Anyone doing any currency trading?

Kamilla · 05-29-2006, 09:15 AM

Been thinking about trying my hand at currency trading and was wondering if anyone has done it/is doing it? If so, do you have any advice to share?

Thanks

PornFactory · 05-29-2006, 12:28 PM

I don't have experiences with currency trading but think that would be nice to have such a service ... sometime you need it and there is no one who can help you ...

I think that's a great idea and think that you should go for it if you have a chance to start...

Kamilla · 05-30-2006, 08:12 AM

Have such a service? I'm not talking about an exchange between MB to ePass lol I'm talking about http://www.fxcm.com
Just looked at the value of usd compared to sek, and the dollar is way down again.

Blinky · 05-30-2006, 09:00 AM

I haven't tried it, but I read a bit about it years ago. I thought there was something in place to stop everyone doing this all the time.

I don't have the time to read up on it again, but if it's really as easy as 'swapping' currencies why isn't everyone doing it and getting rich ? Seems way too easy...

Kamilla · 05-30-2006, 09:58 AM

Yes, my thinking too... There has to be a catch somewhere... I just saw today that the us dollar has dropped again. Buying some dollars now and sell them in a couple of weeks when it goes up a few swedish öre, seems simple. So what am I missing? lol

PornFactory · 05-30-2006, 10:28 AM

Yeah, it sounds so simple ... but not sure where the catch is ...
On the other hand, it's a risk ... but you can't profit if you don't take the risk ...

Head Boy · 05-30-2006, 11:08 AM

The trick is to guess the movements correctly. If you get it right, you make money, and if you get it wrong then you lose. If you're dealing in actuals, then you'll lose the initial spread straight off, and if you're trading options, then you can lose the lot if you get it wrong.

Liquid Minds · 05-30-2006, 11:19 AM

Hi,

Trading whether it are stocks, bonds or currencies takes a lot of time and dedication if you want to do it right. Otherwise you're just hoping for the right movement of the price. A good way to start is always with a practice account. The site you mentioned also has one.

Gr,
Danny

zek · 05-30-2006, 11:45 AM

Forex (foreign exchange) is incredibly hard - only 1 or 2 percent of people that try it are actually profitable long term. It takes years of total dedication and even then you can expect many losing trades. Its all about money management, and your frame of mind.

Kamilla · 05-30-2006, 11:51 AM

Yes, I saw that they had practice accounts and also mini accounts where you only need $300 to start. I figured I'd start with that. But I really don't want to waste my time if there's a catch I've missed somewhere.
I can't see any fee's posted on that site anywhere so that's one thing I know I'm missing lol

GTP Thomas · 05-30-2006, 12:53 PM

They don't have fees, they have got spreads. The spread is typically 2 - 5 pips, a pip is the minimum amount a currency can change. The spread means there is a difference between buy & sell price, which means that if you buy 1000 dollars and then sell it again against the same price you'd lose a bit of it ($2-$5). That's how the forex brokers, in this case fxcm.com make their money.

Read about forex first, don't just start and try a bit. (Well you could do that too, if you wouldn't mind losing everything

)

johnshinil · 05-30-2006, 02:38 PM

Yeah.. I've done a bit of forex and a lot of nasdaq daytraing, and I can give you a couple of very good tips:

1) if you want to do it part time: stay away

2) if you want to do it full time: trade for 1 year on virtual funds first, track every move you make, add 20% of slippage to every position you entered and exited, and if you're still in profit, then its time to go pro. If you are in loss after adding a 20% slippage on all your positions then you will be in loss if you trade with real money. This job is not for you. Enjoy the life instead.

Kamilla · 05-31-2006, 07:56 AM

1) yes, I wanted to do this part time lol
2) what is slippage?

GTP Thomas · 05-31-2006, 12:16 PM

Quote:

Originally Posted by Kamilla

1) yes, I wanted to do this part time lol
2) what is slippage?

http://www.google.com/search?q=define%3A+slippage

ScreaM · 05-31-2006, 04:58 PM

Quote:

Originally Posted by PornFactory

I don't have experiences with currency trading but think that would be nice to have such a service ... sometime you need it and there is no one who can help you ...

