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Currency Trading. Anyone with advice?
- Thread starter LiLWaynE
- Start date
I do at Forex.com with 100 to 1 leverage..
Short the buck against the juan yen sterling.... is my advice... oh.. don't risk more than your willing to loose.. don't try it with less than 10k screw the mega accounts that will start you with 15hun... you most likely could loose that your first couple trades.... u have HUGE leverage and you can't let the trade loose any value AT ALL or it will automatically get liqudated.. in other words.. it has to go STRAIGHT UP.. or at least sideways with no dips..... get it?
Also... download the practice simulator... if u can't make money with that.. you won't make money with real money..
Let me know!! I do quite well.. especially since the dollar has shit (last 3 mo.)
Short the buck against the juan yen sterling.... is my advice... oh.. don't risk more than your willing to loose.. don't try it with less than 10k screw the mega accounts that will start you with 15hun... you most likely could loose that your first couple trades.... u have HUGE leverage and you can't let the trade loose any value AT ALL or it will automatically get liqudated.. in other words.. it has to go STRAIGHT UP.. or at least sideways with no dips..... get it?
Also... download the practice simulator... if u can't make money with that.. you won't make money with real money..
Let me know!! I do quite well.. especially since the dollar has shit (last 3 mo.)
A must watch video highlighting WHY u might just want to stay SHORT the buck for a while... .
AND VOTE RON PAUL IN YOUR STATES UPCOMING PRIMARY!
http://youtube.com/watch?v=XaxdUPNYj2s
Its well worth the watch even if your ONLY interested in trading currency
AND VOTE RON PAUL IN YOUR STATES UPCOMING PRIMARY!
http://youtube.com/watch?v=XaxdUPNYj2s
Its well worth the watch even if your ONLY interested in trading currency
bergerbuddy said:
Ok, let me get this clear.
You are telling me that I shouldnt even waste my time investing unless I have $10,000 to invest into it?
Why do you say screw the mega accounts that start you with $1500?
Also, how much have you profited thus far, if you dont mind?
thanks for the info berger
Pops said:
Pops, you crack me up. What are you trying to trade me for my currency?
Sharp_Pain
Member
this is risky like anything else....just only risk what you can afford to lose
currency trading can become as addicting as sports gambling
currency trading can become as addicting as sports gambling
LiLWaynE said:
First... understand that ESPECIALLY at 1500.00 YOUR NOT INVESTING!!... you would be TRADING... and if you use the I think they are called Jumbo accts... with 300 to 1... you make a trade and close it the same day... maybe even the same minute... I SHIT YOU NOT!! so ur trying to make ur money work...
With those Jumbo deals... you really only have 1500 in you account... yet your leveraging hundreds of thousands of dollars.... looking for a few "point" moves....
Now if you say SELL at 1.22.33 its gonna HAVE to move to 1.22.26 JUST TO BREAK EVEN... i.e. pay for the cost of the trade.....
Its pretty complicated if your really interested in doing it... download the forex.com trading simulator... give it a try...
I'd be happy to talk with you about it..
I have made THOUSANDS of dollars in a month..... I have lost that too.... I am a consistent winning trader but I've been trading since 1999... The market is not normal right now either.... there are TONS of traders SHORT the buck and it is STILL falling... EVERYONE is making money... cept for the contrarians betting long long term...
So to a degree it is easier right now to rake profits... but that could change litterally RIGHT NOW.. as the forex is open TWENTY FOUR SEVEN.. unlike the NAS or NYSE
Peace
Screw trading currency
If you know stocks...they are better in returns and less risky
So you know that the dollar is low and interest rates dropping...so you buy gold
You're gonna learn one way or the other what makes currency ticks,and what moves a Economy and the stocks that follows it.
Good companies like KO- Coke Cola or MasterCard
Get a trading account and buy and sell shares or hold on to them and still get paid when the right moves are made...you can see how much is made in a day if a trade goes right...moves like $20.00 a share can be made in a day.Look at a stock graph and check out these names
BIDU
PCU
NVR
http://tools.thestreet.com/tsc/quotes.html?pg=qcn&symb=ma&sid=2220054&time=5yr&freq=1mo
http://tools.thestreet.com/tsc/quotes.html?pg=qcn&symb=ko&sid=1272&time=5yr&freq=1mo
If you know stocks...they are better in returns and less risky
So you know that the dollar is low and interest rates dropping...so you buy gold
You're gonna learn one way or the other what makes currency ticks,and what moves a Economy and the stocks that follows it.
Good companies like KO- Coke Cola or MasterCard
Get a trading account and buy and sell shares or hold on to them and still get paid when the right moves are made...you can see how much is made in a day if a trade goes right...moves like $20.00 a share can be made in a day.Look at a stock graph and check out these names
BIDU
PCU
NVR
http://tools.thestreet.com/tsc/quotes.html?pg=qcn&symb=ma&sid=2220054&time=5yr&freq=1mo
http://tools.thestreet.com/tsc/quotes.html?pg=qcn&symb=ko&sid=1272&time=5yr&freq=1mo
TNTBudSticker said:
I do agree... HOWEVER... I would BE WAY SHORT MASTERCARD RIGHT NOW... I Bid u.. thats a China company thats WAY WAY over bought!
