FOREX Trading

I had applied for a loan about 8 months ago and got denied instantly, within two
days of doing the aversion to money exercise in the book I started getting
phone calls and emails from 5-6 different finance lenders jumping over
themselves to offer me the best deal, so I rang my bank and asked them what
the deal was and apparantly my credit rating has improved significantly, even
though my financial situation is the same as it was 8 months ago.
so I arranged a deal with them, nothing to pay for 6 months, cheap interest
rates and it took 2days for the funds to show up in my account.
it meant I could afford to buy 'the insider code' and get into trading
the forex market. so by time I have to start paying the loan off in 6 months I'll
easily be making enough to cover the costs and have plenty left over to party
with. Everybody wins.

Jericho,

Thanks for introducing us to this stuff on Forex. This awesome dude. Im pretty sure Im gonna sign up for that course. That course on abundance sounds good too I'll check out soon as I got time.


This thread is getting to have a life of its own on Forex, so I'm gonna pettition our "esteemed moderator" Karea to move this to the Off Topic section under the name FOREX Trading. Sound good to you guys right?

I checked again, its at 1.3624 Im up about 22 pips (minus spread). It wasnt all good news, at one point I was down about 17 pips. With a down swing like that if you have small account you can get a margin call and it could wipe alot of your account, so when you trade you want to make sure you have enough left so you can cover the margin. Im still learning but so far I think this is doable.

If the up move is strong enough the EURUSD could break 1.3700, we'll see.

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The fact my practice trade went well gives some some confidence that I can do this. Im still gonna practice alot more though.

-127 thats alot! Yeah good thing its only play money.

Thats telling you that you need to develop exit strategies, so when your trade goes badly you can come out with minimal loss, or else your account will dwindle. Dont get oneitis over any one single trade. Its like when you sarge a girl and thing arent going good you just eject, you dont get all stuck on her. Lol thats a good analogy huh.

If your really serious about this I hope you join the class with me, Jericho, and DC.

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I gave myself to the dark side...

I'm enrolled! This is gonna kick ass to go through this course with Jericho and Super007

Is this like option trading? I made a ton of money in options last year (though I've lost a lot in the past too). I started with $15,000 and within 2 months hit $100,000. Options are great during volatile markets when stocks are making large swings.

If you are serious about options trading, you can get some good info from these guys:

http://www.optioninvestor.com/default.aspx

They have a great daily newsletter full of info and great picks.

-Bluesky

Shark what's the deal with that demo you are using? What's the link to it?

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From the first page,

For that 98% of people losing all their money...what group of people does that make up?

1. Everyone on a mass scale that trade
2. Everyone that gets with a program like XE, or Early to Rise
3. Everyone that does NOT get with a program, in other words going it alone

I just signed up for the course! Im really excited to get into Forex.

The graphics on their trading platform looks good, alot better than some I've with really cheesy cheap graphics. Although I coundnt find any charts attached to their platform.


I've been studying stuff on my own. So I'll have another try at speculating.

I'm predicting that the Rupee will get strong against the Dollar. Right now USD/INR is at 40.62, I believe it will go down to about 39.00 or 38.00, about 100 to 200 pips within a couple of weeks to a month. Sell USD/INR.

Its fun trying to predict this stuff.


I'm also looking around for Forex Brokers to see which ones are the best, have reliable reputation, and are recomended by others, I'll post my findings here once I'm done.

Trading takes a certain type of mentality and discipline to master.

I've traded in the past (not Forex) and I've lost money, not that much few hundred here and there. I went in not knowing strategies and was undisciplined. Im changing that to becoming better at understanding strategies, moves, becoming more patient, and knowing when to cut losses. Probably the hardest thing for traders to is the discipline of cutting thier losses, this is probably why most people lose money, maybe second is not understanding margin trading fully.

I just read the full manual for the program. So far it's looking good! I didn't really understand that margin stuff but I think I'll get it soon especially with the demo

I read the manual and yeah it looks good.

Margin is basicly using the brokers money to trade, that way you have more buying power. Forex trading takes lots of money (hundred thousands to millions) to make a few bucks. So what the brokers do is leverage your money, usually 100:1 for evey $100 you own, you can buy $10,000 worth of currency, so you can trade without having milions. That being said using margin has its advantage and disavantages.


We'll all learn more during the course. I still need to learn alot, I understand some stuff because I've been exposed to trading before.

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Unfortunatley by the time me and DC open our accounts with real money it will be too late to capitalize on that, maybe Jericho can.

But thanks for the info, if you see anymore major currency related news post them here.

first blush

I get the feeling that this is a rather low reward for the exposure factor. If I am trading ten of thousands of dollars then the moves might gain me a few hundred. That is if I choose wisely. Am I wrong with this first impression?

I have played in the NY stock exchange a little bit as well and find that it is all a bit of a gamble and yes you can hedge the bets with some knowledge but it is never a slam dunk. I am anxiously viewing all of the results here to make my decision on joining the wave of interest.

Good thread guys!!

The actual money moving is tens of thousands but its not your money. Your money is leveraged so you dont need ten of thousands. You can open accounts with as little as $250 (although it not recomemded) , you'll have the trading power of $25k or more. You want to open an account of about $1000 and trade with only 1/4 to 1/3 of your whole account so you have enough cushion not to get a margin call, and wheather loses.

There are certain risk people need to be aware when dealing with a margined account, but at least you dont have to risks tens of thousands right from the get go if you dont want to. But the brokers will protect their assets and automatically sell your positions if it gets below your margin allowance (hence wanting to have some cushion in trading). But we'll keep on posting, so you can know if you want to join our little Forex club.

But you are right. You can hedge your bets but its not always a slam dunk, hence the need for exit strategies, eject and never get oneitis over your trades.



Making money here will take discipline and knowlege. I wouldnt recomend anyone who is reading this to get into this who is not willing to put in the time to study the stuff and monitor his trades carefully.

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check out forex factory, got all the latest news announcements
that influence the market plus some really interesting articles from traders
sharing their strategies.