Trading Forex

[geevlus]

Firstly I'm completely naive about matters financial ref markets/investments etc. About a year or so ago I heard about the "Forex" market and if used correctly its ability to generate income/profits. A google search will provide numerous sites, books, cd's etc providing training/information for the newbie.

I recently came across a "report" from an excellent source on the internet. Apparantley it is genuine and I know that people are buying it up like hotcakes. All the information one needs to generate £100 - £200 (gbp) a day from an initial investment of approx £2000 - £3000. Access to a telephone for support and an internet connection, is all that's needed. This information is being offered to me for the sum of £1200. So initial investment/cost of course comes out at about £4000.

I'm normally dubious/cautious, a sceptic and all that but for some reason I'm getting good vibrations about this. My situation in my home country isn't the best at the moment and I am really, really stuggling. I'm not interested in massive wealth, just a reliable/modest income which I can create whilst I improve my circumstances.

£4000 is probably chump change to most of the readers of this post. But I'd have to loan this money to get myself going. Any prior experiences/information about this method of trading? Is it viable? Anywhere this information can be had for a lesser cost? It will be interesting to read any responses

[bowthai]

wish it had been so easy for me.

instead of spending a few years losing thousands of dollars by first paper trading with fxgame then moving on to mini lots,i could have bought some proven system,program,or signals.

entertaining infomercials though.

post the website and will check it out.

[John_Rambo]

All the information that you need to learn to trade financial instruments is freely available online. Try forex factory and trade2win to start with. Trading forex is not a get rich quick scheme, and until you really know what you're doing and the reality of the drawdowns in your account that you will have to endure at times, and are psychologically prepared for all that trading entails, it will not be as easy as sitting back and watching money flow into your account. If you have to borrow the money, and are struggling financially, don't do it. As a complete newcomer the odds are overwhelming that in that situation you will fail, and your problems will only grow. Start learning, start observing the markets, play around with a demo account until you know what you're doing. In the meanwhile save up enough money so that you are not having to borrow when the time comes to go live. Be prepared for the fact that this may well be the beginning of a long difficult journey, as it is for many. But what do you expect? Financial freedom doesn't come easily for most.

[Losangels]

Good advice Rambo, and if I may add; invest in money you can afford to lose.

I see very few people making enough to make a living on. Even people who have

good knowledge of the market have difficulties. It seems that greed, even for the best of us gets in the way of good judgement.

[samran]

Geevlus,

I note that you've posted on this site multiple times about businesses or schemes that you've seen over the internet...including psychic phone line advertising, online 'businesses', pushing buttons on an oil rig for 'big bucks' and now this..forex trading.

No doubt you feel that you are on 'struggle street' and many of us can appriciate the feeling...working with wives and families and somehow trying to secure our future.

At the risk of sounding very boring, the one thing you are lacking is a decent degree/training in a field which will lift you out of the call centre life you are leading. It is very boring and does require you to make further sacrifices and into a field where you can 'learn the ropes. It can be anything, but you are going to have to train to be the plumber, sparky, engineer, manager or financial whizz and it won't happen overnight.

As for FOREX, forget it. I've got mates who are mathematical geniuses working around Leadenhall St and Canary Wharf in London who at the push of a button can make your life very miserable very quickly trading currencies for a living, especially if you have no training. To a person they've got degrees in arcane mathmatics and finance, using the type of mathmatics where you'll very often see greek letters used and rarely see a number at all.

[Irene]

Firstly I'm completely naive about matters financial ref markets/investments etc. About a year or so ago I heard about the "Forex" market and if used correctly its ability to generate income/profits. A google search will provide numerous sites, books, cd's etc providing training/information for the newbie.

I recently came across a "report" from an excellent source on the internet. Apparantley it is genuine and I know that people are buying it up like hotcakes. All the information one needs to generate £100 - £200 (gbp) a day from an initial investment of approx £2000 - £3000. Access to a telephone for support and an internet connection, is all that's needed. This information is being offered to me for the sum of £1200. So initial investment/cost of course comes out at about £4000.

I'm normally dubious/cautious, a sceptic and all that but for some reason I'm getting good vibrations about this. My situation in my home country isn't the best at the moment and I am really, really stuggling. I'm not interested in massive wealth, just a reliable/modest income which I can create whilst I improve my circumstances.

£4000 is probably chump change to most of the readers of this post. But I'd have to loan this money to get myself going. Any prior experiences/information about this method of trading? Is it viable? Anywhere this information can be had for a lesser cost? It will be interesting to read any responses

As the old saying goes, "TOO GOOD TO BE TRUE, SO IT IS UNTRUE".

