Ever Tried Foreign Exchange (forex) Trading?
Would like to try foreign exchange trading – interested in real people’s experiences. Individual trader’s experiences, not large banks or organizations.
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December 30th, 2009 at 12:30 pm
Yes I’ve dealt in the forex market for past several years, my best trade I made $12,000 in a week my worst trade I lost $35,000 in 5 minutes.
The best suggestion I can make is taking the time to educate yourself before you jump into the market live. I found a good article at Gather that deals with hedging your account and limiting the volatility in your portfolio check out: http://www.gather.com/viewArticle.jsp?articleId=281474977221666&nav=Namespace
Best of luck to you!
December 30th, 2009 at 12:49 pm
#1 best tip, don’t trade your real money until you try trading demo account. When you can trade a demo for about 2-3months daily and make money then if you feel ready slowly start trading real money.
Know when and the fundamental news that affects price swings are reported. Stay clear during these volatile times because they can take out your stop in a heartbeat and a few beats later go back the other way. And remember that the news could already be mostly priced into the current price.
Learn the basics of technical trading to help time your entry/exit for the best risk/reward ratio. And don’t trade against the current trends.
I use Lightning Strikes Trading System for trading in any time frame and it also works on stocks, bonds, etf’s, mutual funds, etc… They have 3 free training sessions a week and you don’t have to buy the software to join in the live chat and text. You can even watch some recorded past live sessions. Here are some past charts that I used.http://f1.grp.yahoofs.com/v1/MB16R0zjjaZ…http://f1.grp.yahoofs.com/v1/MB16RxjOUQt…
There are 7 indicators (2 short, 2 medium, and 3 long term) and if volume is reported another one is added (on balance volume). Plus whatever time-frame is used the 2 green horizontal lines are the support and resistance for that time frame. So when indicators are all touching the bottom price is at or very, very near support. At top is at or very, very near resistance. http://f1.grp.yahoofs.com/v1/MB16R9Wv-wt…http://f1.grp.yahoofs.com/v1/MB16R9wSKdV…http://f1.grp.yahoofs.com/v1/QCt6R2fYIj6…http://f1.grp.yahoofs.com/v1/QCt6R3R0VQe…
If you can not view charts above I can email them. Or any you would like to see in Forex.
You can find all the basic info you need on websites for free.
This site should give you a good start.http://finance.yahoo.com/education
Try what you learn on demo sites. If you pick 75% right with play money then you might be ready to start slowly investing.http://simulator.investopedia.com/http://simulator.zacks.com/http://www.fxcm.com/open-free-100k.jsphttp://www.alpari-idc.com/en/metatrader4…
Or just google for more.
Here are my favorite sites.http://stockcharts.com/
Has basically all you need from fundamental to technical terms. Plus stock screens, charts, public chart lists, and much more useful info.https://www.fidelity.com/
Has good learning resources.http://moneycentral.msn.com/home.asp
In addition to yahoo finance.http://www.reuters.com/
For news and more.http://www.marketwatch.com/default.aspx
For news and more.http://www.valueprime.com/index.php
For rating stock risk/reward ratio and reports.http://www.barchart.com/
For investing in more than stocks.http://www.investopedia.com/
For more great learning tools.http://www.lightninglive.com/
For best software timing your entry/exits any time frame for day traders and long term investors.
Others worth exploring.http://www.equis.com/http://www.stockta.com/http://www.secform4.com/
Best Wishes,
Burt Whitley
December 30th, 2009 at 1:18 pm
Yes I tried FOREX since 1999 and the sad story is that I have yet to make a buck. Lost thousands.They keep telling you it’s easy but yet admit that 9 in 10 loose money. Personally I sincerely believe the stock market is a much better choice. I am with BuyandHold since 2001 and I DID make thousands. Their $14.99 monthly fee plan allow me to buy as many different company stocks I want. Here is a good suggestion; open a demo account, let say with Oanda. If you can make money then go for it. If not then don’t make the mistake like me to go ahead anyway and invest thousands cause you WILL LOSE it. You see, what so appealing about the FOREX is the ability to make you huge amount of money real fast if you get in right….I repeat IF YOU GET IN RIGHT. People seems to forget that it goes both ways
Kenneth
December 30th, 2009 at 1:38 pm
In my trading experience, Forex is one of the most exciting markets to trade in. Every day I’ll find good trading opportunities because there are so many currency pairs to choose from.
When I first started trading Forex, I lost a lot of (virtual) money… and I think most traders will have this same experience. I didn’t have a proper trading system, and I was basically just gambling my money away…
That’s why I think it’s important that new traders NEVER start trading immediately with real money. Try demo trading with fake money first… once you start to make money consistently, then you can perhaps try to trade with some of your real money.
Paper trading (i.e. trading with fake money) is in my opinion one of the best ways of familiarizing yourself with the Forex market.
You’ll also need to have a proven, reliable trading system to trade with. One of the biggest mistakes I made as a beginner trader was that I didn’t have a proper trading system to follow. This caused me to lose a lot of money!
So these are the two biggest lessons I’ve learned:
1) Never trade with real money when starting out
2) Have a good trading system that you can rely on.
That’s it.
I’ve never heard of successful traders that have broken either one of these rules… so they’re probably good guidelines to follow.
I hope this answer has been somewhat helpful to you… you may like to check out my website at http://www.forexsystemprofits.com/ for more information on forex trading.
December 30th, 2009 at 1:47 pm
Forex trading is risky and requires certain discipline with investing. Therefore forex is not for everyone.
Just like mentioned in previous answers, to succeed in forex you have to educate yourself properly, create trading plan and follow it. Here is a website that can help you:http://www.forex-trading-secrets.net/
Hope this helps!
Regards,