Anyone into Forex?

[Credit]

Just slightly curious about the Forex market - never tried before. It trades as much as $3.5 trillion/day, I believe, but a lot of it comes only from a few major companies.

It seems like it's pretty much impossible to make decent money unless you already have wads of it, simply because of relative stability of currencies. Unless there's a huge decline/growth in a currency or you have millions of cash to invest, "day-trading" doesn't seem like much of a money maker to me.

Anybody more experienced care to share?

Thanks.

 

[theinvestor]

I've done forex. It's really risky, and what makes it very different from the stock market is that as soon as you make a buy or sell (short) you are automatically losing because you are always buying/selling overpriced. It's not meant for anyone to invest in, mostly for day traders and i don't know many who are successful at it.

 

[Poker]

In my opinion, if your going to apply yourself to the study it takes to succeed in trading any market, you should study and trade index futures (e-mini, for many reasons).

 

[Gerry]

In my opinion, if your going to apply yourself to the study it takes to succeed in trading any market, you should study and trade index futures (e-mini, for many reasons).

I agree. Futures and commodities.

FOREX is risky and with high risk comes high returns...and falls.

You are going to be putting up a wad of cash to hedge against the ups and downs of the monetary market. For example, $10K may control $100K. And if they call your margin, you have to pony up.

There are some sites that do allow "play money" trading. Study these.

Frankly, now is a great time to short many stocks.

Or, yes, even real estate. Developers and speculators pumped billions of dollars into real estate (land) in hopes of starting up other developments once they got finished with current projects. Along game the housing bubble, burst, crisis, etc.

There are some land and lots going for about 1/4 what these people paid for. They were so over-priced to begin with but they didn't mind paying the bucks.

Now reality has set in, they can not meet their notes, are willing to deal, or just turning the deed over to the bank. I am not talking foreclosures here. I am talking those once booming developments in your daily drive that are now idle.

(disclaimer: I am not a broker or cpa. What folks do with their own money is their business and should not take any advice from me. Otherwise, I would just tell you an account number you can deposit it in)

 

[Credit]

Futures, huh? Interesting..will look into it..Thanks for your suggestions.

Doc Com - thanks for a great market analysis - sounds like you have a lot of experience in this...

Anybody else have any thoughts on forex?

 

[Gerry]

Futures, huh? Interesting..will look into it..Thanks for your suggestions.

Doc Com - thanks for a great market analysis - sounds like you have a lot of experience in this...

Anybody else have any thoughts on forex?

Do not have a lot of experience with FOREX simply because of the amount you need to put up to make trades.

Some in futures and commodities. It is all about predicting. And it is tricky. Not what you think it is.

Shorting stocks...a little. Good friend of mine retired at age 42 only a few years back. She shorted Yahoo and RF MicroDevices shortly before the bubble burst and she made a killing. Had to go back to work when her son got accepted to Yale and started when he was only 16.

Land investments...much experience. Much success. Know the market and the area you are in.

 

[David G]

I prefer the old CME Live Cattle market, or Corn.

 

[jasdon11]

My opinion is in this thread; http://www.dnforum.com/f77/anyone-forex-trading-business-thread-281685.html

 

[sashas]

I've explored Forex a bit. Very frankly, its good for those with tons of cash and can afford to take some risks with their money. Not for the average guy on the street....you can build a stock empire from $1000, but that would take you nowhere in forex.

 

[socalboy]

I've made a lot of money in the last couple years holding CurrencyShares denominated in GBP, AUD, and EUR (symbols FXB, FXA, FXE). Not leveraged, and you get a nice dividend. Traded on the AMEX. Should also have bought Canadian dollar, but no one's perfect Check out currencyshares.com if you want to play this market. My 2 cents....

 

[Gerry]

Should also have bought Canadian dollar, but no one's perfect

I think a great many of us missed the boat on that one.

My opinion is in this thread; http://www.dnforum.com/f77/anyone-forex-trading-business-thread-281685.html

Whew...glad someone found it.

Was thinking the was deja vu.

 

[jasdon11]

I've explored Forex a bit. Very frankly, its good for those with tons of cash and can afford to take some risks with their money. Not for the average guy on the street....you can build a stock empire from $1000, but that would take you nowhere in forex.

If you go with the highly leveraged systems, $1000 can allow you to trade upto $400,000. Theoretically a small amount can make you a fortune at forex - in reality though, it just means you'll lose a lot faster.

 

[ARMG]

Its not a good time to start trading Forex the USD-EURO got extreme mood swings which can't be predicted easily.

Commodities know thats a profitable market You could use Turbo's with extreme leverage so when you trade with $1000 you could double your $1000 into $2000 in one day with a bit luck/knowledge. But on the other hand you could also lose your $1000 in like 1 hour .

I used to enjoy trading Forex 1-2 years ago, but gave it up because the market is way to unpredictable.

 

[Poker]

Been trading stocks, options and index futures for 10 years now and think it's worth repeating:

If your going to apply yourself to the study it takes to succeed in trading any market, you should study and trade index futures.

 

[Credit]

Thanks everybody who replied - much appreciated...

I guess index futures it is

 

[Poker]

After today's action I think commodities have topped for the time being. They have been the only real juice left in the stock market but they look like the next shoe to drop in this Bear.

 

[fab]

Yep, I did it, highly risky!

 

[buysellfast]

guys, the only way to make money is via investing, and trading on the right trend, makes a good amount, for those who are learning, readup turtle traders, chris faith. dont go to scam sites. eliottwave is good to start with, they have being wrong thus far, but use these keywords to learn. read up more, stay in cash when u fear collapse, to buy. buck on the trend when you feel otherwise.

i have being doing this for 18yrs and still going strong, if u want to get out of the rat race of living check to check, this is the way to go. and yes index futures are better than any mutual fund offered out there...

cheers.