admin answers:

It is both. I would still saying the same things about robot, NO robot can consistently beat the market in the long run. Learn forex trading the hard way and you will gain from it.

admin answers:

Some articles written in simple english that might be helpful for newbie:

http://www.forex2u.com/forex-articles.html

http://www.forex.labuan.net/

http://www.118forex.com/

admin answers:

The word FOREX is derived from Foreign Exchange and is the largest financial market in the world. Unlike many markets the FX market is open 24 hours per day and has an estimated $1.2 Trillion in turnover every day. This tremendous turnover is more than the combined turnover of all the wordls’ stock markets on any given day. This tends to lead to a very liquid market and thus a desirable market to trade.
Unlike many other securities (any financial instrument that can be traded) the FX market does not have a fixed exchange. It is primarily traded through banks, brokers, dealers, financial institutions and private individuals. Trades are executed through phone and increasingly through the Internet. It is only in the last few years that the smaller investor has been able to gain access to this market. Previously the large amounts of deposits required precluded the smaller investors. With the advent of the Internet and growing competition it is now easily in the reach of most investors.
You will often hear the term INTERBANK discussed in FX terminology. This originally, as the name implies was simply banks and large institutions exchanging information about the current rate at which their clients or themselves were prepared to buy or sell a currency. INTER meaning between and Bank meaning deposit taking institutions normally made up of banks, large institution, brokers or even the government. The market has moved on to such a degree now that the term interbank now means anybody who is prepared to buy or sell a currency. It could be two individuals or your local travel agent offering to exchange Euros for US Dollars. You will however find that most of the brokers and banks use centralized feeds to insure reliability of quote. The quotes for Bid (buy) and Offer (sell) will all be from reliable sources. These quotes are normally made up of the top 300 or so large institutions. This insures that if they place an order on your behalf that the institutions they have placed the order with is capable of fulfilling the order.
Now although we have spoken about orders being fulfilled, it is estimated that anywhere from 70%-90% of the FX market is speculative. In other words the person or institution that bought or sold the currency has no intention of actually taking delivery of the currency. Instead they were solely speculating on the movement of that particular currency.
Source: Bank For International Settlements http://www.bis.org Extract From The Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity

Currency19891992199519982001
US Dollar9082.083.387.390.4
Euro….37.6
Japanese Yen2723.424.120.222.7
Pound Sterling1513.69.411.013.2
Swiss Franc108.47.37.16.1