You can't legally start such a service coz it is nothing but money laundering.

ScreaM · 05-31-2006, 05:00 PM

Kamilla
Have you tired www.marketiva.com ? Someone showed me this site but I have no experience in foriegn exchange.

fresh · 05-31-2006, 05:44 PM

its not worth, to make somewhat like not bad cash u need at least few years experience, stay online looking at figures every day

GTP Thomas · 06-01-2006, 06:40 PM

Another advice: Don't go with Marketiva. They are a very new and small company - go with the larger & older companies that have a proven trackrecord. Look for brokers who offer MetaTrader 4 as platform.

And, as said before in this thread, start with demo accounts and be ready to spend a lot of time on it if you don't want to be just gambling

Karomesis · 06-02-2006, 12:38 AM

The key to forex is money management, you WILL lose...ALOT. the key is to keep your emotions in check either way. Don't get cocky if you win, and at the same time don't kill yourself over losses.

If you really want to get into it seriously, you will need to study charts till you're eyes fall out, candlestick charts, bollinger bands, fibonacci sequences, alot of stuff to learn believe me. And then you will need to figure out if you're going to trade during the day or for the long hau, days or even months.

The forex brokers will allow you to also trade on margin so you're 100$ can turn into 10000$ on a 100:1 position. But at the same time you can get wiped out in 30 seconds if you trade at margins that high. Pros usually trade at no higher than 1:5 for money management purposes.

If you can manage money well, and keep your emotions in check, you can make money. So if you're serious, hit the books.

Kamilla · 06-03-2006, 06:35 AM

Thank you all for your feedback and links! It's much appreciated

05-29-2006, 09:15 AM	#1 (permalink)
Kamilla Swedish Babe YourSearchNow.com Join Date: Apr 2004 Location: YourSearchNow.com -- Advertise 2cent/click -- Posts: 14,036 Points: 50	Anyone doing any currency trading? Been thinking about trying my hand at currency trading and was wondering if anyone has done it/is doing it? If so, do you have any advice to share? Thanks __________________ YourSearchNow.com Advertise 2c/click - netpond points are welcome Trade Blog Links Several Blogs and Blog Toplists in many different niches

05-29-2006, 12:28 PM	#2 (permalink)
PornFactory From Dusk Till Dawn Join Date: Jun 2005 Location: Croatia Posts: 13,814 Points: 6,628	I don't have experiences with currency trading but think that would be nice to have such a service ... sometime you need it and there is no one who can help you ... I think that's a great idea and think that you should go for it if you have a chance to start... __________________ !!! SHORTEN UGLY LONG URLs INTO COOL LOOKING SMALLER ONES - FREE SERVICE AT YMIX.COM !!! BUY QUALITY TRAFFIC @ TRAFFICHOLDER \| POWERFUL ADULT SCRIPTS Recommended Sponsors: FLASH CASH \| TRAFFIC CASH GOLD \| AW EMPIRE \| MORENICHE \| WORLDNICHE \| CHEAP FREESITES - PM ME \|

05-30-2006, 08:12 AM	#3 (permalink)
Kamilla Swedish Babe YourSearchNow.com Join Date: Apr 2004 Location: YourSearchNow.com -- Advertise 2cent/click -- Posts: 14,036 Points: 50	Have such a service? I'm not talking about an exchange between MB to ePass lol I'm talking about http://www.fxcm.com Just looked at the value of usd compared to sek, and the dollar is way down again. __________________ YourSearchNow.com Advertise 2c/click - netpond points are welcome Trade Blog Links Several Blogs and Blog Toplists in many different niches

05-30-2006, 09:00 AM	#4 (permalink)
Blinky Blogging. Caffeine. Shame. Join Date: Apr 2004 Location: Australia Posts: 11,400 Points: 225	I haven't tried it, but I read a bit about it years ago. I thought there was something in place to stop everyone doing this all the time. I don't have the time to read up on it again, but if it's really as easy as 'swapping' currencies why isn't everyone doing it and getting rich ? Seems way too easy... __________________ More Sex Blogs Directory - Seo friendly hardlinks !

