FOREX Trading-anyone do it?

[-SD-]

Does anyone here trade currency on FOREX and actually make consistent money doing it? Seems like a good way to get into trading with almost no money ($300 for mini account on the internet) and just spare time.

 

[Devastation]

be careful, lots of scammers pretending to be forex account managers, traders. if you do your homework, it can be profitable and make a nice return. don't plan on getting rich overnight tho

 

[-SD-]

be careful, lots of scammers pretending to be forex account managers, traders. if you do your homework, it can be profitable and make a nice return. don't plan on getting rich overnight tho

Plan to use an internet account with most of the control in my hands. Dont want to get rich overnight either, around $50 a day within a couple months would be great income for me.

 

[sconoscuito]

how do I sign up and what do i do?

 

[DEEZPAZ]

Just give me your money and I'll give you the details!!!

 

[bran987]

daaaaaaaaaaaaaaaaaave
please no
u will lose u r playing against the likes of george soros & company
u don't have the info they do
save up your money for the down pmt on the quad

 

[-SD-]

daaaaaaaaaaaaaaaaaave
please no
u will lose u r playing against the likes of george soros & company
u don't have the info they do
save up your money for the down pmt on the quad

Ohhhhh now you decide to give me advice, why didnt you ever answer that pm I sent you hmmmmmmm??????

 

[bran987]

Ohhhhh now you decide to give me advice, why didnt you ever answer that pm I sent you hmmmmmmm??????

I would rather see you learn to play poker really well and play against other people online to make $50/day. At least you are on a fair playing field then against other normal humans.

For you to try to trade the currency markets from home on a mini-account and win consistently would be like....... oh what's a good analogy anyone?
well I guess as long as you're only going to risk $300...

 

[gotmilk]

Currency is not something to fart around with lately. You're better off trying to land a penny stock than playing currency right now.

 

[-SD-]

How do you guys know? Have you traded currency or do you all work on wall street or something?
I mention a possible way to make money and everyone is an expert all of a sudden.

 

[gotmilk]

How do you guys know? Have you traded currency or do you all work on wall street or something?
I mention a possible way to make money and everyone is an expert all of a sudden.

A good friend on mine used to own part of this company and he was their currency trader. He got out recently

http://www.tullib.com/global/global/home/

because he said currency trading is a mess right now. This is a guy with decades of experience and multi-millions in personal wealth.


You are competing with people who trade currency for a living...and they are good at it for a reason.

 

[-SD-]

A good friend on mine used to own part of this company and he was their currency trader. He got out recently

http://www.tullib.com/global/global/home/

because it said currency trading is a mess right now. This is a guy with decades of experience and multi-millions in personal wealth.


You are competing with people who trade currency for a living...and they are good at it for a reason.

Then the question is how do I get into any trading/investing medium be it currency, penny stocks, options, futures, etc without my last name being onassis or buffet?
There has to be people that start small with little money on the internet or something and make decent money at it. This is America afterall.

 

[bran987]

There has to be people that start small with little money on the internet or something and make decent money at it. This is America afterall.

that would be nice if it were true but IMO these are 'famous last words'

 

[-SD-]

that would be nice if it were true but IMO these are 'famous last words'

Using that logic I shouldnt be able to start small getting into real estate either since I dont have a trust fund laying around and my dads last name isnt Trump.

 

[bran987]

Using that logic I shouldnt be able to start small getting into real estate either since I dont have a trust fund laying around and my dads last name isnt Trump.

ok go ahead then
it's just everyone I know who has ever tried to become a day trader has failed, not just failed but lost all of their money and sometimes go deep into debt
but I have lots of friends and acquaintances who started investing in real estate 5-10 years ago and are close to quitting their jobs or who have started their own companies
don't know how to explain it dave, just trying to help I really am. I'm not a negative person by nature.