As you can see from the above table over 90% of all currencies are traded against the US Dollar. The four next most traded currencies are the Euro (EUR), Japanese Yen (JPY), Pound Sterling (GBP) and Swiss Franc(CHF). As currencies are traded in pairs and exchanged one for the other when traded, the rate at which they are exchanged is called the exchange rate. These four currencies traded against the US Dollar make up the majority of the market and are called major currencies or the majors.
Market Mechanics
So now we know that the FX market is the largest in the world and that your broker or institution that you are trading with is collecting quotes from a centralized feed or individual quotes comprising of interbank rates. So how are these quotes made up. Well, as we previously mentioned currencies are traded in pairs and are each assigned a symbol. For the Japanese Yen it is JPY, for the Pounds Sterling it is GBP, for Euro it is EUR and for the Swiss Frank it is CHF. So, EUR/USD would be Euro-Dollar pair. GBP/USD would be pounds Sterling-Dollar pair and USD/CHF would be Dollar-Swiss Franc pair and so on. You will always see the USD quoted first with few exceptions such as Pounds Sterling, EuroDollar, Australia Dollar and New Zealand Dollar. The first currency quoted is called the base currency. Have a look below for some example.
Currency Symbol Currency Pair
EUR/USDEuro / US Dollar
GBP/USDPounds Sterling/ US Dollar
USD/JPYUS Dollar / Japanese Yen
USD/CHFUS Dollar / Swiss Franc
USD/CADUS Dollar / Canadian Dollar
AUD/USDAustralian Dollar / US Dollar
NZD/USDNew Zealand Dollar / US Dollar
When you see FX quotes you will actually see two numbers. The first number is called the bid and the second number is called the offer (sometimes called the ASK). If we use the EUR/USD as an example you might see 0.9950/0.9955 the first number 0.9950 is the bid price and is the price traders are prepared to buy Euros against the USD Dollar. The second number 0.9955 is the offer price and is the price traders are prepared to sell the Euro against the US Dollar. These quotes are sometimes abbreviated to the last two digits of the currency such as 50/55. Each broker has its own convention and some will quote the full number and others will show only the last two. You will also notice that there is a difference between the bid and the offer price and that is called the spread. For the four major currencies the spread is normally 5 give or take a pip (will explain pips later)
To carry on from the symbol conventions and using our previous EUR quote of 0.9950 bid, that means that 1 Euro = 0.9950 US Dollars. In another example if we used the USD/CAD 1.4500 that would mean that 1 US Dollar = 1.4500 Canadian Dollars.
The most common increment of currencies is the PIP. If the EUR/USD moves from 0.9550 to 0.9551 that is one Pip. A pip is the last decimal place of a quotation. The Pip or POINT as it is sometimes referred to depending on context is how we will measure our profit or loss.
As each currency has its own value it is necessary to calculate the value of a pip for that particular currency. We also want a constant so we will assume that we want to convert everything to US Dollars. In currencies where the US Dollar is quoted first the calculation would be as follows.
Example JPY rate of 116.73 (notice the JPY only goes to two decimal places, most of the other currencies have four decimal places)
In the case of the JPY 1 pip would be .01 therefore
USD/JPY: (.01 divided by exchange rate = pip value) so .01/116.73=0.0000856 it looks like a big number but later we will discuss lot (contract) size.
USD/CHF: (.0001 divided by exchange rate = pip value) so .0001/1.4840 = 0.0000673
USD/CAD: (.0001 divided by exchange rate = pip value) so .0001/1.5223 = 0.0001522
In the case where the US Dollar is not quoted first and we want to get to the US Dollar value we have to add one more step.
EUR/USD: (0.0001 divided by exchange rate = pip value) so .0001/0.9887 = EUR 0.0001011 but we want to get back to US Dollars so we add another little calculation which is EUR X Exchange rate so 0.0001011 X 0.9887 = 0.0000999 when rounded up it would be 0.0001.
GBP/USD: (0.0001 divided by exchange rate = pip value) so 0.0001/1.5506 = GBP 0.0000644 but we want to get back to US Dollars so we add another little calculation which is GBP X Exchange rate so 0.0000644 X 1.5506 = 0.0000998 when rounded up it would be 0.0001.
By this time you might be rolling your eyes back and thinking do I really need to work all this out and the answer is no. Nearly all the brokers you will deal with will work all this out for you. They may have slightly different conventions but it is all done automatically. It is good however for you to know how they work it out. In the next section we will be discussing how these seemingly insignificant amounts can add up.
More On Market Mechanics
Spot Forex is traditionally traded in lots also referred to as contracts. The standard size for a lot is $100,000. In the last few years a mini lot size has been introduced of $10,000 and this again may change in the years to come. As we mentioned on the previous page currencies are measured in pips, which is the smallest increment of that currency. To take advantage of these tiny increments it is desirable to trade large amounts of a particular currency in order to see any significant profit or loss. We shall cover leverage later but for the time being let’s assume we will be using $100,000 lot size. We will now recalculate some examples to see how it effects the pip value.
USD/JPY at an exchange rate of 116.73
(.01/116.73) X $100,000 = $8.56 per pip
USD/CHF at an exchange rate of 1.4840
(0.0001/1.4840) X $100,000 = $6.73 per pip
In cases where the US Dollar is not quoted first the formula is slightly different.
EUR/USD at an exchange rate of 0.9887
(0.0001/ 0.9887) X EUR 100,000 = EUR 10.11 to get back to US Dollars we add a further step
EUR 10.11 X Exchange rate which looks like EUR 10.11 X 0.9887 = $9.9957 rounded up will be $10 per pip.
GBP/USD at an exchange rate of 1.5506
(0.0001/1.5506) X GBP 100,000 = GBP 6.44 to get back to US Dollars we add a further step
GBP 6.44 X Exchange rate which looks like GBP 6.44 X 1.5506 = $9.9858864 rounded up will be $10 per pip.
As we said earlier your broker may have a different convention for calculating pip value relative to lot size but however they do it they will be able to tell you what the pip value for the currency you are trading is at that particular time. Remember that as the market moves so will the pip value depending on what currency you trade.
So now we know how to calculate pip value lets have a look at how you work out your profit or loss. Let’s assume you want to buy US Dollars and Sell Japanese Yen. The rate you are quoted is 116.70/116.75 because you are buying the US you will be working on the 116.75, the rate at which traders are prepared to sell. So you buy 1 lot of $100,000 at 116.75. A few hours later the price moves to 116.95 and you decide to close your trade. You ask for a new quote and are quoted 116.95/117.00 as you are now closing your trade and you initially bought to enter the trade you now sell

admin answers:

Well, I didn’t know too much a couple of months ago when i started in forex, i used a software that actually do the trades for me, maybe you cannot find it in some torrent because it’s a personal password, you have to download it directly from the site http://www.robot4trade.com you can do an effort and buy it, it worth the price, it cost me $99.00 dlls when it was in back-testing, i heard the price is going up because of the excellent results, i fully recommend it to you and anyone

have a good day!

admin answers:

You may be interested in http://www.fxpmclub.com

It’s a forex course and mentoring at the same time, so it’s got the basic course materials that you can learn in your own time, just like most other courses out there, but you can also get training and help and advice from the trader who runs the site.

The course is all video based which is accessed from a members area, and the videos teach you everything from the basics all the way up to actual trading methods on live charts. I’ve been trading for about 2 years on and off, so I am by no means an expert or anything like that, but this has been the most useful site I have personally come across. The best part for me is the contact with James, who is the trader who runs the site. I’ve been able to talk with him directly on the phone whilst he walks me through real charts on my computer and answers my questions. So far I’ve had 3 phone calls with him. The course and videos on their own are far better than most things I’ve seen, but the personal tuition you get with this, makes this the best course I’ve ever taken in forex. I always learn better when I’ve got a teacher. I’m not sure if that’s what you’re after, but I’m sure you’ll find the video course on it’s own very useful if you’re starting out.

