Forex Trading?

[KillerK]

Anyone doing Forex trading?

Was looking into throwing a grand or 2 into it and see if I can't make some money.

[slapass]

Zero sum game so you are probably going to be contributing to someone else.

[INever]

You can win but if it was easy as you say, everyone would do it. Takes a few months to a few years for consistency.

Read "Trading in the Zone" and "Beat the Dealer"?.and learn how to read the charts.

[lezinterracial]

I wouldn't know where to begin. Curious on where you are gonna do it though. I have heard some bad things about a lot of the currency exchanges out there now.

[nico-t]

'throwing a grand or 2 and see if you can make some money' is probably the worst way to start trading. You have to 'dry test' systems alot. If you found what works, dry test that system for at least a week or two each and every day.
When you are in the black (virtually) do it for real.
But the most important part: Shut off emotions. Emotions are the killer for your cash. 2 losses in a row? 3 losses in a row? Do NOT put more money at stake to 'win back the losses in 1 time'. Stick to your system at all times!

[INever]

Start with $100. Not $1000. Once you can double your money a few months in a row, then you can add more.

Main idea is buy low, sell high. Look for pivot points, support and resistance, high and low of the day/week/month, big round numbers like 140.00 or 127.00.

People do win at this shit but usually they know where price will move, ie; they work for the bank.

[xpimp]

I did in the past, started small with 100 usd then, over time, succeeded to reach 2k and then lost all with a risky maneuver. So, yes, good money can be made but is very hard over time to not risk more. For example, that maneuver when i risked 2k, should have given me, at least 15k from one shot.

[Capsie]

Like posted above, don't bring emotions into your trading. When I first started dabbling with Forex back in 2001. id get in a trade, get stopped out, get pissed of, make a new trade trying to recover the first loss lol. Trading like that will take your account to zero real fast.

Like INever said above, watch for even numbers, for instance right now the USD-JPY is 102 even.. Trader commonly take profits around even number, have their stop losses set at them so always watch around these for a lot of price action. Use your indicators like the MacD, Hiken Ashi, 50, 100 and 200 moving average (MA) and (SMA)

Finally, you to keep up with the reports and news releases. Everyday there are quite a few reports issued on economy indicators such as the unemployment rate, ISM Manufacturing, Retail sales, Core sales, GDP etc.. The biggest to watch as far as the US Dollar is concerned is Retail Sales, GDP, ISM Manufacturing, Monthly FOMC Meeting minutes and Interest rate decision. When these reports come out is pretty fucking common to see a 50-100 tick spike in one direction.. Say for instance, if the GDP Forecast was coming out tomorrow and the forecast was 3%, if the report came out 5% you would see a big spike in the US dollar, if it came out at 1% you would see the dollar lose value. Trading forex is risky as hell, and if you just jump in without testing the water, all you will be doing is donating your money to a large bank lol.

[PR_Glen]

Like anything else, talk to someone who has had success with it.

[zallboro]

Originally Posted by KillerK

Anyone doing Forex trading?

Was looking into throwing a grand or 2 into it and see if I can't make some money.

Check my signature, better than Plugrush

[rowan]

You could try a demo account, trading with play money (the pricing data is real)

http://fxtrade.oanda.com/trade-forex/demo/

[seeandsee]

I really dont think i could make money there

[jimmycastor]

its about milliseconds, inside information , algorythms, do you really have those weapons at your disposal ??
if not
a casino is probably more fun with all those hookers and drinks

[adultmobile]

Originally Posted by jimmycastor

its about milliseconds, inside information , algorythms, do you really have those weapons at your disposal ??
if not
a casino is probably more fun with all those hookers and drinks

Yes nowadays it is just bots trading the big way, humans are just the losers.

[TidalWave]

I want to buy a bot that does auto trading for me.