JesseQuinn

s'up y'all

I have a friend who is looking into exploring trading and the Forex market, with perhaps a little bit of crypto in as well

she's a newbie, trying to supplement her income in nursing, and while she can find quite a few resources online, with so many scams and 'get rich quick' nonsense out there, she's wary and doesn't know enough yet to be able to discern the legit from the scams in terms of information

so seeking advice on resources to pass on to her, I know quite a few of you are involved in this kinda thing. I'm useless as this is not my field

any legit, helpful resources anyone could recommend would be appreciated

thanks for reading, hope everyone is doing awesome

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OneHungLo

If you value this person beg them to stay away from Forex. They're better off just going to a casino. They always lose.

A good friend of mine ran a Forex brokerage (he's in a federal pen right now for stealing 30 million) and he would show me how much people lose consistently. For 20 years he watched all his clients lose all their money and he got sick of these clearing houses getting the cash so he started to eat the trades. A lot of the people he had trading with him did it over the phone so he started "book" the trade himself because they always lost. Well, the one time one of them made money..HUGE money, and wanted out. He ended up getting caught and the whole thing fell apart.

He just got sentenced 6 months ago. I've been in his office and seen it myself. Just avoid it.

JesseQuinn

oh wow. gracias!

I will pass that on; she was wary to get into anything without having a basic grasp and she asked me about Forex. what I told her was a mild, uninformed version of what you wrote. uninformed as in, just seeing the odd article pop up every now and then so I'm not exactly an authoritative source

thank you again, super appreciated. in terms of where a newbie getting into the market can learn more, any suggestions?

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Retiree

The biggest forex related website is Forex Factory, with all the news data, and pretty much everyone who is trading is there on the forums. 800k registered members and many anonymous, so definitely over a million regular users.

But as said above, forex is just another business, it might seem easy to get in, but its not different from running any other business. I would even say its much more difficult, because it takes a high IQ, good understanding of numbers, statistics, economic fundamentals and human psychology. And then it takes hours every day looking at the charts. So it can't be done as a side job and thats why most people lose money. There are probably 1% of traders who not only make money regularly, but also make enough to live just off it.

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Klen

Closest thing to forex what i did was financial betting on the value of USD/EUR, but as Deniro said, it is equal or worse then going to casino. But still i would do it again, not for making money, but for fun
as they had 3 betting options - 5 minute value, 1 hour value, and 1 day value. So i would watch line dynamically going up and down , and very often in last second value would change from winning to losing value.

Retiree

Well, you didn't do the "closest thing to forex", but literally forex.

And its not a casino, because a casino is random(If we pretend its not rigged in the favor of the casino), but the market is not random. It depends on many factors, including fundamentals and the more important a currency pair is, the more logical it behaves, because whole economies are tied to it. Thats why it can't be random and can be analyzed, but like I said...very few people can do it. Most don't even have the time to learn it...because it takes many hours a day for many years. Took me over 10 years to trade calmly and profitably.

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Eacherry

I am no trader expert either but having worked in Forex for a bit I would advise to firstly do your research, find a Regulated broker first of all, understand how CFDs work and only Invest what you can Afford to Lose.
70-80% of investor accounts lose money when trading

You can check a few regulated brokers here - investing.com

JesseQuinn

thanks Eacherry, Klen and Retiree, appreciate your input

so forex; there be dragons. passing that on today


I guess I shoulda phrased my thread title and OP better:

she's a newbie to all this, with a good job. just wants to make some additional income with room to grow. I'd introduce her to camming/clips but suspect she's not that kinda girl. I dunno, just have to be careful in outing oneself to even discuss it


so operative term is resources, where can she learn more?


reliable resources for entering that sphere. she's my neighbour and I know her well and she's a smart cookie. smart enough not to dive into anything before learning the fundamentals

if you were V, kind enough to let me use her wifi (when my landlady didn't pay a bill and it fucked up my whole day) and wants to explore something new. where would you start?

this isn't an "I'm asking for a friend" thing that really means me

she's in her early 30's, do y'all think she's better off doing long term rather than shit that seems really shady short term? she doesn't know enough to discern between the two (hence asking me) and I'm here seeking advice from peeps more knowledgeable on this topic than me to pass on

online resources that aren't scams that anyone can provide would be appreciated. she already has her degree and a full time job, best places to read up on stuff in her off hours that isn't all bullshit?

thank you again y'all

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Retiree

I would skip all trading courses, because thats where most newbies get it wrong. I mean, if that kind of trading worked, everyone would be profitable. She needs to read the forums, but most of all, watch the chart whenever she has time. Following fundamentals and watching how the chart reacts to it, is the only thing she needs. Forget all indicators, strategies, etc, those are all a waste of time.

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JesseQuinn

what you wrote makes sense. my concern as well for her (there are soooo many get-rich-quick market strategy scams over here). that's the shit she wants to avoid. the geo-target ads we get over here when listening to a youtube track are unreal


I'm gonna be sending all this to her (copy/paste style) but with credit to each contributor. when we were hanging yesterday and she told me about her interest in the market stuff, immediately my antennae went up. so many scams. wanna help her start the journey right so this advice from all of you is amazing



Retiree, any forums for this kinda thing that you'd rec?

gracias for your insight above

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plsureking

i agree. this is the only thing that matters.

there is no long play in forex unless you want to lose your port. look at the 200 point swing on gold in the last couple weeks. you can buy and sell 100s of times per week, or buy once and bite your nails as the graph bounces up and down.

learn the graph and then stare at it all the time. thats forex

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Retiree

Basically every trader in the world is here:
https://www.forexfactory.com/forums

But she should never take random trading advice from anyone there, without knowing their history, its just to learn, mostly from other people's mistakes.

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JesseQuinn

in copying all this into an email to send her, I just realized I had actually missed reading your first post. I have no idea why

you and OHL basically answered everything in two posts in terms of 'what to avoid/where to learn more'


and you had the patience to post the link twice. gratitude


wowza, y'all rock. this has been incredibly helpful. thanks to everyone, appreciate your time and input so much

have wonderful nights

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