Anyone here trade on the forex?

[manlymatt83]

Is it worth it? If you take a course and all, do you get your moneys worth?

Just curious.

 

[DaveSimmons]

No. For 99.9% of the people trying it it's even more of a bad way to gamble than day trading or going to Vegas and putting it all on black.

 

[manlymatt83]

bump

 

[LegendKiller]

Very bad idea for most people.

 

[cpmer]

Its tough but profitable if done right and you have patience

 

[Arschloch]

Wow. Do you really think that you have better information on currency exchange rates than the market as a whole?

 

[keeleysam]

You'll need millions of dollars to make it profitable.

 

[Miramonti]

The forex is a very liquid market but not usually very volatile, so it takes a lot of money to make a little (or a whole lot of money to make a decent amount). Brokerages may give you 50/1 margin to trade it, as opposed to 4/1 to daytrade stocks because of this. Either case, trading is trading imo, where it involves managing risk vs. reward, and the nuances of the leverage involved vs. profit potential vs. principal at risk, so respectively taking these factors into account across any market, net net the results will be the same trading Forex as anything else - most people will fail regardless (no matter what class you take.)

 

[Miramonti]

Originally posted by: cpmer
Its tough but profitable if done right and you have patience

Thanks for clearing up any false impressions that the Forex could be traded wrong and still be profitable.

 

[toant103]

Originally posted by: keeleysam
You'll need millions of dollars to make it profitable.

Nope. You do not need millions of dollars to make it profitable.

You can start out with a mini account with roughly $2k.
Some broker offer 200:1 leverage.

1pip = $1. For example. 1.3121 to 1.3122 is one pip.
If you get in the market with 10 lot and you get 10 pips, that's $100 right there. You can also loose that much.
Risky business.
I'm using commerce bank and FXCM to trade.


To clear things up, not every pair of currency =$1 per pop. EUR/USD is $1pip.
EUR/GPB =$1.8 per pip i think.

 

[HombrePequeno]

If you want to dick around with currency speculation, definitely test out XE.com's Forex Demo first. It gives you $50k in virtual money to fool around with. Don't go risking your money if you don't know what you're doing.