Thoughts On Forex (fx) Currency Trading

[Thaiquila]

OK, I know this isn't the best place to talk about this, but just curious about TV members and their involvement and views on forex trading.

I am starting to look into this as a newbie and can see it is sharksville.

So, some basic questions to see if people are interested in talking about this:

- Is it really true 90 percent of traders are losers?

- Which of the online brokers is best for the smaller trader, oanda, refcofx, etc.?

- Are there currency pairs that you like trading the best, and why?

- Are you holding trades overnight?

- Are TV members trading exotics like the baht more because they think they know more about the baht?

- Is there such a thing as a trade picking service that is actually worth anything? I suspect there isn't, that the only chance you have is to do massive amounts of your own research, and practice.

- What trading strategies have worked for you?

Edited October 2, 2005 by Thaiquila

[Nam Kao]

>>>- Is it really true 90 percent of traders are losers?

I'd say 95% are losers and 50% make money

[Thaiquila]

>>>- Is it really true 90 percent of traders are losers?

I'd say 95% are losers and 50% make money

<{POST_SNAPBACK}>

Thats funny.

I was talking about their trading account balances, not their social strata though.

[Amethyst]

Is it really true 90 percent of traders are losers?

Depends on how you trade... Not all losers....

Are there currency pairs that you like trading the best, and why?

EUR/USD ...lots of profits, But needs to study the graph carefully...

Are you holding trades overnight?

Sometimes but with interest....

Traders Empire...Get help on Forex..Tips and hints

Edited October 2, 2005 by tytus

[Nam Kao]

>>I was talking about their trading account balances, not their social strata though.

oops , sorry

[galt67]

OK, I know this isn't the best place to talk about this, but just curious about TV members and their involvement and views on forex trading.

I am starting to look into this as a newbie and can see it is sharksville.

So, some basic questions to see if people are interested in talking about this:

- Is it really true 90 percent of traders are losers?

Probably accurate, but not verifiable

- Which of the online brokers is best for the smaller trader, oanda, refcofx, etc.?

Oanda is VERY good for 'small' traders as they require no minimum deposit and you can adjust margin on each trade

- Are there currency pairs that you like trading the best, and why?

This changes with time but check out au/jp

- Are you holding trades overnight?

Depends on your trade style and your trade plan

- Are TV members trading exotics like the baht more because they think they know more about the baht?

Be 'neutral' about what you trade, I doubt ANYONE on this 'board' has unique insights into ANY currency.

- Is there such a thing as a trade picking service that is actually worth anything? I suspect there isn't, that the only chance you have is to do massive amounts of your own research, and practice.

- What trading strategies have worked for you?

Check this site for idea idea--http://www.fx-review.com

<{POST_SNAPBACK}>

[trt]

FX trading is a strange one... just watch the markets urself for a week or so, look and the economic annoucements etc and try to make sense of it..

You can make big $ but also lose big $... depends if you call urself an economics expert and think that you know a lot about FX fundementals...

[expatinasia]

Except for dating a bar girl, Forex is the quickest way of losing your money. In either case, you're going to get f##ked.

[Thaiquila]

Except for dating a bar girl, Forex is the quickest way of losing your money.  In either case, you're going to get f##ked.

<{POST_SNAPBACK}>

Point taken.

The speed of loss is more a function of high leverage most people use (which is optional) rather than the volatility of currencies.

As such, it isn't investing, but not exactly gambling either.

Thanks for the feedback and links.

Funny, I was also looking into JPY/AUD. I have a lot to learn before putting a satang into this.

[LivinLOS]

A friend of mine swears by these guys

http://www.tradesight.com/index.html

Seems very happy with thier service and seems to be making good money on thier tips.

[Firefan]

Personally I do not speculate in forex except for ensuring that my base portfolio (stocks/bonds/real estate) is well diversified across different currencies. Kind of like hedging without having to pay the cost of hedging.

In my case I simply want to ensure that my overall (international) buying power remains the same even if some currencies take a beating.

Problem with currencies is that they have even MORE factors affecting them than the stock market. Pride/pursuing export competativeness/politics and so forth affect currencies dramatically.

Cheers!

[BKKDUDE]

Personally I do not speculate in forex except for ensuring that my base portfolio (stocks/bonds/real estate) is well diversified across different currencies. Kind of like hedging without having to pay the cost of hedging.

In my case I simply want to ensure that my overall (international) buying power remains the same even if some currencies take a beating.

Problem with currencies is that they have even MORE factors affecting them than the stock market. Pride/pursuing export competativeness/politics and so forth affect currencies dramatically.

Cheers!

<{POST_SNAPBACK}>

Trading is very hard business, may be more difficult than any job.

My advice is if you have money to trade, then do the following:

1-Find a trader with good track record, or someone, who can make

"live" real account trading demonstration for you and show profitability.

2-Open an account in your name with reputable broker and let him

have power to trade your account (No power to withdraw any fund)

in sub-account, and you have the control for master account, so you

can stop him any momenth.

This kind of trading is called "Block trading". almost any broker

brokers have it like Tradestation, Globalfutures, Refco, Interactivebroker

and many more

Edited October 3, 2005 by BKKDUDE