The course itself is teaching how to trade by reading price action without the use of lagging indicators, so it’s quite discretionary and can’t really be used as a mechanical system. James likes to teach how to adapt to and read the market instead of relying on buy and sell signals generated by indicators. He uses candlesticks and not bar charts.

There is a free option to try the course before you decide to join, so it’s definitely worth a look. You can access all the materials and contact James for help without making any payment, and if you don’t like it, you don’t have to worry about trying to get a refund. If you’re a sensible person and have realistic expectations about forex, I think this course could suit you very well.

Hope that helps.

admin answers:

Futures in currency can be bought and sold just like commodities. In addition, one could exchange a limited amount of dollars into, say yen. If there is a major move in either currency on the later, you could make a bundle or conversely have to sell your house and first born. On the former, if there is a major move on the currency you bought or sold, you also could make a bundle or lose your house. If the guy is selling the dollar, he thinks the value of the dollar is greater than what he thinks it will be in the future. IMO trading with the dollar is a foolish move although trading with other currencies or exchanging your dollars to another currency could be a boon but may very well be a bust. If you want to get political, he thinks that Obama’s plans will either fail or take a very long time to take hold. If the stimulus and other plans do improve the economy, he takes it in the shorts.
Note that gold is kind of a cross between a currency and a commodity and, although I don’t recommend trading in it now, it would be a better approach.

admin answers:

To tell you the honest truth, I’d keep the 3gs. Thats what I’m doing. All I’ve heard is bad about the iPhone 4, so I’d keep youre 3gs untill they fix the Iphone 4:)

admin answers:

It would most definitely cripple the world economy because of various free trade agreements which directly affect markets throughout the world, in particular, the United States. We voted to allow China to the lofty position of “most favored trade” partner so it would have a huge impact on worldwide investments. China’s markets are expanding, along side that of India, at rates that will make it one of the two strongest and most influencial economies by the year 2015. China has also made major investments in the US economy, and could affect ours in a negative way if they chose to do so.

admin answers:

Over 12,000,000 legal mp3 music and song downloads available at: http://suv2007.mp3center.hop.clickbank.net

admin answers:

Over 12,000,000 legal mp3 music and song downloads available at: http://suv2007.mp3center.hop.clickbank.net

admin answers:

Yes, it is possible to make money trading forex, but… You will need a lot of luck to make some. And believe me or not, but LUCK is the major factor (about 95% in my opinion) deciding whether you will make a profit or loss.

And don’t believe the brokers or other “financial gurus”, including the ones with lots of letters before and after their names, when they try to tell you otherwise, that it is a matter of knowledge and expertise which they only possess (and you have to pay them heavily for their advice). What a lot of rubbish – if they really knew how to multiply money safely on a consistent basis they would never let such secrets out to you, they would be just multiplying their own money over and over again instead ot trying to extract some fees or commissions out of you and even offering you their leverage. They would be leveraging their own money, not yours and making millions and billions for themselves if it was so easy. Just imagine – what are they promising you, how much can you make? 5% overnight, 100% per week, 500% per month etc.? At such rates, even starting with small sum of say 500 or 1000 pounds, they would be billionaires in no time! Check it on a calculator! So why are they attacking you and wasting their time for a few pounds which they can extract from you in commissions?

The answer is very simple – they are scared to try their own LUCK trading their own money and they prefer to find thousands of silly, greedy customers willing to pay them 10 or 20 pounds in commission for every trade they make for their customers. And some brokers make thousands of trades every day for their customers, so say 10,000 trades a day at 10 pounds a trade equals 100,000 pounds a day, times say 261 days a year (excluding weekends) equals a cool 26 million pounds a year! And this is without risking a penny of their own money!

And this is the only safe way to make money in the Forex (and the sharemarket as well), so if you want to make money safely start your own broking company.

Or try your luck trading and risking your own money, but be warned that most people lose money doing that, no matter how many universities they finished. Want another proof? – there it is:
You certainly will have to agree that governments have access to and can pay the best financial advisers in the world, yet even the governments often lose money in the sharemarkets and Forex trading. And while it is not a big problem for most governments, they will simply raise the taxes if they lose money and you will pay for their losses, you will not be able to raise anything yourself except your working hours, say adding another 8 hours shift to your current 12 hours one (and that’s if you can find it!). Is this what you want?

And if it was easy or at all possible to make money in Forex on a consistent basis, the governments (with their top advisers with many letters in front and after their names) would simply invest our tax money for a year or two, make heaps and then get rid of the taxes altogether! Imagine how happy everybody would be – no more taxes so everybody would vote for the same government over and over again and they would stay in power forever! And ordinary people would be extremely happy as well!

