I think you're wrong. Euro is losing ground steadily and USD is ready to turn around whenever emotion strikes it. A year ago I would have agreed.

Damn good days !

Let us know when you blow up your account :winkwink:

Good trading.

This is a warning for everyone reading this thread.

DO NOT trade on the FOREX unless you know what you are doing. It is honestly worse than gambling. People who are properly trained can easily lose everything. To be honest trade stocks compared to this. Much much less volatility on the stock market (on average).

Get in touch, I'm in stock trading for years but I'd love to get a better picture of the Forex world ;) ICQ: 28114920

If you are interested in Forex go buy a book on it or do some research online. Not trying to be an ass but the guy knows nothing about Forex other than the basic trading ideas. Without any type of strategy you will get screwed especially in leveraged accounts.

Good stuff. You better hope Chairman Ben Bernanke and The Fed continue to cut rates come December. If they don't, the dollar will rebound big in the short term. Long term is anyones guess.

i lost today 2k:((

i bookmarked this thread, looks interesting

Wait until you drop $900 and than hold waiting for the turn around, than drop 3k and realise you really can't afford to loose that much and hold even longer. In Forex people almost always take the profits much faster than they are willing to accept their losses. I know alot of smart people who have spent years trying to make money on forex and struggled. At the end of the day factors beyond your study contribute more than anything, the market is run by the big banks, etc and there is nothing you can really do about it. It's a gamble, no matter how much you think you know.

Forex is gambling...

The only people doing money with forex are those with a PHD in Mathematics and economics and 10 more years of experience in the market...

Of course you can do some bucks in one day with luck.. but if you do it every day during one month, you will finish with big losses at the end of the month. I can bet you whatever you want.

Just my two cents. And I know what I am talking about.

It is funny to see some lazy webmasters, that think they will find the holy grail by reading one thread. lol...

Congrats dude

Nothing wrong with a good forex strategy that never puts more then 10% of your holdings at risk, and having a stop placed on every trade against big losses. It is a strategy that even people like WARREN BUFFET have used over the last 3 years to make good returns. And the Oracle knows his stuff

Can some one show me how to actually sell short?

I have read about it over and over and I get the idea but I am not sure where in the FOREX trading software I am supposed to actually plug the numbers and which choices in the menus to use to get from A to B...

10% of your account on one single trade in the forex market with 1:200 leverage is suicide. It'll never work, even if you have a winning strategy. Pipe dreams man, either quit while you're ahead or reduce your leverage to something reasonable like 1:5 or less... You don't even have a hedge in place.
I'm not trying to slam you or anything, I wish you the best of luck, but the odds are stacked up against you. Bet small and live to trade another day.

For those of you considering opening a forex account, the best thing to do is play on a demo account for at least 2 years.

interesting opinions in this thread

OK. I have to admit I fucked up. I tried to let me cockiness of currrent gains affect my trading strategy.

As of 11/17/2007 i am short on the Euro at $2195 in at $776 loss. Normally, I would cost average down, which I just did in the last 24 hours (a;though I said I wouldn't).

I expect to make up my losses by the end of next week.

I just wanted to be honest in terms of loses versus gains...

So, I was up over 3 days at $2780 and now since the loss I am at $2003.89 profit. I have not liquidated my position yet and actually increased my position to $300,000 at 200 to 1... So, I will update you at the end of next week as to where I am.,.

Now, In regards to some of the people I chatted with and some of the comments here, yes, FOREX is like gambling... It can be very risky, especially if you don't know what you are doing..

However, if you believe (like i do) that the dollar will continue to decline against the Euro, in my book it's easy money...

I will keep you posted,.....

btw, if the Euro hits $1.48 to $1.50 next week i will make silly bank....

If the Euro hits $1.47 next week I will double my position to $600,000 at 200/1....

At this point I can only hope you are board whoring to make yourself feel smart.

Despite what your mother told you, believing in something cannot ever make it come true.

Doubling positions to recoup losses works every time except once.. the last.

ESPECIALLY with shorting small valued things like currency. You can lose your shirt 5x over before you even realize it's gone.

Funny thread :1orglaugh

Dude, no offense, but go play with demo account for at least 6 months. You know almost nothing about forex trading, yet, you have such an overconfidence and disrespect to the market. Yeah your "strategy" might work for a few days or weeks, but I *know* that if you continue like this, you can wave your $10,000 (or whatever is there on your account) goodbye within weeks.

I'm not trying to put you down, take it as a serious advice - stop it right now, withdraw all your money (or let them sit there) and start learning to trade smart and safe on a demo account.

BTW, if you REALLY want to learn it, get to studying all the indicators there (besides the basic moving averages etc., I recommend taking a look at TSI), and also get a money management strategy.

If you're not willing to spend at least a few hours per day just learning and watching the graphs without trading for real, just give up and withdraw the money because this is not for you.

very well said sttboss.
without knowing the market and how it behaves on a certain currency pair all gains are just like gambling wins and will not last long.

I'm with this fella. I can smell the dollar climbing back up again with big gains in a short period of time.

On a side note, have anyone tried trading with gold here, the price is quite insane now when the dollar has tanked. Almost at $800! :)

This thread reminded me to look up my oanda play account details. I used to fiddle around with keeping a trade active for only a short period (usually less than a couple of minutes) and managed to "make" a little. It's a lot of work though, and a couple of times I ended up with my account -ve (ie, all capital AND profits wiped out)

This is a game... I wouldn't do it with real money.

oanda ---> http://fxgame.oanda.com/

Opening positions for longer time = less work and usually more money :winkwink:

Anyone else banking on gold here?

How's your forex trading going, the dollar is really shitty again.. really really shitty. :thumbsup

so marketsmart, are you still in forex?

I am! :thumbsup

how is today ?:2 cents:

today is a pretty ranging day. not so much happening. my account is up +0.12% and im happy with that for today. and still about 5 good hours to go.

I have always wanted to get into FOREX. Any suggestions on where to start?

no clue..

http://www.babypips.com is a pretty good start. be sure to read everything especially the babypips school.

dont forget forex is not easy and many have blown their accounts quicker as you can imagine.

One thing is for sure, unless they fully prop up the USD, it's going to devalue big time in the coming months. You can't print the amount of money they did and expect nothing to happen to it.

yes, i am..

it has been a very good year, but new regulation could kill forex for the little guys like me..

nice to hear :thumbsup
how has your performance been lately?
for my latest performance check the blog in my sig!

I'm in the market too... Up 30 pips today.

jesus christ people if you dont know anything about forex you're going to get slaughtered. i got all happy cause i made some good money before ($400 in about 30 secs on a highly leveraged acct) then i lost about 1200 over the next few minutes. shit can happen like your trading platform mysteriosly freezing up when you want to get out of a trade, etc, and lots of other variables you have no control over. i'm telling you, no matter what broker you pick you're going to likely get fucked either a little or a lot, but you WILL get fucked :)

soo good...

so you bumped a 2 year old Forex thread to spam your Forex blog?

Damn threads from 2007...... G/L marketsmart.

hope this Helps ;

How to Trade Forex Trading Forex Tips Learn to Trade foreign exchange (Forex Trading Online ) Learn Forex for free and get useful recommendation on Currency Trades.

:1orglaugh