Who here trades forex

[cpmer]

Just curious who here trades forex and how well do u with your live account (no demos)

 

[JS80]

I did it in college, then tried again post college. Unless you are sitting there 12 hours a day you will lose your money.

 

[Martin]

I played OANDA's forex game long enough to realize I'd lose all my money if I tried with a live account.

 

[sniperruff]

somehow i read that as "trade for sex" lol

 

[toant103]

I trade with a live acct, not doing to hot.

 

[imported_Tango]

Forex is among the markets I trade on, Euro/Dollar more than anything else. But I mainly do it as a dynamic hedge on currency risk.

If you want to trade for a living, stay away from the Forex for the first few years.

 

[chipy]

i was always interested but never looked into it enough to actually trade on forex. after reading these few replies i think i'm going to wait some more... or never try.

 

[cpmer]

yeah in forex you always hear the stat about how 90 percent of the people who try forex lose all there money in the first 6 months so it can be scary place to trade.

 

[daveymark]

trade forex, mostly the euro and yen...also like to dabble in the ym

 

[imported_Lothar]

Not I.
I've experimented with the possibility of trading on Forex but the gains just aren't worth it IMO.

Though if I had to pick a currency to hedge, I'd pick GBP-USD as my first choice before anything else.

 

[M0oG0oGaiPan]

How much money would you need to make a good profit trading currencies like this? I mean you're dealing with nickels and dimes basically right?

 

[everman]

Originally posted by: M0oG0oGaiPan
How much money would you need to make a good profit trading currencies like this? I mean you're dealing with nickels and dimes basically right?

Leverage, lots of leverage.

 

[cpmer]

if u use lots of leverage u could take anything and make into more money than u could ever need IF u could can make all correct the trades

 

[DaveSimmons]

Winning 5 times in a row putting it all on black is just as likely and is so much less work.

Vegas roulette > FOREX.

 

[cpmer]

true to a certain degree but at least with forex u can have slighty more confidence that you might win

 

[Martin]

Originally posted by: everman

Originally posted by: M0oG0oGaiPan
How much money would you need to make a good profit trading currencies like this? I mean you're dealing with nickels and dimes basically right?

Leverage, lots of leverage.

Yep - some places offer 500-1 leverage, which is insane. If you buy 10k worth of euro before some economic data is released and it goes up half a cent, you've just made 20k in half an hour.

Unfortunately, in reality you'd lose your money long before that happens

 

[cpmer]

with 500-1 leverage with 10k ive seen seen days where a currency has moved 200 pips one direction usually only the pound makes a move that extreme but with that leverage and that move u could possibly take 10k and turn it into 100k sounds to good to be true but with leverage like that theres a very good chance that your postion would close out on margin call first

 

[tjaisv]

Originally posted by: everman

Originally posted by: M0oG0oGaiPan
How much money would you need to make a good profit trading currencies like this? I mean you're dealing with nickels and dimes basically right?

Leverage, lots of leverage.

Most of the FX traders i have seen who make significant returns will use 10-40:1 leverage and are well capitalized, eg at least $10k or even $100k accounts, to avoid losing heavy % on the drawdowns. U have to be solid when it comes to money management, as investing too much risk or not understanding the whole risk dynamic is why many newbies fail at currency trading. Many also just dont know how to trade, they trade based on poorly devised systems, or they trade without requisite discipline. Make no mistake, currency trading is a VERY risky tool, and even if you know what you're doing you can still make mistakes and lose your edge. But the more resilient u are, then the more you can bounce back and win to stay alive for yet another market session. And yes, there are those who are indeed "winning" consistently enough to be profitable in both the short and long term.

There are many online trading forum communities. Suggest googling for further info.

 

[JS80]

Originally posted by: tjaisv

Originally posted by: everman

Originally posted by: M0oG0oGaiPan
How much money would you need to make a good profit trading currencies like this? I mean you're dealing with nickels and dimes basically right?

Leverage, lots of leverage.

Most of the FX traders i have seen who make significant returns will use 10-40:1 leverage and are well capitalized, eg at least $10k or even $100k accounts, to avoid losing heavy % on the drawdowns. U have to be solid when it comes to money management, as investing too much risk or not understanding the whole risk dynamic is why many newbies fail at currency trading. Many also just dont know how to trade, they trade based on poorly devised systems, or they trade without requisite discipline. Make no mistake, currency trading is a VERY risky tool, and even if you know what you're doing you can still make mistakes and lose your edge. But the more resilient u are, then the more you can bounce back and win to stay alive for yet another market session. And yes, there are those who are indeed "winning" consistently enough to be profitable in both the short and long term.

There are many online trading forum communities. Suggest googling for further info.

WTF?