05-30-2006, 09:58 AM	#5 (permalink)
Kamilla Swedish Babe YourSearchNow.com Join Date: Apr 2004 Location: YourSearchNow.com -- Advertise 2cent/click -- Posts: 14,036 Points: 50	Yes, my thinking too... There has to be a catch somewhere... I just saw today that the us dollar has dropped again. Buying some dollars now and sell them in a couple of weeks when it goes up a few swedish öre, seems simple. So what am I missing? lol __________________ YourSearchNow.com Advertise 2c/click - netpond points are welcome Trade Blog Links Several Blogs and Blog Toplists in many different niches

05-30-2006, 10:28 AM	#6 (permalink)
PornFactory From Dusk Till Dawn Join Date: Jun 2005 Location: Croatia Posts: 13,814 Points: 6,628	Yeah, it sounds so simple ... but not sure where the catch is ... On the other hand, it's a risk ... but you can't profit if you don't take the risk ... __________________ !!! SHORTEN UGLY LONG URLs INTO COOL LOOKING SMALLER ONES - FREE SERVICE AT YMIX.COM !!! BUY QUALITY TRAFFIC @ TRAFFICHOLDER \| POWERFUL ADULT SCRIPTS Recommended Sponsors: FLASH CASH \| TRAFFIC CASH GOLD \| AW EMPIRE \| MORENICHE \| WORLDNICHE \| CHEAP FREESITES - PM ME \|

05-30-2006, 11:08 AM	#7 (permalink)
Head Boy Net Baron Join Date: Feb 2004 Location: England Posts: 44,920 Points: 25,991	The trick is to guess the movements correctly. If you get it right, you make money, and if you get it wrong then you lose. If you're dealing in actuals, then you'll lose the initial spread straight off, and if you're trading options, then you can lose the lot if you get it wrong. __________________ Baronets (incorporating Domains for Porn and G8S) is the new name for my domain management services.

05-30-2006, 11:19 AM	#8 (permalink)
Liquid Minds The flying dutchman. Join Date: May 2006 Location: Amsterdam Posts: 72 Points: 0	Hi, Trading whether it are stocks, bonds or currencies takes a lot of time and dedication if you want to do it right. Otherwise you're just hoping for the right movement of the price. A good way to start is always with a practice account. The site you mentioned also has one. Gr, Danny __________________ Danny van Duivenbooden Verotel B.V. www.verotel.com icq: 199-010-518

05-30-2006, 11:45 AM	#9 (permalink)
zek not out of the box Join Date: Apr 2006 Location: England Posts: 121 Points: 0	Forex (foreign exchange) is incredibly hard - only 1 or 2 percent of people that try it are actually profitable long term. It takes years of total dedication and even then you can expect many losing trades. Its all about money management, and your frame of mind.

05-30-2006, 11:51 AM	#10 (permalink)
Kamilla Swedish Babe YourSearchNow.com Join Date: Apr 2004 Location: YourSearchNow.com -- Advertise 2cent/click -- Posts: 14,036 Points: 50	Yes, I saw that they had practice accounts and also mini accounts where you only need $300 to start. I figured I'd start with that. But I really don't want to waste my time if there's a catch I've missed somewhere. I can't see any fee's posted on that site anywhere so that's one thing I know I'm missing lol __________________ YourSearchNow.com Advertise 2c/click - netpond points are welcome Trade Blog Links Several Blogs and Blog Toplists in many different niches