Unfortunately this is not the case and there is your answer – it is not easy to make money trading Forex on a consistent basis, even having the best experts in the world.

The choice is of course yours – good LUCK!

admin answers:

Disagree with the other answerer who says you should trade only if you are “trained by professionals.”

The reason I disagree is because professional traders are not in any position to claim any success in trading.

Don’t believe me? Read some books. Start with “Fooled by Randomness” by Nassim Taleb and “The Traders” by Sonny Kleinfeld.

Or go down to the exchange and talk to some traders. Ask them to tell you about their failures. Ask them to quantify their success vs. Failures.

The answerer makes it sound like people who are “professionally trained” know how to make consistent money from trading. Nonsense. Professionals don’t have any better track record than anyone else.

If stock brokers knew how to make money from the markets and had your best interest in mind, you wouldn’t see your 401K drop 20% in value at the beginning of a bear market. In fact you wouldn’t see your investments drop in value at all. Obviously this is not the case. You do see your investments drop in value, all the while your broker tells you to “hold and wait.” You could end up waiting for years without breaking even.

Educate yourself on what REALLY to expect from trading. Start with: http://commonsensetrading. Googlepages. Com

admin answers:

It is also almost equally as dangerous to be so risk adverse and cautious that you are almost unable to pull the trigger and take traders because of fear of losing money. This type of trader needs to trade a long time under a demo account and work on gaining confidence, reading market psychological books and work with a mentor closely.

admin answers:

You have a right to get a credit report on him as the permissible purpose of a report can be credit extension, collections, or location information. Go to the local Credit Bureau with a copy of the Court Procedures showing you have won, give the Bureau his name, social security number and address you know of.

A credit report will give you a clue if he has assets or you are putting money down a rat hole.

You are learning that a Court Judgment means nothing at times if a rat is involved.

admin answers:

Don’t worry about the lawsuits. FXCM is a very popular forex broker and you shouldn’t have any issues opening a live account with them. Personally I have registered with Oanda as I found their online java platform more user friendly than FXCM’s application and even have an open position in Oanda. You need to factor in the following most important points:

1. What leverage are you going to use…Oanda doesn’t offer more than 50:1, but FXCM offers upto 200:1.
2. What currency pair are you going to trade? Both offer the common currencies, but if you are into the exotic ones, each has its own offerings.

admin answers:

What a ridiculous question. Next!

admin answers:

Hi
Yes, forex market is not for everyone as well as stock, cfd or metal trading. Those markets are very volatile but in the same way are very profitable.

Main reasons that 95% traders fail are:
- they don’t keep money risk management rules,
- greedy,
- absence of patient while waiting good enter/exit point,
- poor knowledge of analysis,
- absence of trading system.

So traders who have trading system are patient, not greedy and keep strict money management rules always are successful. And of course there is no one trader in the world that had no loss. Actually the loss always exists but win/loss proportion should be not less than 7/3.

6 month it is very short term to make your own conclusions. 5 years ago I have lost my first deposit too as well as almost all traders in the world. But I don’t worry to say it while others conceal it.

I advice you to read and study those books:
Market Wizards by Jack D. Schwager;
Technical Analysis by Jack D. Schwager;
Comprehensive Course on The Wave Principle by A.J. Frost and Robert Prechter;
Candlestick Charting Explained- Timeless Techniques for Trading Stocks and Futures by Gregory L. Morris;
Trading Chaos – Applying Expert Techniques to Maximize Your Profit by Bill Williams;
New Trading Dimensions by Bill Williams

It helps you to create your own trading system and technique. Then start again practice on demo account. After your funds start gain on demo then you’ll be able to start with real account.

Everyone could slip and fall down and only the few ones could rise up and go ahead. Those ones are real Men.

Good luck!

admin answers:

Hi buddy,

there is no holy grail of forex. The only is proper money management .. There is 101 systems out there for 101 situations … Only proper money management is good for ALL situations.

Once you get that under control, you can slowly explore the various systems.

Remember forex is slow and steady.

If you want to know more about proper money management you can read it up at this blog for forex new comers.

admin answers:

It’s a good idea. Join the PayPal.

PayPal is an e-commerce business allowing payments and money transfers to be made through the internet. It serves as an electronic alternative to traditional paper methods such as checks and money orders.

PayPal lets you send money to anyone with email. PayPal is free for consumers and works seamlessly with your existing credit card and checking account.

In October 2002, PayPal became a wholly owned subsidiary of eBay. Their corporate headquarters is in San Jose, California, at eBay’s North First Street satellite office campus.

admin answers:

Http://www.kitco.com

http://realcent.forumco.com/default.asp

http://forum.bulliondirect.com/

admin answers:

It is to good to be true. What you have is a flat position whatever you receive as an interest credit in one account will be a debit in the other. If the amounts in both positions are exactly the same then you are 100% hedged and you cant loose any money if both positions were entered at the same time. Unfortunatly you cant gain anything either.
FXCM does allow hedging.

admin answers:

Let’s check out why my Forex trading turned around. Let’s look at the 5 ways to make a living trading Forex.

I never lost my hunger.

