Currency Trading Question

[ObsessiveAddict]

Hello. I am new to pretty much everything. I am 19 years old.

I have looked into currency trading and it looks like fun!

Does the average Currency Trader buy currency from banks?

Where do traders buy currencies from other then banks?

Considering banks pretty much rip you off?

[CharlieH]

Try using Google, there are thousands of pages on this topic including lessons on how to get started.

[Swiss1960]

Your definitely looking in pretty much everything... according to your posts

- 19y old, one trip to Thailand, now back in Canada

- trying to find somebody in Koh Samui to export "items" to you

- have safed 5 grand but want to spend them travelling from Canada through Europe to Thailand an low wage jobs...

- but thinking about currency dealings and asking this question on a Thailand forum....

must be your age, I would guess... so you are excused for "looking into pretty much everything"...

[Chivas]

Your definitely looking in pretty much everything... according to your posts

- 19y old, one trip to Thailand, now back in Canada

- trying to find somebody in Koh Samui to export "items" to you

- have safed 5 grand but want to spend them travelling from Canada through Europe to Thailand an low wage jobs...

- but thinking about currency dealings and asking this question on a Thailand forum....

must be your age, I would guess... so you are excused for "looking into pretty much everything"...

Why do cynical individuals insist on back trawling peoples posts to find an angle....??

Just answer the guys question or avoid it...??

[somchaimaidai]

Currency trading is something I started learning earlier last year and ventured into live trading about 6 months ago. Essentially its not really fun so to speak and I look on it as a means to diversify my investments and it has certainly proven worthwhile to me although I have not got closee to quitting my day job.

As you correctly pointed out you are new to this so I would say that you need to 1) keep your expectations/ goals real (for me 5% per month) 2) Look on solid and helpful websites for unbiased underpinning knowledge (I used babypips) 3) Once you have this underpinning knowledge you will be in a much better position to really target your questioning and also further your reading.

I know you may think my answer does not directly answer your question but believe me you need to get a foundation first and then ask your questions on a targetted forum.

[ObsessiveAddict]

Your definitely looking in pretty much everything... according to your posts

- 19y old, one trip to Thailand, now back in Canada

- trying to find somebody in Koh Samui to export "items" to you

- have safed 5 grand but want to spend them travelling from Canada through Europe to Thailand an low wage jobs...

- but thinking about currency dealings and asking this question on a Thailand forum....

must be your age, I would guess... so you are excused for "looking into pretty much everything"...

good to know I have a stalker. whats wrong with looking into everything?

[beechguy]

If you really looked into it, I don't think you would have asked the questions you did. Anyway, as stated above, search the internet there is a lot of useful information. There are online trade companies with practice accounts, that may be a good place to begin.

[pistachios]

Currency trading is something I started learning earlier last year and ventured into live trading about 6 months ago. Essentially its not really fun so to speak and I look on it as a means to diversify my investments and it has certainly proven worthwhile to me although I have not got closee to quitting my day job.

As you correctly pointed out you are new to this so I would say that you need to 1) keep your expectations/ goals real (for me 5% per month) 2) Look on solid and helpful websites for unbiased underpinning knowledge (I used babypips) 3) Once you have this underpinning knowledge you will be in a much better position to really target your questioning and also further your reading.

I know you may think my answer does not directly answer your question but believe me you need to get a foundation first and then ask your questions on a targetted forum.

I would not follow the advice of someone who thinks a 5% return per month is a realistic expectation.

[PCA]

Currency trading is something I started learning earlier last year and ventured into live trading about 6 months ago. Essentially its not really fun so to speak and I look on it as a means to diversify my investments and it has certainly proven worthwhile to me although I have not got closee to quitting my day job.

As you correctly pointed out you are new to this so I would say that you need to 1) keep your expectations/ goals real (for me 5% per month) 2) Look on solid and helpful websites for unbiased underpinning knowledge (I used babypips) 3) Once you have this underpinning knowledge you will be in a much better position to really target your questioning and also further your reading.

I know you may think my answer does not directly answer your question but believe me you need to get a foundation first and then ask your questions on a targetted forum.

I would not follow the advice of someone who thinks a 5% return per month is a realistic expectation.

It is definitely doable but not after having scratched on the floor. Learning before earning just like every other profession.

[KeyserSoze01]

I would not follow the advice of someone who thinks a 5% return per month is a realistic expectation.

Depends on how much leverage you use. 5% gains are not unheard of, nor are 100% losses. Many forex brokers will allow up to 100:1 leverage on trades, whereas if you are a really good customer of an equities broker, they might give you 2:1.

Forex is not for the faint of heart and requires time to learn to ins & outs.

Here is a good site that will teach you the basics.

http://www.babypips.com/

[RussellBellagrego]

For a starter, young man, just go online and use Google to answer your inquiries. It appears you are lacking in basic education and far removed from Forex or any other form of currency trading. Your question is not on point and you don't have a clue what currency trading is, Keep your money in your pocket and get an education in some field of endeavor.Best of luck.

