can be a killer.

Forex Robots only work for the already successful trader that’s been doing this for many years. It’s ridiculous to think everyone can easily become rich using them.

Saying short selling is available in FX…. misses the whole point…it’s not really short selling. You’re just favoring the other side of the currency pair…. it’s the opposite trade. It’s not shorting.

I’d go after the other points…but I simply don’t have the time.

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You can download NinjaTrader for free here:

http://www.ampfutures.com/index.php

The data feed and historical data are also free. You can use it for several months before funding an account and trade the simulator and setup your trade plan before you go live.

I get better fills on forex futures rather than the spot market, but I trade both on two different machines.

Ask for Kevin O’Grady, he used to be a floor trader, very knowledgable.

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Hi
I have been trading for a few months and i heard about some guys in Melbourne who are teaching forex trading. i meet up with them and they are incredible guys.
The seminar is run by FX Masters who are based in Melbourne. They take people from all backgrounds to no trading knowledge at all to earning a fulltime income from trading currencies in around 6 months. They teach the basics right up to advanced trading strategies with ongoing support and coaching for as long as is required. The results these guys are achieving is incredible. Over a 21/2 lunch with Lance, I watched him trade and make a 300% profit. He has students all over the world many of whom start trading with as little as $150. They won’t let you start trading live until you are consisently achieve 80% winning trades.
Lance has an amazing story. He spent 3 years reading 8 hours a day to work out a successful trading plan. He started with $2000 and within 12 months was generating $40 000 per day. He has been trading for about 15 years.
These guys know what they are doing!
Its one of best ways to make money in the current economic climate.
The next scheduled course is in Melbourne on the 21 and 22 of March.
there will be one in Adelaide the first week of april

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how well the known systems work in Forex trading (carry trade,…) and how much do you risk applying them, and for how long?

Traditional trading of stocks on margin at 2:1 leverage is considered risky. Forex is leveraged at 100:1 and even 200:1 but few people take the time to understand this and simply focus on potential profits. All beginners focus on all the wrong things like "How much can you make?"

How much do you risk? Beginners risk their entire account and their house every time they put on a trade. How long? minutes. A leveraged position is almost impossible to hold more than an hour by anyone less than an astute trader. Most people don’t have a clue what a trader is or does, but it takes many years to become an astute trader. There are no shortcuts. Most people think that if they work harder and learn more, they will eventually become successful at trading like they would any other conventional "job"; not true. Most very smart, hard-working people lose money trading.

Factoid: 90% of traders lose money, regardless of what they trade.

The carry trade is generally done only by institutions with millions of dollars to invest and need a place to park those millions.

Known systems? You mean that make money consistently? Myth.

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Anybody use questrade for forex trading? What are your thoughts? Thanks for any responses.

They’re all pretty much the same. Any reasonable forex dealer will give you a month with a practice account for free. Ask if they pay interest on idle margin funds.

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I’ve read all the information I could get my hands on, and I still don’t understand. I think its because I’m making assumptions from preconcieved notions.

Like, lets say the currency is USD/JPY = 91.003. Does that mean if I buy, I’m spending yen to buy dollars? Where the hell did I get these yen? And if I sell, does that mean I’m spending my dollars to get yen? So now I have yen in currency in my bank?

Also, the prices fluctuate so much. In real life, how do they trade? I mean, lets say I have a profit of 5000$. By the time I call my broker, the prices may have shifted and now I have a deficit. How does that work?

It’s very similar to trading futures or any other derivative, you would probably want to have a dedicated trading platform on your computer. I get better fills with forex futures than the spot market, but I actually trade both on two separate computers.

Keep in mind that forex trading is a "trading" arena, generally not for investors. It’s very fast and highly leveraged. Your first objective in the beginning will be to de-leverage and not trade at 100:1 leverage. Email me and I’ll send you an e-book on forex trading.