P.S. I am also one of the people who failed at trading

 

[-SD-]

ok go ahead then
it's just everyone I know who has ever tried to become a day trader has failed, not just failed but lost all of their money and sometimes go deep into debt
but I have lots of friends and acquaintances who started investing in real estate 5-10 years ago and are close to quitting their jobs or who have started their own companies
don't know how to explain it dave, just trying to help I really am. I'm not a negative person by nature.

P.S. I am also one of the people who failed at trading

Real Estate is still the main plan bro, I was just talking about something to do while still in school like some sort of trading. But Once I graduate its real estate for sure.

 

[WODIN]

I've been looking into this one SD.

http://www.forex.com/linkc.html?src=overtureforextrading

 

[bran987]

cool, you can go ahead then get it out of your system take a little money and who knows maybe you'll do OK
one thing is for sure, day trading is FUN, emotional rollercoaster type of hobby. like being in vegas everyday! lots of fun

 

[wnt2bBeast]

Does anyone here trade currency on FOREX and actually make consistent money doing it? Seems like a good way to get into trading with almost no money ($300 for mini account on the internet) and just spare time.

ive been on wall street for 7years in the pits..i can tell you your plan of 50/day will not work..currencies move way to fast for a beginner and even some seasoned traders..getting into trading with little money i a plan for failure..i wouldnt start home trading especially currencies without at least 20k..youre competing against the best of goldman, merril, etc not to mention the company u do biz with is making markets against you..they have btter faster info and compueters..they will see the market move before you do and adjust their markets..

you must understand leverage..i cant stress that enough..the other most important thing currencies never close they trade 24 hours a day..there is a ton of nfo to keep up with between london , japan and NY..

make sure you study this and really think it out..it is a fun market but you need to have a serious plan for any type of venture

 

[bran987]

ive been on wall street for 7years in the pits..i can tell you your plan of 50/day will not work..currencies move way to fast for a beginner and even some seasoned traders..getting into trading with little money i a plan for failure..i wouldnt start home trading especially currencies without at least 20k..youre competing against the best of goldman, merril, etc not to mention the company u do biz with is making markets against you..they have btter faster info and compueters..they will see the market move before you do and adjust their markets..

you must understand leverage..i cant stress that enough..the other most important thing currencies never close they trade 24 hours a day..there is a ton of nfo to keep up with between london , japan and NY..

make sure you study this and really think it out..it is a fun market but you need to have a serious plan for any type of venture

ok you said what I was trying to say but you said it much better

 

[kunta]

best to trade GBBJPY, EURJPY, and GBPCHF, spreads are higher but they move faster and trend better than USD based pairs

 

[gotmilk]

Then the question is how do I get into any trading/investing medium be it currency, penny stocks, options, futures, etc without my last name being onassis or buffet?

You can always start trading with an account at Ameritrade or Scottrade. You can make money..and you can also lose money.

You have to pick a point with trading where you are happy with the gains you make. Too many people get greedy and still hold stock in companies that had massive gains.

Let me give you an example. I had shares of UCAD at between $3 and $4. I bought as it started to increase because I saw it being pumped all over the message boards by the same people pumping the CMKX scam. UCAD went to like $15. I made a nice gain...but look at the stock now. People are going to lose their shirts if they did not already sell.

Point being...if you are going to daytrade..get out with a quick profit and move on. Currency is something that can fluctuate too quickly for a novice to keep track of.

Take a look at EFCY. Share retirement coming, a couple of acquisitions using an USDA loan they obtained via Allied Capital and Ed Bell (major loan processor for USDA loans). Obviously, EFCY is not going to be a pump and dump because Ed would never ruin his reputation with a scam. These are the kind of chances where you can get in and out once the company makes the merger announcement official.

Eventually, you will skip pennies and look for quick movers on the NASD. TZOO was a major mover this year. TASR was incredible, Companies like CRXA have a great cancer drug.