[geevlus]

marketing hype aside, this is supposed to be foolproof - <<weblink deleted>>

[samran]

geevelus,

I know you are not a spammer, but the link that you provided was pure spam, which is against forum rules so I've deleted it.

To others who want to view the link, you'd do better googling 'get rich quick' ... it is pure 'secrets' of the FOREX market kinda stuff guaranteeing that you'd be retired in a year...yeah right.

[Gary A]

Sorry, but I see it as being VERY obvious. If these people are so smart, why are they selling you information so that you can get rich? I see it as a simple scam. You want some good tips? Send me 10,000 baht and I will show you how to get RICH beyond your wildest dreams. If you send me 10,000 baht, I will be 10,000 baht richer and you will be a sucker.

ADDED - Las Vegas offers as good or better odds.

Edited May 26, 2007 by Gary A

[fulltimeforextrader]

Hi,

Whatever you say but there is definitely money to be made in forex trading (or any other trading for that matter....let it be trading oil, grains, indices or other commodities)..........But nothing is easy. You have to dedicate yourself completely for it to acheive the desired results. in fact dedication, hardwork, persistance are key to success in any business..........

Here let me tell you, which will help you and may be hundreds like you to get motivated. I am a full time forex trader since 1999.......traded forex using phone trading thro' 1999 till 2003....sinc e2004 I started trading forex online using an USA broker company and it was great.........I invested only US$ 300 in 2004 which I had grown to around 95,000 dollars till date. thats around 31600% profit. This was never smooth........because forex trading is very tricky. the initial US$300 which I invested became 75 in a few months..........from where it bounced back with great speed......i.e. from 75 it became 14500 in just 5 weeks..........then i withdraw some 6000 usd out of it......the remaining around 8500 became 34000 in next 4 months or so..........now the total was 40k.....out of this I withdraw 25 k and continued trading with remaining 15 k .......in next 2 years I made almost 55k profit on this............I have a great system which followed religiously (my religion === MAKE MONEY ) can give around 10000 to 15000% profit in a year ............The problem that I am facing currently in following my system is that I am not getting a proper assistant and its impossible for me to monitor the market 24 hours without taking rest............If any of you are in Thailand and eager to learn my system then reply me.........I don't need any fees from you..........your fees will be that you will have to work with me for 6 months to 1 year.........during which I will be able to make nice profit for myself and you will be able to learn the system.................

Sorry, but I see it as being VERY obvious. If these people are so smart, why are they selling you information so that you can get rich? I see it as a simple scam. You want some good tips? Send me 10,000 baht and I will show you how to get RICH beyond your wildest dreams. If you send me 10,000 baht, I will be 10,000 baht richer and you will be a sucker.

ADDED - Las Vegas offers as good or better odds.

[rambling]

Yes it is possible to make money trading but it's very tough, takes years to master and most people aren't cut out for it.

I hope you don't mind these, just a few general questions since you shared some information already.

What sort of leverage are you using for these returns?

Why would you need to monitor the markets 24/7? What timeframe are you trading? Are you not able to automate it?

Were your previous results achieved with the help of an assistant?

Is the system something you developed or purchased?

Hi,

Whatever you say but there is definitely money to be made in forex trading (or any other trading for that matter....let it be trading oil, grains, indices or other commodities)..........But nothing is easy. You have to dedicate yourself completely for it to acheive the desired results. in fact dedication, hardwork, persistance are key to success in any business..........

Here let me tell you, which will help you and may be hundreds like you to get motivated. I am a full time forex trader since 1999.......traded forex using phone trading thro' 1999 till 2003....sinc e2004 I started trading forex online using an USA broker company and it was great.........I invested only US$ 300 in 2004 which I had grown to around 95,000 dollars till date. thats around 31600% profit. This was never smooth........because forex trading is very tricky. the initial US$300 which I invested became 75 in a few months..........from where it bounced back with great speed......i.e. from 75 it became 14500 in just 5 weeks..........then i withdraw some 6000 usd out of it......the remaining around 8500 became 34000 in next 4 months or so..........now the total was 40k.....out of this I withdraw 25 k and continued trading with remaining 15 k .......in next 2 years I made almost 55k profit on this............I have a great system which followed religiously (my religion === MAKE MONEY ) can give around 10000 to 15000% profit in a year ............The problem that I am facing currently in following my system is that I am not getting a proper assistant and its impossible for me to monitor the market 24 hours without taking rest............If any of you are in Thailand and eager to learn my system then reply me.........I don't need any fees from you..........your fees will be that you will have to work with me for 6 months to 1 year.........during which I will be able to make nice profit for myself and you will be able to learn the system.................