You can download NinjaTrader for free and get forex and futures data feed for free also. They will let you try it out for several months before depositing any money, and you can trade the simulator and develop a trading plan and try it out, see how you do before investing your money. They also have the lowest margin rates around, just $500 to trade most futures.

http://www.ampfutures.com/index.php

Here are some of the most common currency pairs:

1.EUR/USD – Euro/U.S. Dollar
2.GBP/USD – Great British Pound/U.S. Dollar
3.USD/CHF –- U.S. Dollar/Swiss Franc
4.USD/JPY –- U.S. Dollar/Japanese Yen
5.USD/CAD –- U.S. Dollar/Canadian Dollar
6.AUD/USD – Australian Dollar/U.S. Dollar
7.EUR/GBP – Euro/Great British Pound
8.EUR/JPY – Euro/Japanese Yen
9.EUR/CHF – Euro/Swiss Franc
10.GBP/CHF – Great British Pound/Swiss Franc
11.GBP/JPY – Great British Pound/Japanese Yen
12.CHF/JPY – Swiss Franc/Japanese Yen
13.NZD/USD – New Zealand Dollar/US Dollar
14.EUR/CAD – Euro/Canadian Dollar
15.AUD/CAD – Australian Dollar/Canadian Dollar
16.AUD/JPY – Australian Dollar/Japanese Yen
17.EUR/AUD – Euro/Australian Dollar

NOTE: Of the above 17 currency pairs, six of them are deemed the “major currency pairs” in the FOREX market because they account for about 80 percent of FOREX transactions:

1.EUR/USD – Euro/U.S. Dollar
2.GBP/USD – Great British Pound/U.S. Dollar
3.USD/CHF –- U.S. Dollar/Swiss Franc
4.USD/JPY –- U.S. Dollar/Japanese Yen
5.USD/CAD –- U.S. Dollar/Canadian Dollar
6.AUD/USD – Australian Dollar/U.S. Dollar

As you can see, there is a currency on the left and one on the right. The one on the left is referred to as the base, and the one listed on the right is known as the cross. The format, once again, is as follows. BASE/CROSS, or EUR/USD. The EUR is the BASE and the USD is the CROSS.

TERMINOLOGY:
•PIPS- Price Interest Point. This is the smallest unit price for any Foreign Currency.
•LOT- A lot of currency is one denomination for a trade (100K or mini account). This is similar to purchasing one stock or one contract in the futures market.
•LONG to buy
•SHORT to sell
•BID-The price at which you sell
•ASK-The price at which you buy

Price Interest Point – (PIP)
Profits are made in the FOREX by gaining PIPS. A pip is the last digit from the decimal point. This value is 1/100th of a cent. You may now be asking yourself, how do I make money off of 1/100th of a cent? The answer is leverage. The FOREX market is highly leveraged and should be respected. That said, it can also provide for a tremendous return on your investment. The average leverage in the FOREX is 100 to 1. Basically this indicates that for every dollar you invest in a trade you are controlling $100 of value.

Calculated PIP
Calculated PIP – shows the Price Interest Point (PIP) value for the selected currency pair based upon your trading account margin. For example, a standard 1 percent margin trading account controlling $100,000 in currency would show the EUR/USD with a PIP value of 10.

PIP VALUE-Fixed or Floating
FIXED- When the USD is the cross currency (right side of the pair), the PIP value is fixed at $10 in a 100k account.

FOATING- When the USD is the base currency (left side of the pair), the PIP value is based upon the exchange rate of the cross currency (i.e., USD/CAD.). Also, the PIP value is floating when the pair consists of foreign currencies (i.e., EUR/ GBP).

LOT
A lot is the normal unit of trading in the FOREX market. Trades are made in lot increments, similar to share increments in the stock market.
Standard (or 100k) FOREX account- has a 100:1 leverage ratio
1 LOT= $1,000 investment= ratio leveraged 100 to 1, which = $100,000 in buying power.
Mini FOREX account- has a 200:1 leverage ratio
1 LOT= $50 investment= ratio leveraged 200 to 1, which = $10,000 in buying power.

TRADING HOURS (EST)
•Trades 24 hours a day, 6 days a week. The market is open from Sunday at 5pm EST to Friday at 4pm EST.
On my time (CST), Forex trading begins Sunday evening in Sydney (open 5:00pm – 1:00am), and moves around the globe as the business day begins in each financial center, first to Tokyo (7:00pm – 4:00am), [then Europe (12:00am – 9:00am)], then London (2:00am – 11:00am), and finally Canada and New York (7:00am – 4:00pm).

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