[somchaimaidai]

Currency trading is something I started learning earlier last year and ventured into live trading about 6 months ago. Essentially its not really fun so to speak and I look on it as a means to diversify my investments and it has certainly proven worthwhile to me although I have not got closee to quitting my day job.

As you correctly pointed out you are new to this so I would say that you need to 1) keep your expectations/ goals real (for me 5% per month) 2) Look on solid and helpful websites for unbiased underpinning knowledge (I used babypips) 3) Once you have this underpinning knowledge you will be in a much better position to really target your questioning and also further your reading.

I know you may think my answer does not directly answer your question but believe me you need to get a foundation first and then ask your questions on a targetted forum.

I would not follow the advice of someone who thinks a 5% return per month is a realistic expectation.

Well thanks for your valid input Dick, have you any knowledge on the subject or just another barstool fool. I inlike you was trying to give the OP an on topic response. 5% is indeed realistic, although sound risk management with a trading plan is necessary. So now back to your barstool.

[PCA]

For a starter, young man, just go online and use Google to answer your inquiries. It appears you are lacking in basic education and far removed from Forex or any other form of currency trading. Your question is not on point and you don't have a clue what currency trading is, Keep your money in your pocket and get an education in some field of endeavor.Best of luck.

Only partly I can agree, he is young and doesn't know much. He is interested in something and has nothing much to lose anyway so that's an excellent starting point to start a business like that. More trouble would be if he has already built up something and intends to put it at risk in order to make life easier.

[4evermaat]

Your definitely looking in pretty much everything... according to your posts

- 19y old, one trip to Thailand, now back in Canada

- trying to find somebody in Koh Samui to export "items" to you

- have safed 5 grand but want to spend them travelling from Canada through Europe to Thailand an low wage jobs...

- but thinking about currency dealings and asking this question on a Thailand forum....

must be your age, I would guess... so you are excused for "looking into pretty much everything"...

good to know I have a stalker. whats wrong with looking into everything?

it's good that you want to explore. some good forums to get free information about basic terminology as well as research brokers and other trader experiences.

babypips

forexfactory

forex-tsd

elitetrader

the same basics of practice until you master whatever your goal is applies. i suggest practicing "the 4 agreements" and go explore the possibilities.

if i had to do it again, i would start my trading career in thailand, columbia, or another area where the cost of living is much cheaper, less stress, and your head can be clear to develop your trading strategies.

and i suggest visiting the countries that have the cheaper cost of living first

"2nd best time to plant a tree is today." Sent from TV android app.

[pistachios]

Currency trading is something I started learning earlier last year and ventured into live trading about 6 months ago. Essentially its not really fun so to speak and I look on it as a means to diversify my investments and it has certainly proven worthwhile to me although I have not got closee to quitting my day job.

As you correctly pointed out you are new to this so I would say that you need to 1) keep your expectations/ goals real (for me 5% per month) 2) Look on solid and helpful websites for unbiased underpinning knowledge (I used babypips) 3) Once you have this underpinning knowledge you will be in a much better position to really target your questioning and also further your reading.

I know you may think my answer does not directly answer your question but believe me you need to get a foundation first and then ask your questions on a targetted forum.

I would not follow the advice of someone who thinks a 5% return per month is a realistic expectation.

Well thanks for your valid input Dick, have you any knowledge on the subject or just another barstool fool. I inlike you was trying to give the OP an on topic response. 5% is indeed realistic, although sound risk management with a trading plan is necessary. So now back to your barstool.

I don't need to be an expert on the matter to know that a 5% per month return on any kind of financial trading is utopic.

Especially with amateur currency trading, which is basically a scam made up by brokers targetting naive and greedy individuals.

95% lose money, the rest are basically the lucky ones.

The "gurus" claiming such returns in your forums are either lying attention whores or people who want to sell their magic strategies for a hefty price.

[PCA]

Currency trading is something I started learning earlier last year and ventured into live trading about 6 months ago. Essentially its not really fun so to speak and I look on it as a means to diversify my investments and it has certainly proven worthwhile to me although I have not got closee to quitting my day job.

As you correctly pointed out you are new to this so I would say that you need to 1) keep your expectations/ goals real (for me 5% per month) 2) Look on solid and helpful websites for unbiased underpinning knowledge (I used babypips) 3) Once you have this underpinning knowledge you will be in a much better position to really target your questioning and also further your reading.

I know you may think my answer does not directly answer your question but believe me you need to get a foundation first and then ask your questions on a targetted forum.

I would not follow the advice of someone who thinks a 5% return per month is a realistic expectation.

Well thanks for your valid input Dick, have you any knowledge on the subject or just another barstool fool. I inlike you was trying to give the OP an on topic response. 5% is indeed realistic, although sound risk management with a trading plan is necessary. So now back to your barstool.