Yes, determination is a big part of the success recipe. A person that refuses to give up is a person bound for victory!

The Art of Perseverance.

Determination is vital but you will take some losses on your way, it is extremely important to stay positive and never stop believing in yourself.

Mistakes are Learned Lessons.
Only the unwise and foolish keep repeating the same mistakes.

Keep Perspective While Taking a Time Out.

The time out enabled me to look at my strategies objectively and modify it for the future. This is very important. Staying unemotional and looking at what went wrong was huge.

I found a Really Good Trading Platform.

The most important aspect in Forex trading. If you want to do well on the Forex market then you need a reliable, trading platform. I look for a trading platform with no hidden costs and competitive spreads. I am fortunate i got one Finexo.com

admin answers:

The best way to find out is to test the market and to know what type of trading personality you have. Ask yourself if you’re a short term, medium term or long term trader. This is the starting point, an anker on which you’ll base all your future trading decisions. Some start off with day trading to find out they’re better off swing trading or the other way around….if time permits.

There’s no clear cut way to decide what works for you and what type of trader you are. Like in a college/university one starts with the basics on which you grow to reach an osmosis. Same thing with trading. It’s a weeding out process, leaving only those things that are useful to you personally.

Technical analysis is a viable way (probably the most viable) of trading the forex. Whatever opinion goes around about finding a correct analysis and finding entries/exits, just know that TA is EXTREMELY popular, in part thanks to the lack of transparant fundamental information and the decentralized nature of the currency market. Fundamentals such as interest rates are the single most important driver of currencies, unfortunately that’s not always useful for short term or swing –traders. You’d also need a good understanding of economics to make interest rates work for you consistently.

Popular indicators are RSI, MACD, Stochastics, Fibonacci, Moving Averages, Bollinger Band, CCI and Candle patterns. However, a sound analysis starts with knowing recent price action as price is the ultimate indicator. You’d have to know when there’s a range, when there’s a trend and how both can interact. For each price pattern there are set indicators most appropriate for how the market currently behaves. For example, I’d not use Stochastics during an uptrend since the indicator can stay above 50 and/or 70 for a very long time, rendering most sell signals useless. On the other hand, there are indicators useful for both market conditions. A good example is the RSI. In either condition you’ll find these derived indicators more powerful when it matches current market behaviour.

What the charts show is actually all you got, so believe what you see and believe that it is happening NOW. This is not about what you fear might happen next. If that’s the mindset I promise you you’ll be in for a tough ride. Forex traders thrive on a positive attitude ready to get at it with full confidence.

I suggest to thouroughly research indicators to know their purpose well. For example, some claim when RSI is above 70 and crosses back below that level you should sell. If it was only that simple. Some traders use a 21 RSI with only a 50 level to determine the trend and use other indicators for entry/exit signals. What I’m trying to say is to not be afraid to use your common sense because the markets are something organic (people breeding on fear and greed are a natural phenomenon) and you need an organic approach with matching indicators (moving averages are the most organic of them all). Mechanical systems are therefore in my opinion less effective. How else would one make sense of the chaos of thousands and thousands of traders with different opinions?

Think how you would join all those traders moving the market up and down, when the different groups (using different timeframes) of traders converge to move the market even stronger. I think you’d find out on your own but I’m going to give a couple of tips anyway: Moving averages and Guppy theory

…. Last but not least, less is more when constructing a strategy. Nobody needs a chart with an overload of information on it.

Websites:
www.babypips.com
www.investopedia.com
www.fxcm.com

admin answers:

Since the average daily range of each of the 4 major currency pairs is about 104 pips…..20 pips is a very good target to have.

The key comes in understanding pivot points, fibonacci retracements, bollinger bands and consumer sentiment (over bought and over sold conditions). You also need to take a careful look at the times of day that the market is normally most active.

20 pips per day is very doable……..the cost is the amount of time you need to spend staring at a computer screen all day. Personally, I retired from technical analysis once I got a firm grasp on the merits of longer term conservative hedge trading.

Good luck.

Paul

admin answers:

Invest in call options of currencies getting stronger…

admin answers:

Yes there are. Forex Robots are available all over the web. Unless you have 5 years or more of successful Forex Trading………. Not one of them will make consistent profit for you. In short your account will blow up.

It’s nice to think that there’s some magic software that will make you rich. It doesn’t exist. It’s almost self delusional to believe you’ll find it. Believing the adds on the web or statements on Yahoo Answers will tap into this foolish belief. Don’t be a fool. Stay away from this stuff.

admin answers:

Might want to read this article

http://proforex.blogspot.com/2006/05/marketiva-good-or-bad.html

admin answers:

If you are a beginner, I suggest you to use Marketiva, which is a very good platform to start trading with and very easy to use.

Marketiva gives you 5$ real to start trading so you don’t have to deposit and if you made profit from it you can cash out, this is why it’s very good for beginners. Their platform is very easy to use and they have support during trading hours.

To open your account please visit http://www.marketiva.com/index.ncre?gid=3371

admin answers:

Yes , it’s legal.

admin answers:

I’m not sure what you mean by “internet platform.” Do you mean “trading” platform? Or do you mean online broker? You will need both.

