anyone in forex trading business?

[simon]

i would like to hear your views on forex trading. How do you compare the risks compared to that of domains and how are the returns like?
I have been thinking about this for sometime and registered in one of the forex trading site ad using the practice account just to learn some basics
any info would be appreciated

 

[WeBuyThe.Com]

I know more ex traders than I do traders. It's a very tough business and you need to be prepared to lose it all. The guys that are successful do very very well though. The risk doesn't compare to those in the domain industry.

If you buy a solid domain name you'll make money using PPC or developing. Worst case, if those revenue streams fail you still have the name and assuming you've been doing this a while you can recover something for it selling via auction or reaching out to an end user.
100K gets you a pretty solid name these days. When you take a position in the forex market (and the stock market for that matter) and it goes the wrong way you have nothing...It's exhilarating but so is playing multiple hands of blackjack and doubling down.

If you decide to persue such a venture please report back with your experience!

 

[Gerry]

good overview and assessment as stated above.

Usually to be successful you are moving some serious amounts of funds. The ones who make the money have exceptionally large amounts of capital involved.

It is a lot like the stock market. You are betting and counting on things moving up and things moving down.

The futures market and commodities may be a better play but again involves some large amounts of money. FOREX can be fun and definitely educational dealing with global markets and economies.

 

[jasdon11]

I traded Forex for 18 months via online market makers. My opinion is that the systems are crooked.

Using three different trading platforms, I continually saw the same issue - they do not necessarily give you the same figures that you see on-screen.

For instance, say you have placed a stop to close at a certain price - you see that price reached on you screen, but they don't fulfil the order. When you speak to your rep, they tell you that the price you saw wasn't their official price!
Also, the reverse happens when they 'hunt' for orders - meaning the price spikes a little to mop up a few orders in their favour.

This never happens with the practice accounts.

I ran practice accounts alongside my trading account, placing near identicle trades - the difference between the two was consistently 80% down on the trading account.

I'm sure there are fortunes made, but not for the little guy via these online trading platforms. When you read the TOS of these companies, there are no guarantees that they will fulfill any orders, which basically gives them the freedom to do pretty much what they like. I don't know of anyone who has made a fortune using the 'home' based systems.

I was primarily day trading, taking small amounts but often, making multiple trades per day, which made what was happening more evident perhaps than if my trades were longer term.

I've got to say, I enjoyed trading for the immediate gratification it gives, but can't get past my feelings that the online market makers are bent.

 

[simon]

thanks for the info.anyone else?

 

[Theo]

As with every market, "past performance is not a warranty of future results".

The FOREX market requires a lot of practice and in the long run it can produce some substantial earnings, particularly when long term trends are evident, e.g. the weak dollar vs the euro etc.

I cannot recommend a particular product due to FOREX industry reasons but if you search for relevant terms in Google you will find at least 3-5 different platforms that allow you to practice trading.

As with every other trade, do not trade with money you need for day to day expenses.