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Title: I'm intrigued by the idea of Forex... Post by: Anonymous on February 21, 2011, 09:02:29 PM I am fond of the idea of trading currency based on political and other worldly affairs. I know it's risky business with its liquid nature. Relatively, I know pretty much nothing about it. Can someone introduce me to Forex and how to rationally enter this game of trade?
Thank you. Title: Re: I'm intrigued by the idea of Forex... Post by: ribuck on February 21, 2011, 09:13:30 PM An interesting way to dabble might be to use bitcoins as an intermediary currency.
Bitcoin Central supports USD and Euros. BTCex supports USD, Euros, Rubles and Yen. Title: Re: I'm intrigued by the idea of Forex... Post by: Garrett Burgwardt on February 21, 2011, 09:14:22 PM I've done some forex trading Atlas. Message me on IRC or something and I can give you some hints.
Title: Re: I'm intrigued by the idea of Forex... Post by: spndr7 on February 23, 2011, 02:23:59 PM Forex trading is highly risky but can yeild maximum as compared to any other trade.
If you want to try for nothing then try marketiva,they give you 5 $ to start . visit http://earnforex.com --very good resource for forex tarding Title: Re: I'm intrigued by the idea of Forex... Post by: Bimmerhead on February 23, 2011, 06:56:37 PM The great thing about forex is there is always a bull market somewhere.
Of course then there is always a bear market somewhere too. And the leverage is spectacular. One way to dip your toe in the water is to sign up at currensee.com and follow more experienced traders. I've also found the James16 thread at forexfactory helpful. Title: Re: I'm intrigued by the idea of Forex... Post by: Anonymous on February 23, 2011, 08:10:40 PM Thank you all.
Title: Re: I'm intrigued by the idea of Forex... Post by: S3052 on February 23, 2011, 08:22:52 PM There is a great books called "market wizards".
If you read some of it, you realize what is going on behind the scenes. And, you realize that it is probably only 1 in a 1000 to CONTINUOUSLY make profit (like Vladimir has mentioned above, there may be 20% who make some gains over 1-2 years, but then lose all again). Not to scare you, but in line with what others mentioned before, and in line with any other profession, you can only sustainably win if you are a damn expert.. so you need to study, learn, practice, fail, learn again more, practice.. Title: Re: I'm intrigued by the idea of Forex... Post by: Anonymous on February 23, 2011, 08:28:33 PM Heh, I assumed it's a difficult game. There's no easy money. That's why I am asking for information so I can potentially make myself the best player possible.
Again, thanks. Title: Re: I'm intrigued by the idea of Forex... Post by: rebuilder on February 23, 2011, 08:31:29 PM Heh, I assumed it's a difficult game. There's no easy money. That's why I am asking for information so I can potentially make myself the best player possible. Again, thanks. There is a difference between a difficult game and a game of chance. The games may look very similar, though. Title: Re: I'm intrigued by the idea of Forex... Post by: gusti on February 23, 2011, 08:38:26 PM Much like Poker, Forex is a money management game.
Title: Re: I'm intrigued by the idea of Forex... Post by: bitdragon on February 23, 2011, 08:54:46 PM It's a rigged game for sure. I know one or two or work in that industry and it is definitely not a transparent market. And I spent some months in there a few years ago doing a few trades.... I have a colleague who does that daily now and it is stressful. Be ready to lose all you put in there.
Prices are manipulated to trigger stop losses for example. The quote you get does not have to be exactly the same as someone else. Placing an order right in between the bid and the ask will not be available to anyone. Most people lose so the house is betting against you. It is a computer system which forces users to lose in favour of the house. Those who set one of these up are making boat loads of cash, in appearance at least. My 2 cents is to get out of there. If you do wander in there and have a profit, no matter how small, take it. The bigger the leverage, the bigger the immediate loss due to the spread. Have rules before you enter a trade, what loss is maximum, profit objective, time period, as your emotions after will make you lose it all. A friend sent me the link today of currencyfair.com if you are willing to trade currencies with other humans and no leverage;) Title: Re: I'm intrigued by the idea of Forex... Post by: Nefario on February 24, 2011, 02:52:08 AM If you want to try currency speculation do it on mtgox for a while. There are bots on there but as far as I know they are not the terminators you find on regular fx markets.
Title: Re: I'm intrigued by the idea of Forex... Post by: Nefario on February 24, 2011, 03:30:15 AM at least on mtgox you'll waste your money for good of bitcoin community as opposed to providing pocket money to some city fatcat in case of forex Yes, I can't imagine there are too many evil banker/traders from these big corporations using mtgox; I could be wrong, the might just be biding their time. Title: Re: I'm intrigued by the idea of Forex... Post by: ColdHardMetal on February 24, 2011, 07:08:01 AM Lots of the forex trading platforms will let you set up play money accounts so you can familiarize yourself with the software, test strategies etc under actual market conditions. I would recommend setting one of those up and playing around with it to get a feel for what is going on. Don't assume because you make play money you will make real money. The emotional component difference between paper trading and the real deal is quite real/surprising.
Do a search for Oanda and set up a practice account there. That's the one I play around with when the mood strikes. They offer a ton of pairs and have pretty narrow spreads so they are about as good as you'll probably find for a retail market maker. |