Forex Trading

Discussion in 'Politics' started by budsmokn420, Sep 6, 2012.

  1. Anyone have any experience scalping FX? I'm thinking about giving it ago to make some extra cash. Could take awhile to get anything meaningful obviously but it's basically free money if you've got a brain.

    I'm still a COMPLETE novice and am researching like a dog to find out everything I can. I'm gonna give a few practice accounts a go when I feel like I have some sort of strategy worked out...

    Any tips or info would be helpful
     
  2. I've looked into it some, but haven't tried yet. The main thing I found in my research is to pick a plan and stick with it. Most failures come from deviating from whatever system was chosen. Also be very disciplined. Don't gamble.
     

  3. Yep heard the same exact thing and I would most likely do that. I still need to do like a month's worth of reading and practice accounts before I try anything for real though.
     
  4. Let me know how it works out for you. You get some nice tax breaks too by trading Forex, but that might change soon if Obama gets his way, I.e., much higher capital gains taxes.
     

  5. Absolutely. It's the freest trading market out there by far from what I've been reading. It's a prime example of self/market regulation.
     
  6. Seems like the markets are completely phony, driven by rumors and headlines without much rhyme or reason.. Unless you're connected to the sources i would imagine trading is pretty difficult to trade as all you can do it react..

    Although it does sound fun, it is gambling after all..

    Here's a good website for forex training education: Forex Trading Online: Foreign Exchange (FX) Trading | Currency Trading
     
  7. Why not just trade stocks? Much less of a gamble if you know what your doing. From what I've heard and seen forex is based mostly on hype and news.
     

  8. I don't have that kind of capital atm...I was hoping to do small scale scalping and work my way up if I got good at it. Stocks could be an option once I get my capital up...
     
  9. I will give you the same advice I was given by my cousin who works on wall St. "Stay away from the stock market. It is rigged worse then you can imagine".
     
  10. This too was a concern of mine...although if you're smart enough you can figure out the rigging but I'm obviously no where near that type of level. Plus, I don't really have much of a desire to become that much of a shill lol
     
  11. I have been trading forex for the last 2 years :smoking: If you think it's easy quick money just walk away now and donate your money to a charity instead of forex... Get ready to blow your first few accounts, $1k,$2k... Get ready to study charts and demo trade for at least 6 months. Lose all your emotion, emotion is the biggest reason people fail at trading. I'm just starting to become profitable and was it worth it? Fuck yea :D
     

  12. Any other tips you can share?
     
  13. I never even got around to setting up a demo account. Have way too much on my plate ATM...
     
  14. You advocate ancap and you can't wrap your head around forex? Oh boy.
     

  15. :confused: No I made this thread cause I got really interested for like a day or two and then got preoccupied with other things and never really revisited.

    Thanks for trying to insult my intelligence though....
     

  16. Lol. Fail post is fail.
     
  17. [quote name='"Lay Low"']

    Any other tips you can share?[/quote]

    How much time do you have? Haha

    Heres a few

    1. Find a good broker with low spreads, I use Oanda

    2. Do not buy any forex signal products claiming to make 1000 pips a month, if these "pro traders were profitable" they wouldnt be selling you bogus software.

    3. Do not overtrade.

    4. Dont trade the news.

    5. Revenge does not work.. Realize your trade was wrong and take your loss


    I can go on and on and on lol
     


  18. I have been looking in to this for some time. I like it better than the stock market because I think it is much harder for big players to manipulate. It still seems pretty difficult to figure out how to read charts and do it well enough to make big money. Youtube has few great videos on the subject.

    Ive made huge money in my UpDown.com practice account on the stock market since 2006 but I started out with a million in play money. I find it easy to spot trends and pick stocks but damn difficult to figure out what forex is going to do.

    You can see live charts at Forex Street. The Foreign Exchange Market
     
  19. I took 10k to 200k with a demo account.. Start trading with your own money and see how the psychology changes. I'm more of a price action trader. Not many charts except the basics, stoch, Macd, ema's

    Charts tell you the past and use the same formula to predict the future. By the time you see a buy or sell signal it's usually too late. You gotta trade the trends and monitor other things that affect the pair you're trading.
     

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