And don't fall for stocks that had a major run-up with people hyping higher gains. ITUI, UGHO are two that come to mind. Those in early made nice money, those who fell for the hype are crying like babie right now.

 

[kunta]

www.freetrade.com best imo since they don't charge commissions....stocks like VGTE keep bringing in the dumb money hoping for the next big winner

 

[-SD-]

You can always start trading with an account at Ameritrade or Scottrade. You can make money..and you can also lose money.

You have to pick a point with trading where you are happy with the gains you make. Too many people get greedy and still hold stock in companies that had massive gains.

Let me give you an example. I had shares of UCAD at between $3 and $4. I bought as it started to increase because I saw it being pumped all over the message boards by the same people pumping the CMKX scam. UCAD went to like $15. I made a nice gain...but look at the stock now. People are going to lose their shirts if they did not already sell.

Point being...if you are going to daytrade..get out with a quick profit and move on. Currency is something that can fluctuate too quickly for a novice to keep track of.

Take a look at EFCY. Share retirement coming, a couple of acquisitions using an USDA loan they obtained via Allied Capital and Ed Bell (major loan processor for USDA loans). Obviously, EFCY is not going to be a pump and dump because Ed would never ruin his reputation with a scam. These are the kind of chances where you can get in and out once the company makes the merger announcement official.

Eventually, you will skip pennies and look for quick movers on the NASD. TZOO was a major mover this year. TASR was incredible, Companies like CRXA have a great cancer drug.

And don't fall for stocks that had a major run-up with people hyping higher gains. ITUI, UGHO are two that come to mind. Those in early made nice money, those who fell for the hype are crying like babie right now.

Im the type of guy to cut out at %10-%20 profit and move on to the next one. Do penny stocks move fast enough to be day traded daily and make around $50 a day? Thats really all Im looking for for now.

 

[kunta]

Im the type of guy to cut out at %10-%20 profit and move on to the next one. Do penny stocks move fast enough to be day traded daily and make around $50 a day? Thats really all Im looking for for now.

Yes UGHO today 1.30 to 1.50
AMTX multiday gainer
MHTX multiday gainer
PWRM intrady 1.20 to 1.60

Traded myself 500 shares of TWRCP @ 10.80 out @ 13...is $1,100 enough for you for 1 hour of work

 

[wnt2bBeast]

Im the type of guy to cut out at %10-%20 profit and move on to the next one. Do penny stocks move fast enough to be day traded daily and make around $50 a day? Thats really all Im looking for for now.

your missing the point..it dont matter what you trade..
what is your strategy? what will you do when a trade goes against you?
the difference between the bid and offer is greater than 50 bucks in currencies..im assuming you know what that means? so you buy the euro and sell greens, before teh market even moves your down 50 bucks just to get out of your trade..now when te market is moving against you even 10 pips youre now down 100 bucks and te market really hasnt done anything..how are you goin to handle that situation?

 

[chrisoh]

It doesn't matter where you trade, odds are starting with 300 wont get you crap for returns. Start with at least 5k

 

[-SD-]

your missing the point..it dont matter what you trade..
what is your strategy? what will you do when a trade goes against you?
the difference between the bid and offer is greater than 50 bucks in currencies..im assuming you know what that means? so you buy the euro and sell greens, before teh market even moves your down 50 bucks just to get out of your trade..now when te market is moving against you even 10 pips youre now down 100 bucks and te market really hasnt done anything..how are you goin to handle that situation?

I didnt know the bid and offer were greater than $50 in currencies so that would make sense to need a reserve of more than $300 in order to sustain the good chance of initial losses and still keep trading. However, assuming I had the amount of money you spoke of to start trading in the first place my strategy is conservative employing %10 stop losses on all trades and automatically dumping it at no more than %20-25 and move on to the next one.

 

[wnt2bBeast]

heres a link to a good company as well as a ton of free info..i would suggest paper trading first before you committany money

http://www.gftforex.com/