Since you don’t seem to have the terminology down, and haven’t yet defined your terms, you are probably a beginner, although you don’t say if you have any trading experience with stocks or whatever. Realize that Forex is a “trading” game, not investing.

Even if you have some trading experience, you should trade the Forex on a simulator before you actually open an account.

I use PremiereTrade ($3,000) software and FXDD broker. The data feed is $100/mo. It’s going to be an expensive learning lesson if you do it this way, and the leverage is usually what kills the beginner. Everybody seems to think they should trade at maximum leverage, just because they can.

Study, read, learn and play the simulator:

http://www.premieretradeai.com/

http://www.forextv.com/FT/Video.jsp?channel=41

http://umgarticles.atspace.com/forex-trading.htm

http://www.fxstreet.com/rates-charts/usdollar-index/

http://forex.tradingcharts.com/

http://www.dailyfx.com

http://www.forexbastards.com

http://www.forex-options.com/

http://4xcampus.com/

Forex simulator:

http://www.expertworx.com/pm/Forex%20Market%20Educational%20Game.htm

Here is the broker I use:

http://fxdd.com/

admin answers:

There are no shortcuts – period.
There are no easy paths… Try to find a backer – a person who will invest funds with you for some kind of fee arrangement – don’t hope to get more than 20% of the profits…

admin answers:

If you really want to be a trader, look for ANY quant heavy majors. Statistics, Mathematics, Engineering, Computer Engineering, and Economics are all looked upon rather highly. But usually Finance MBAs or other Graduate level degree are required.

Also, I think day traders are generally just monkeys that stare at charts all day. Technical Trading is a waste of time and academically has been proven to not work.

admin answers:

To be any type of trader and/or investor you need to have some defined plans that you must follow
1 – A written sound trading/investment plan with rules that will not only help you but more importantly protect you, mostly from yourself.
2 – Sufficient trading/investment capital. Use your own money, there’s no need to go into debt so that you trade/invest.
3 – A written money management program in place. .
4 – A full and complete understanding of the rules & regulations of the industry.

Most traders, regardless of where or what they they trade all have the same makeup, (exept fixed income traders) they are above average intelligence, are good in math, have an out going personality and are not wrapped very tight.

The hours are the same as the market you are working in, most traders get in place at least a half hour before the market opens and a half an hour after it closes,

Once the market opens you have to be ready, you stop when the market stops.

The risk are great, if you work for a firm and screw up, you’re not there any more. If you’re self employed and loose, you start over of find another job

There is basically no such thing as a trader trainee, you work running tickets, doing P&S work, reconciliaions, or whatever the firm wants you to do. The pay varies between firms, there is nothing set,

If you want to be a trader, you NEVER care about the hours, or the working conditions, or the pay, if you do, you don’t want to be a trader bad enough. If you have the opportunity to work for a firm that trades you take the job as is, and work you butt off and just do what you’re told. You can not learn when you mouth is open complaining

Good luck from someone who’s been there done that

admin answers:

Trader trainee jobs are highly desirable and hard to come by. If somebody is actually offering you a job as a trader trainee, then go for it! This is a fantastic opportunity. There is, of course, the risk that you won’t be an good at at and they will let you go, but that’s true with any job. Then you can look for other trading jobs, as well as jobs where a trading background is required. If you are good at it, the bonuses are huge. Don’t be put off by it being a small firm. This is a business full of niche firms that nobody has ever heard of outside the business because general image advertising does them no good, unlike banks and brokers that do retail business. The risks that you have heard of with a career in trading refer to the risks of trading your own money. As an employee, you will be trading the firm’s money or investment money managed by the firm. You get to learn by trading other people’s money. This is why these are great jobs and hard to come by.

admin answers:

Private equity firms are not what you are looking for. You should check out prop firms.

admin answers:

First you need to have a website which showcases your skills, knowledge, and track record. It should include details of what happens in each class, along with class dates, past and future, plus testimonials from people who have benefited from your classes. Pictures of the classes and up to date forex charts would help too. If you search for free advertising sites on the web you will find many good ones where you can post adverts to publicise your classes for free. Special offers would work well here. Always include a link to your website. For people who have attended your classes, always get their email address and keep in touch with them for refresher classes. Create a Yahoo Group and invite your class clients to join. Then you can keep them engaged with commentaries on how the various currencies are doing and the best trades to make. You could start an email newsletter with forex insights and trading tips, and get your customers to pay each month for your trading tips.

Hope this helps!

Katy Ortega
http;//www.biz247.biz

admin answers:

Forex trading is simply high risk with high return. More than 90% of forex traders are making losses. Only the very good forex trader able to consistently making profit in forex trading.

As a newbie, I suggest you start learning from trading using a demo account. All forex brokers now offer demo account where it work just same as real account. Learn everything about forex trading, fundamental and technical analysis. Trade in demo account for at least 6 months. If you can consistently make winning, then you may want to move on opening a real account with mimimum deposit that you can afford to loss.

