Anyone here trade Forex?
 

Someone turned me on to Forex last week and said I would be better off trading FX then stocks since I am more of a technical trader then a fundamental trader, so I opened a demo account with FXCM...and started trading with 5 minute and 15 minute charts and made about 20 trades in 3 hours. Since it is all new to me I was down 2k and was able to recover to down $500. I really liked the idea of closing out the position before going to bed.

I am going to open a live account soon, does anyone have any helpful advice? I did google some Forex info but it is a lot of data to take in and many of the results were from sponsored.

If you have some good links please forward, thanks

one advice from somebody who has been trading forex for almost 5 years now: dont even think about opening a live account before you successfully increased your demo account balance for at least 6 months in a row.
trust me, you'll lose otherwise.

YES,,,At least 6 months in a row:thumbsup

I personally like to trade stocks, but the only good thing I enjoyed about the forex market being that it's 24/7

see this is type of advice I am looking for, as far as charts what range is the safest to trade?

I usually do stocks also and the same person who recommended Forex also said forget stocks and trade ETF's since you have less risk.

The guy (friend of another Handball player at my park) used to trade for a hedge fund, currently his wife made him quit so he took a job in a computer lab in a college in NYC. In which he still trades Forex and makes between 4-8k a month. So I am supposed to meet up with him and learn a little of his strategies. But since I don't know this guy well I want more advice...

The best way to make a small fortune in Forex is to start with a large fortune.

Every time one guy sells, another one buys, and they both think they're smart.

.

like with everything...money makes more money. They give you 5x your money to trade with for more leverage...

yeah the volume with Forex is ridiculous, a couple years back someone was pushing Forex on me at the International Trading Expo...I should have given it a look back then.

unless you scalp (newstrade) and are good at it forget about it you will lose $. dont try to catch a falling knife.

But when they "give" (to use your word) you 5x your money, they can also TAKE 5x your money. Some (I would guess a small percentage) do very well with Forex. The vast majority just lose their cash -- at 5x (or more) speed.

But to each his own.

yeah the 5 minute charts felt like I was gambling, and trading 5x the money when your down helps you recover if things move your way...if it moves the other way it's ugly. I do like the idea that you cannot lose anymore then what you have in your account.

would like to get into forex also.. a nice short tutorial would be nice :)

And.

Don't expect massive short term swings. Currencies don't work like that.

5x leverage is pretty low though, many sites give you 50 or even 100x

http://www.babypips.com/

When ready, open a MIG account.

forex offered on net today is in 90% gambling, you dont really trade, they just bet against you and in 90% of the cases people loose.

why its gamling - just google, too lazy to explain :)

Be careful with trading volatile stocks. Don't go all in. You say you are worrying about $2,000 or $500. These are large sums of money. The Forex market is 24/7. You talk about a guy that makes 4-8k/month. That is hard to believe.

On our level, it is a complete gamble. Charting, looking for trends, using the various graphs ... can be better used as toilet paper these last few years.

When I learned the brokers can intentionally move the market just enough to trigger some of their clients stop losses, I stopped setting mine. Ive been down the rabbit hole for thousands, having one currency lose value, so I would hedge my losses, by betting big on the new temporary currency trend. Ive gone to sleep after ninja style trading for 28 hours +, only to wake up 6,000 in the hole, twice.

Will I ever go back to Forex? You bet! It may be the fastest way to lose money, but it is among the quickest as well. Just need to have the time to give it the proper attention it deserves.

My own personal tip, dont trade/bet on the pending news. Its a wild ride for the first 45 minutes +. Let it settle a bit, before entering the game.

I do Binary Options if you can spot 30 minute trends you will do well :thumbsup

I do.

ICQ Sig

A good friend of mine has owned a forex trading firm for about the last 10 years and he's told me every single fucker loses. Period.

So prepare to lose whatever you put up.

Short the euro/dollar long term.

I value all financial advice given on an online porn board :thumbsup

Yes I trade FOREX.

GOLD, SILVER and some pairs like Aussie and EURO.

It takes some time to learn, know the secrets and make some money.

Started reading in year 2005.

Started trading demo in year 2006.

Started trading live in 2009, where I lost a few hundreds.

2010, I started doing some money, a few hundred.

2011, I did a few thousand dollars and this year I already did the same as 2011 and going to double it.

With good money management you can slowly start bulilding your account and when you have a 100K account it will be easier to make more money. If you follow the rules and a good system, It's not hard to do a 25% per year, so with a 100K account it will be 25K extra per year.

Problem is that newbies try to do 500% with a 5K account and they kill their account.

Bad money managment and under capitalization will kill your account. Stay away from robots or holy grails. They don't work.

Good luck, dude.