currency trading

[price88]

anyone here into the forex market? I just started reading up on it looks pretty interesting/risky...would like to know if anyone else is in it or has some thoughts on it.

 

[BOOMSHAKER]

I downloaded their free web tool so you can practice making bogus trades and see how you do. Believe me, it is a hard thing to learn. Not that it is hard meaning the program, but hard as in you must stay on top of the trades at least 2 to 3 times a day. And if you're going to do this part time I can almost assure you, you will not make money on it. Think of this like the fantasy football pools. You have to stay ontop of it full time. And you have to read so many different stock trades. But if you do decided to go with it please come back and share with me. I really would like to know how you're making out with it. Good luck....

 

[BOOMSHAKER]

DAD, on a scale of 1 to 10, how hard is it for the average person to catch on to something like this within the first year or so?

 

[price88]

A few questions to ask yuorself:

What system are yuo going to use?
How do determine a real move from fake?
How do yuo plan to size yuor positons relative to yuor account size?
Do yuo underestand leverage - in Forex it can be 200:1 or more, do yuo know how this works?
How will yuo decide when to exit profitable or losing positions?

This is just the beginning. I was a futures floor trader for years in a past life, and can tell yuo it always looks much easier than it really is!

I haven't choose a system yet, I'm not going to till I read as much information about forex trading as possible. I've been playing around with a demo account called fxcm trading station II and it seams alright. I don't plan on putting in too much money into my account when I begin as I know how risky it is. I understand leverage, say if it's 100:1 then you're 1000 dollars equals 100k, which can both help you make a substantial amount more in profit but also can make you lose a lot more. I wanted to begin by putting around 500 in my account and so far easyforex is the only place I've seen that allows this low of an amount in. I will do a google search to find exactly how many I can get into with such a low amount.

Also I was wondering does p/l mean position/loss?

I've also joined some discussion boards on forex, the best website I found on it was forexfactory.com, it has news releases a calender of economic events and a forum.

 

[seven7seven]

It's not worth it, in my opinion. Too risky and too easy to get wiped out with a bad week of trading.

 

[2ez]

I suggest starting with stocks......letting this be the foundation and then branch from there.

Also consider Futures trading.....but only after the foundation has been built.


Do a search at Amazon for books by Alexander Elder. He touches on Money Management, Setups, Risk to Ruin and Technical Analysis. Then for FOREX,....look up Kathy Lien.