Sorry, but I see it as being VERY obvious. If these people are so smart, why are they selling you information so that you can get rich? I see it as a simple scam. You want some good tips? Send me 10,000 baht and I will show you how to get RICH beyond your wildest dreams. If you send me 10,000 baht, I will be 10,000 baht richer and you will be a sucker.

ADDED - Las Vegas offers as good or better odds.

[Naam]

marketing hype aside, this is supposed to be foolproof - <<weblink deleted>>

in most of the cases "foolproof" means that the schemes are fit to prove that fools do indeed exist. that goes especially for trading forex.

[blizzard]

foolproof systems make money for the guy that sells them not the guy who buys it.

[fulltimeforextrader]

Hi Rambling,

let me answer me your questions one by one.........

What sort of leverage are you using for these returns?

Maximum leverage I used was 1:50 but the leverage I used always depended upon the risk in the trade.

Why would you need to monitor the markets 24/7? What timeframe are you trading? Are you not able to automate it?

Its not possible to automate my system………the need to monitor it 24/7 is that if the scenario changes b4 your stops or limits are hit then you won’t be able to add or reduce to the size of your trade. I trade from 1 min to a few days but rarely keep my trades open during weekends.

Were your previous results achieved with the help of an assistant?

All my previous results were achieved by me trading alone.

Is the system something you developed or purchased?

I have developed this system by myself……I never purchased any system but I did purchased many books which I have studied well.

[rambling]

Sounds interesting. Personally I wouldn't be able to stomach these kinds of drawdowns but maybe you have a very aggressive style. When I'm over in Bkk I'll give you a shout.

Hi Rambling,

let me answer me your questions one by one.........

What sort of leverage are you using for these returns?

Maximum leverage I used was 1:50 but the leverage I used always depended upon the risk in the trade.

Why would you need to monitor the markets 24/7? What timeframe are you trading? Are you not able to automate it?

Its not possible to automate my system………the need to monitor it 24/7 is that if the scenario changes b4 your stops or limits are hit then you won't be able to add or reduce to the size of your trade. I trade from 1 min to a few days but rarely keep my trades open during weekends.

Were your previous results achieved with the help of an assistant?

All my previous results were achieved by me trading alone.

Is the system something you developed or purchased?

I have developed this system by myself……I never purchased any system but I did purchased many books which I have studied well.

[Introspection]

I'd be very careful about how much money you pout into trading, better to do it with an online trading game before using any real money for a long time, it's not for the faint hearted!

The firm i work for develop trading systems and all sorts of technology for trading in investment banks and i can assure you this isn't a game, these folk are seriously intelligent, educated people that have had great training and many still don't make it.

[fulltimeforextrader]

Hi,

You r correct when u say Forex trading is not for the faint hearted. It should be done after a lot of practice and experience and study. How much money you put into the market is actually not a big issue, once you have a proper system and money management rules then you can easily handle any amount of money. for e.g. if ur trading system is to keep a profitLimit of 50 pips and stop loss at 25 pips, and you always use a leverage of 1 :10 ..............................Now suppose you have 10000 USD in your account then you will trade 10k * 10 = 100 k............suppose after a couple of time success your equity becomes 15k then your trade size will become 15k * 10 = 150 k.......................Now if you have 500 k equity then also the rule will be same so your trade size will be 500k*10 = 5000 k ............

Forex trading requires through training in technical analysis and fundamental analysis both from trading point of view.............some having a phd in commerce may not necessarily become a successful forex trader............. it depends upon where u took the training , who taught you, what was his knowledge and experience...........also how much is the dedication of the trader..........someone who wants to create an equation for trading will always lose......... you should let your mind free and become flexible ........ should learn to become emotionless ..........This can be only after a spending a lot of time in the trading environment.

I'd be very careful about how much money you pout into trading, better to do it with an online trading game before using any real money for a long time, it's not for the faint hearted!

The firm i work for develop trading systems and all sorts of technology for trading in investment banks and i can assure you this isn't a game, these folk are seriously intelligent, educated people that have had great training and many still don't make it.

[Jimjim]

Are you for real ff forex trader?

Or are you going to try and sell some system?

[fulltimeforextrader]

Hi Jim,

I m a full time forex trader for very much real............no I am not trying to sell any system. I have made very clear what I am looking for........I need an assistant who is dedicated in forex trading and learning........ now if u don't want to assist me and just want to learn my secrets and disappear then I am ready to help you in that but then there is a price you will have to pay.........If you r really staying in thailand and come to see me then I can easily show you the records of my previous mentioned acheivements...........

Are you for real ff forex trader?

Or are you going to try and sell some system?

[rambling]

This sounds more than fair. I've been in the trading field since 2000, no vendor is ever willing to show their broker statements.