Here are some articles that could be useful for you as a newbie in forex trading:

http://www.forex2u.com/guide/category/forex-newbie/http://www.forex2u.com/guide/category/forex-newbie/

Good luck.

admin answers:

Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words “Forex” and “lose” to see this is the consensus. If you play more, you will probably continue to lose more.

Forex is similar to what we call a “zero sum” game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the “bets” in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.

Actually Forex is not quite a zero sum game. It’s a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It’s a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.

There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.

Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: “Go to Forexcrap,com/q2347.” The “q2347″ is a signal to the Forexcrap site that you are being referred to them by “q2347.” If they sell something to you, “q2347″ gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.

I would recommend not trying to do Forex at all, unless you are a trained professional. It’s like playing poker with people better than you, with the house constantly taking a small percentage from the pot.

Read the warnings in the links below:

admin answers:

Being the main force driving the global economic market, currency is no doubt an essential element for a country. However, in order for all the countries with different currencies to trade with one another, a system of exchange rate between their currencies is needed; this system, is formally known as foreign exchange or currency exchange.

In the early days, the system of currency exchange is supported solely by the gold amount held in the vault of a country. However, this system is no longer appropriate now due to inflation and hence, the value of one’s currency nowadays is determined through the market forces alone. In order to determine the value of a currency’s exchange rate, two main types of system is used which is floating currency and pegged currency.

For floating exchange rate, its value is determined by the supply and demand of the global market where the supply and demand is bound by all these factors such as foreign investment, inflation and ratios of import and export. Normally, this system is adopted by most of the advance countries like for example UK, US and Canada. All of these countries have a similarity where their market is well developed and stable in economic terms. These countries choose to practice this system due to the reason where floating exchange rate is proven to be much more efficient compared to the pegged exchange rate. The reason behind this is because for floating exchange rate, the market itself will re-adjust the exchange rate real-time in order to portray the actual inflation and other economic forces. However, every system has its own flaw and so does the floating exchange rate system. For instance, if a country suffers from economic instability due to various reasons such as political issues, a floating exchange rate system will certainly discourage investment due to the high risk of suffering from inflationary disaster or sudden slump in exchange rate.

Another form of exchange rate is known as pegged exchange rate. This is a system where the value of the exchange rate is fixed by the government of a country and not the supply and demand of the market. This system is called pegged exchange rate because the value of a country’s currency is fixed to another country’s currency. As a result, the value of the pegged currency will not fluctuate unlike the floating currency. The working principle behind this system is slightly complicated where the government of a country will fixed the exchange rate of their currency and when there is a demand for a certain currency resulting a rise in the exchange rate, the government will have to release enough of that currency into the market in order to meet that demand. However, there is a fatal flaw in this system where if the pegged exchange rate is not controlled properly, panics may arise within the country and as a result of that, people will be rushing to exchange their money into a more stable currency. When that happens, the sudden overflow of that country’s currency into the market will decrease the value of their exchange rate and in the end, their currency will be worthless. Due to this reason, only those under-developed or developing countries will practice this method as a form to control the inflation rate.

However, the truth is, most of the countries do not fully practice the floating exchange rate or the pegged exchange rate method in reality. Instead, they use a hybrid system known as floating peg. Floating peg is the combination of the two main systems where one country will normally fixed their exchange rate to the US Dollars and after that, they will constantly review their peg rate in order to stay in line with the actual market value.

The Foreign exchange market, or commonly known as FOREX, is the largest and most prolific financial market because each day, more than 1 trillion worth of currency exchange takes place between investors, speculators and countries. From this, we can deduce that the actual mechanism behind the world of foreign exchange is far more complicated than what we may already know, and that, the information mentioned earlier is just the tip of an iceberg.

admin answers:

This is not an answer,but something to add to the above comment. I too have invested my hard earned money in RFF, but didn’t get even a single dollar/rupee in return. For several months I could see the increasing amount in my account.I also invested for taking account in LR. All these money seem to have been lost.Can any one help me to get back my money.Or to bring the doers of these treacherous activity to light.
Suresh,kerala,india

admin answers:

Forex is not a scam, its just very hard to play. And most people buy on margin or with leverage. And that is how you lose everything. You can really lose a lot. 98% of people lose money in Forex. I suggest sticking with stocks for now. Leave Forex to the professionals…at least for now.

admin answers:

The Forex market is the largest financial market in the world with over $2 trillion traded daily.

The power of the internet has now made this market available to anyone, including you and me.

Unfortunately, the power of the internet has also allowed a number of scams that are looking to separate you and me from our money. This is true in many online activities … Not just Forex.

It is very important to get some good training before sticking your toe into the world of Forex. A very good free site that I recommend to all my Forex trading partners is http://www.babypips.com

I have been investing in the Forex market space for over 5 years. If used properly, it can be a very good component of a conservative, long term investment strategy.

Unfortunately, most people are lured to Forex because of the potential to make attractive profits. Due to the human natures of Greed and Fear they due not use proper risk avoidance and money management techniques.