I don't need to be an expert on the matter to know that a 5% per month return on any kind of financial trading is utopic.

Especially with amateur currency trading, which is basically a scam made up by brokers targetting naive and greedy individuals.

95% lose money, the rest are basically the lucky ones.

The "gurus" claiming such returns in your forums are either lying attention whores or people who want to sell their magic strategies for a hefty price.

right is that the industry is completely rigged, also right is that you have no real idea about it (not an expert). Wrong is that 5% a month is utopic. Insulting is to call me a lying attention whore (mods??). People who want to sell strategies for a hefty price are countless, they are not traders but sales people (mostly crooks as you smelled correctly) who don't have the guts to execute it by themselves or do not trust enough into their own systems.

You should just not comment in my opinion because you sound like a typical loser.

BRs,

AH

[Chivas]

I cannot agree that Currency Trading is rigged in any way however in my opinion it is the hardest instrument to trade consistently accurately.

I started off trading the Indices and eventually returned there after repeated failings within Currency.

I would suggest to the OP that small forays into the slightly less volatile Indices such as the CAC and FTSE would suit yourself initially.

[ObsessiveAddict]

For a starter, young man, just go online and use Google to answer your inquiries. It appears you are lacking in basic education and far removed from Forex or any other form of currency trading. Your question is not on point and you don't have a clue what currency trading is, Keep your money in your pocket and get an education in some field of endeavor.Best of luck.

I simply find all the ways of making money in terms of self employment to interest me. I'm not stupid enough to throw away my money without knowing the risks. I'm just messing around on forums, asking silly questions, learning a bit more everyday. no harm done. Why so serious.

[USNret]

If anyone could consistently make 5% per month doing anything (1) They would be doing it and (2) They wouldn't be wasting their time on this forum. That comes to something like 80% annual returns. While you might, from time to time, rake in a 5% monthly return, it would be offset by months of losses or lower returns.

For the OP, I wanted for many years to get into the stock market but I never had enough money to make it worthwhile. In other words, even if I had succeeded with my meager free cash, the payoff wouldn't be worth much. My time was much better spent getting an education & building a career. This led to increase of my net worth until one day I DID have a substantial amount to put in the stock market. I began investing right before the global recession (bad timing). My investments plunged about 50%, I stayed pat (i.e., didn't sell out of panic) and since then they have tripled. If you do the math, that's about 50% gain over 6 years. I'm pretty happy with that considering what the global economy has been through lately.

I'm not discouraging what you're trying to do, if you consider your $5K to be "throwaway" money. In my stock investments, I considered that anything I put into stocks to be completely disposable; like, what would happen if I lost my investments completely? (yes, it does happen). For that reason, I put only 1/3 of my assets into to stocks, the others into safe investments which yield me a reliable -- and insured -- 3% per year. At your young age, you could afford to lose the $5K completely & not suffer too much. My prediction is, that's the most likely outcome, but if it does happen you will have learned a valuable lesson reasonably cheap at a young age. Not such a bad deal, in my mind.

[somchaimaidai]

If anyone could consistently make 5% per month doing anything (1) They would be doing it and (2) They wouldn't be wasting their time on this forum. That comes to something like 80% annual returns. While you might, from time to time, rake in a 5% monthly return, it would be offset by months of losses or lower returns.

For the OP, I wanted for many years to get into the stock market but I never had enough money to make it worthwhile. In other words, even if I had succeeded with my meager free cash, the payoff wouldn't be worth much. My time was much better spent getting an education & building a career. This led to increase of my net worth until one day I DID have a substantial amount to put in the stock market. I began investing right before the global recession (bad timing). My investments plunged about 50%, I stayed pat (i.e., didn't sell out of panic) and since then they have tripled. If you do the math, that's about 50% gain over 6 years. I'm pretty happy with that considering what the global economy has been through lately.

I'm not discouraging what you're trying to do, if you consider your $5K to be "throwaway" money. In my stock investments, I considered that anything I put into stocks to be completely disposable; like, what would happen if I lost my investments completely? (yes, it does happen). For that reason, I put only 1/3 of my assets into to stocks, the others into safe investments which yield me a reliable -- and insured -- 3% per year. At your young age, you could afford to lose the $5K completely & not suffer too much. My prediction is, that's the most likely outcome, but if it does happen you will have learned a valuable lesson reasonably cheap at a young age. Not such a bad deal, in my mind.

I understand your points and I can only say how trading has been for me. I am not here trying to sell anything, in fact my 'bread and butter' is electrical engineering. However, when I started my live trading I placed 5% p.m with <2% risk per trade in my trading plan and so far I am very happy with things. The 95% failure quote may be correct but its like most thngs in that if you put in the hard work the returns will come in the long run.

I am through with responding on here and to be honest through with responding on TV as it has a cancerous element of 'members' who seem to have a real chip on their shoulder posting negativity on any topic they can, well I suppose it beats talking to their 'wife' on an evening.