Good luck finding the assistant, it's not easy finding someone really dedicated who likes this business and not just the idea of making "easy" money.

Hi Jim,

I m a full time forex trader for very much real............no I am not trying to sell any system. I have made very clear what I am looking for........I need an assistant who is dedicated in forex trading and learning........ now if u don't want to assist me and just want to learn my secrets and disappear then I am ready to help you in that but then there is a price you will have to pay.........If you r really staying in thailand and come to see me then I can easily show you the records of my previous mentioned acheivements...........

Are you for real ff forex trader?

Or are you going to try and sell some system?

[qualtrough]

If I read his post correctly fulltimeforextrader has made a little over $30,000 a year with his system over the last three years, and it apparently requires a great deal of his time. That is not an extremely lucrative field, and when you factor in the risk, i.e. it could all go bad in a few seconds, hardly worth the effort.

[rambling]

Without going into the vailidity of the results and claims etc. turning $300 into almost $100K in 3 years seem like reasonably good return to me

On the other hand you are right that the risk one has to assume to achieve this sort of return is extremely high. The "risk of ruin", basically wiping out your account, when dealing with this sort of leverage is almost a certainty for the vast majority of people.

If I read his post correctly fulltimeforextrader has made a little over $30,000 a year with his system over the last three years, and it apparently requires a great deal of his time. That is not an extremely lucrative field, and when you factor in the risk, i.e. it could all go bad in a few seconds, hardly worth the effort.

[Jimjim]

It sounds interesting but I'm only wary because the people agreeing with each other are all very new.

[backflip]

"if u...want to learn my secrets...then I am ready to help you...there is a price you will have to pay..."

Ah, you ARE selling something. No thanks, I've already bought into Amway, Avon, Velcro futures, Carlton Sheets' "No Money Down", and the ever popular "How to Make a Fortune by Placing Small Ads in Newspapers"

[rambling]

ฺำBeing wary is the right approach.

It sounds interesting but I'm only wary because the people agreeing with each other are all very new.

[fulltimeforextrader]

Hi Backflip,

You look so eager to come to a wrong conclusion, atleast read last 5 posts of mine (if u feel too lazy to read all of them) before concluding that I am upto selling something............

The main reason I have posted all my messages is to let traders like you feel motivated.........now I don't really know how to motiovate you to READ THE POSTS............!!!!!!!!!!!

fulltimeforextrader

"if u...want to learn my secrets...then I am ready to help you...there is a price you will have to pay..."

Ah, you ARE selling something. No thanks, I've already bought into Amway, Avon, Velcro futures, Carlton Sheets' "No Money Down", and the ever popular "How to Make a Fortune by Placing Small Ads in Newspapers"

[PCA]

Hi Forex,

nice to hear you are that successfull. I could never achieve such a return with forex and was permanently cheated from every broker I used. Nevertheless lets see what you got here.

PCA

[rambling]

Cheated by brokers? How so?

Hi Forex,

nice to hear you are that successfull. I could never achieve such a return with forex and was permanently cheated from every broker I used. Nevertheless lets see what you got here.

PCA

[admiraldy]

Guys , Forex trading is like any other business or investment .

If you are thinking to make fast money , with an initial account of few hundred dollars , and within 2 or 3 months , you better go to Las Vegas , you have more chance there.

If you really love trading and want to dedicate your life for it , and want to make a carreer out of it , you need first to learn the techniques which will take around 3 month (i advice you to buy books and study the market yourself , dont be fooled by 5 days seminar ) , and later on you need to test the market with a small live account (not demo account ) , this will take from 6 month to 1 year , and after passing successfully all the previous stages you can judge if you really fit into this lifestyle and can make an earning out of this business that really offers you a complete freedom in your lifestyle ( it is a 24 hour market , you can trade in the morning , in the afternoon , in the evening , , as much as you trade as much experience you will get , there is no retirement age , you can trade even if you are 80 years old )

However only very few reach this level of success , are you one of them ? time will tell you.

[PCA]

Cheated by brokers? How so?

Forex is an unregulated market and the very majority of Forex Brokers have very low trading volume. Unlike at the CME and Globex where you have an orderbook and everything is settled with tickets (electronic these days) with forex you fully depend on if your broker wants to give you a fill and at which price. He basically can cheat you on every single trade and there is nothing you can do about.

So when your Forex broker is telling you that there is more liquidity and volume than in the futures markets this is only true for exotic currencies (which you probably dont want to trade actively) but not for the major pairs EC,YJ,CAD,AD,SF,BP

Under these conditions it is almost impossible to make money with daytrading forex. Given the chance that you are good and still profitable you will have your broker working against you because you are only trading with him and he sits on the other side of your trade. So he will cheat you and nothing you can do against it.