The foolish person enters the Forex market looking for 50% returns in a week. The smart person enters the Forex market with a conservative goal of 5% per month.

Their are far more foolish people attempting to trade in the Forex market than there are smart people!

Which would you be?

Best wishes for your success,

Paul

admin answers:

Hahaha, they are working that hard?
Definitely a scam!

admin answers:

Hi,

Well, first of all I could tell you that forex is not a scam at all. Actually many people meet it very often and cannot recognize it. Forex is foreign exchange. So if you travel abroad and you need to exchange your country currency into other country currency you are participating in foreign exchange because you sell one currency and buy another one. Other participants are importers, investors, banks and so on and so on…

On CNBC you should notice that there is always are indicated exchange rates of different currency pairs. Also there on CNBC constantly are comments about direction and movement of different currency pairs. That is forex. Furthermore you should notice advertisement of different forex brokers on CNBC.

Forex is called a scam by many people who failed in forex market due their greed, desire to be extremely rich during very short time, not understanding market & volatility, incorrectly using of leverage and small trading capital, bad money management. But it is not a scam. Actually forex is very exciting business. You may trade from any place in the world 24 hours a day from Sunday night to Friday night with no boss, no working hours. Reasonable amount for forex trading should be from $10000 for trading with mini lots (1 mini lot = 0.1 lot). Of course you may begin trading with amount less than 10k but it would increase the risk. And never start forex trading with amount less than $2000 because you would be condemned to lose.

Another important thing is brokerage company where is opened trading account. If you are interesting I could introduce you to forex brokerage company that is regulated by the Swiss Federal Department of Finance; audited by KPMG. Also I could provide you with more than 50 e-books, lessons and trading systems that makes your trading really simple.

So if you interesting e-mail or pm me.

Good luck!

admin answers:

FOREX.COM is not a scam. They are one of the few legit FX brokers out there. Others include GFT, InterbankFX and FXCM.

All Forex brokers are poor or worse….. So the ones I’ve mentioned (above) are simply the least bad. The biggest thing you want to be careful of is the illusion that Forex Trading can be easy. It’s not. Most people fail within a few short months. 95% fail after 12 months. Learning Forex Trading can easily take 3-5 years before becoming profitable (consistently). That means (if you’re day trading Forex) that you’re losing perhaps 50% – 60% of your trades. It’s your risk/reward ratio that makes you money. The whole key to this is risk management.

You should try day trading stocks first… Only because it’s a bit easier. Ultimately the success ratio is almost as bad as FX.

Read a lot of books on trading and FX trading. Don’t just jump in & try it. Don’t use the results of paper trading to mean anything.

admin answers:

The Smart Money link Joe provided was very good.

The only managed Forex fund I’m aware of (there are surely more) is one run by GFT. The publish their monthly performance (http://www.gftforex.com/services/gftmanagedaccounts/history-wallwood.asp)
but you have to be careful because they charge a quarterly performance fee of up to 25%. The performance fee is based on any profit you show for the quarter. If they make $10,000 for you in the quarter, their fee is $2,500 – a bit steep.

As far as doing it your self in Forex, unless you are an extremely disciplined trader, have an appetite for reading everything you can about the economies of other countries, understand how the economy of one country affects that of another, can deal with large amounts of risks and enjoy watching the computer screen for hours, stay away from Forex.

I’ve been trading Forex for a couple years and have become marginally successful but frankly, I make more money in the stock market doing short term trading (a few days to a few weeks) using technical analysis (something I don’t advise unless you are willing to put in a lot of hours every week).

Whatever you do, stay far away from those highly promoted “systems” that promise to make you rich by buying when the lights are green or that generate income based on the carry (interest rate differentials in different countries).

admin answers:

I looked into having my account managed until I found a simple hedge system that seriously only takes about 15 minutes a week to do myself. It is so easy. I have found that when you are paying someone else to manage your account you are wasting money. Check out http://www.wiseforexinvestor.com and see if what they have to offer is worth your time. If you have any question about it feel free to give me a call.

Best Wishes,

Rex White
435-633-0101
503-922-1475

admin answers:

Daisy, you sound like a nice person, however this is not the right forum for you to ask such a question… You will attract every scam artist out their, they will impress you with their knowledge, system or promises, and you will wake up broke. The only people that make money on forex are the bank trading rooms for foreign currency conversions and trading. Split second decisions, millions of dollars at a time, information from around the globe, and still some of these brilliant people lose money for their bank. A managed account through a broker forget it, i am sorry.

admin answers:

I’ll be real honest with you. Managed accounts are okay but you can do much better if you spend the time studying the market yourself and learning the trading discipline.

Think of it this way, a managed accountant is not risking his own money, he’s risking yours.

You could spend 6 months trading demo accounts, reading technical analysis books, etc. And learn the techniques yourself and do much better than a managed account.

Conservatively with forex you could make 5-10% per month. Using a well developed software tool 20-30% is easily acheivable. Best of luck to you.

admin answers:

I’d stay away from the “automated” systems that some brokers are selling – they aren’t always as accurate as they say they are