05-30-2006, 12:53 PM	#11 (permalink)
GTP Thomas Is Aga really Little Buddha? Join Date: Sep 2004 Posts: 2,849 Points: 0	They don't have fees, they have got spreads. The spread is typically 2 - 5 pips, a pip is the minimum amount a currency can change. The spread means there is a difference between buy & sell price, which means that if you buy 1000 dollars and then sell it again against the same price you'd lose a bit of it ($2-$5). That's how the forex brokers, in this case fxcm.com make their money. Read about forex first, don't just start and try a bit. (Well you could do that too, if you wouldn't mind losing everything )

05-30-2006, 02:38 PM	#12 (permalink)
johnshinil Me so horny Join Date: Jan 2005 Posts: 912 Points: 0	Yeah.. I've done a bit of forex and a lot of nasdaq daytraing, and I can give you a couple of very good tips: 1) if you want to do it part time: stay away 2) if you want to do it full time: trade for 1 year on virtual funds first, track every move you make, add 20% of slippage to every position you entered and exited, and if you're still in profit, then its time to go pro. If you are in loss after adding a 20% slippage on all your positions then you will be in loss if you trade with real money. This job is not for you. Enjoy the life instead.

05-31-2006, 07:56 AM	#13 (permalink)
Kamilla Swedish Babe YourSearchNow.com Join Date: Apr 2004 Location: YourSearchNow.com -- Advertise 2cent/click -- Posts: 14,036 Points: 50	1) yes, I wanted to do this part time lol 2) what is slippage? __________________ YourSearchNow.com Advertise 2c/click - netpond points are welcome Trade Blog Links Several Blogs and Blog Toplists in many different niches

05-31-2006, 05:00 PM	#16 (permalink)
ScreaM The Bumpmeister Join Date: Sep 2004 Posts: 79,325 Points: 785	Kamilla Have you tired www.marketiva.com ? Someone showed me this site but I have no experience in foriegn exchange. __________________

05-31-2006, 05:44 PM	#17 (permalink)
fresh so fresh and so clean Join Date: Apr 2006 Location: I like You. See Sig Posts: 15,838 Points: 60	its not worth, to make somewhat like not bad cash u need at least few years experience, stay online looking at figures every day __________________ Adult Hosting - decent quality + good price 35$ per signup + Dating 1.25$-5.00$ per email = $$$

06-01-2006, 06:40 PM	#18 (permalink)
GTP Thomas Is Aga really Little Buddha? Join Date: Sep 2004 Posts: 2,849 Points: 0	Another advice: Don't go with Marketiva. They are a very new and small company - go with the larger & older companies that have a proven trackrecord. Look for brokers who offer MetaTrader 4 as platform. And, as said before in this thread, start with demo accounts and be ready to spend a lot of time on it if you don't want to be just gambling

06-02-2006, 12:38 AM	#19 (permalink)
Karomesis pleasure is the highest good Join Date: May 2006 Posts: 52 Points: 0	The key to forex is money management, you WILL lose...ALOT. the key is to keep your emotions in check either way. Don't get cocky if you win, and at the same time don't kill yourself over losses. If you really want to get into it seriously, you will need to study charts till you're eyes fall out, candlestick charts, bollinger bands, fibonacci sequences, alot of stuff to learn believe me. And then you will need to figure out if you're going to trade during the day or for the long hau, days or even months. The forex brokers will allow you to also trade on margin so you're 100$ can turn into 10000$ on a 100:1 position. But at the same time you can get wiped out in 30 seconds if you trade at margins that high. Pros usually trade at no higher than 1:5 for money management purposes. If you can manage money well, and keep your emotions in check, you can make money. So if you're serious, hit the books.

06-03-2006, 06:35 AM	#20 (permalink)
Kamilla Swedish Babe YourSearchNow.com Join Date: Apr 2004 Location: YourSearchNow.com -- Advertise 2cent/click -- Posts: 14,036 Points: 50	Thank you all for your feedback and links! It's much appreciated __________________ YourSearchNow.com Advertise 2c/click - netpond points are welcome Trade Blog Links Several Blogs and Blog Toplists in many different niches

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