But i see your in my sphere of making money!!
G
Guest
bergerbuddy is right, 15K is a minimum account level if u want trade and be able to handle any kind of drawdown...i would personally feel more comfortable with 30-50 to start with to be honest...
u also have to consider having a dedicated pc if ur going to trade actively, decide what platform u want to execute trades on, all of that...where are you going to get charts and stuff? CQG is the best and that is gonna run u at least $600 a month...also u have to consider the exchange fees and membership requirements involved if u want to trade actively...
what method(s) are you going to use to generate trading ideas? before u get into it u should be comfortable being at a disadvantage because you have zero experience and are going up against people who have a lot of experience and a lot of capital backing them up...some of them use quantitative methods to have computers execute strategies for them...on top of all that u have to manage yourself personally both when you have success and when u get smoked...
if it was easy everyone would do it, and the fact of the matter is out of 10 people who try to trade for a living, 5 will completely suck, three will scratch after costs, 1 person will do 'OK' and there will be one person out of ten who is good enough to do it for a living, really make a lot of money and keep it...
that being said there is a ton of volatility in the markets right now and if ur going to give it a shot these are good conditions to trade futures, imo...just don't get sucked into jim cramer's little bullshit world and go with bloomberg, not the crapola on cnbc...
u also have to consider having a dedicated pc if ur going to trade actively, decide what platform u want to execute trades on, all of that...where are you going to get charts and stuff? CQG is the best and that is gonna run u at least $600 a month...also u have to consider the exchange fees and membership requirements involved if u want to trade actively...
what method(s) are you going to use to generate trading ideas? before u get into it u should be comfortable being at a disadvantage because you have zero experience and are going up against people who have a lot of experience and a lot of capital backing them up...some of them use quantitative methods to have computers execute strategies for them...on top of all that u have to manage yourself personally both when you have success and when u get smoked...
if it was easy everyone would do it, and the fact of the matter is out of 10 people who try to trade for a living, 5 will completely suck, three will scratch after costs, 1 person will do 'OK' and there will be one person out of ten who is good enough to do it for a living, really make a lot of money and keep it...
that being said there is a ton of volatility in the markets right now and if ur going to give it a shot these are good conditions to trade futures, imo...just don't get sucked into jim cramer's little bullshit world and go with bloomberg, not the crapola on cnbc...
Hey Nuggie!! Hope you & Your's had a great holiday!!
Yup... you make some excellent points... especially about the odd's of making it...
It just not for everyone.. and you better be DAMN SURE you can LOOSE all that money without killing yourself or someone else..
As for Cramer... I have traded stocks he picks during his 3 pm show... Short em to the buyers... then buy it back... all during his show.... That being said... I've lost my ass on stocks he has called that HAVE NOT come back...
Overall... its safer to NOT trade against or with his picks unless YOU have a bit of knowledge about the stocks history etc.... I know that seems apparent... But litterally... when he first started mad money in 2006... I was trading EVERYTHING he would call out... and at FIRST was raking it... just by FOLLOWING his trades.... after about 3 wks of that.... the pattern broke.... and I paid a dear price for it!!
Someone said in here that daytrading can become like sports betting.... I would have to agree whole heartedly!!
And yeah I would say that Nug has hit the opportunity on the head... it IS VERY volatile... reminds me in a way of 2000-01 right about the time the NAS went from 5500 to 2000... Those are the times that MONEY CAN BE MADE!!!
Nug- U ever dabbled in trading?
Peace n Paul
Yup... you make some excellent points... especially about the odd's of making it...
It just not for everyone.. and you better be DAMN SURE you can LOOSE all that money without killing yourself or someone else..
As for Cramer... I have traded stocks he picks during his 3 pm show... Short em to the buyers... then buy it back... all during his show.... That being said... I've lost my ass on stocks he has called that HAVE NOT come back...
Overall... its safer to NOT trade against or with his picks unless YOU have a bit of knowledge about the stocks history etc.... I know that seems apparent... But litterally... when he first started mad money in 2006... I was trading EVERYTHING he would call out... and at FIRST was raking it... just by FOLLOWING his trades.... after about 3 wks of that.... the pattern broke.... and I paid a dear price for it!!
Someone said in here that daytrading can become like sports betting.... I would have to agree whole heartedly!!
And yeah I would say that Nug has hit the opportunity on the head... it IS VERY volatile... reminds me in a way of 2000-01 right about the time the NAS went from 5500 to 2000... Those are the times that MONEY CAN BE MADE!!!
Nug- U ever dabbled in trading?
Peace n Paul
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alright guys.
I have made up my mind.
I think currency trading is WAYYY over my head.
If I had 15k to invest, I would def. not invest it this way....
i know of many other ways with way more of a secure, guaranteed payoff....
thanks for the info though guys.... really put me in my place
I have made up my mind.
I think currency trading is WAYYY over my head.
If I had 15k to invest, I would def. not invest it this way....
i know of many other ways with way more of a secure, guaranteed payoff....
thanks for the info though guys.... really put me in my place
A
avgjoe
bookmarked.
ill be listening while the pros converse. thanks.
ill be listening while the pros converse. thanks.
