T Nation

Any Forex Traders?


#1

Just curious if we have any currency traders around here.

If so, I hope today's news didn't beat you up! Anyway, I'm getting interested in this... where are the best sites to get news, analysis and educational material?


#2

Forex is trading on steroids. As long as you can spot trends, cut your losses when you are wrong, let your winners ride, and not set your gearing too high, you can grind profits.

As soon as I stopped picking a general direction in the short term, looking at longer charts, as well as hedging currency pair against correlated currency pair, the stress has dropped to the nth degree.


#3

Hmm, I no expert in forex, I've worked as a stockbroker though and have seen a few sites that might be of use. One which seems to have a lot of material is trade2win.com, not specifically to do with forex but the discussion forum seems very lively.

Have you thought about doing some professional qualifications?


#4

Vroom i could take you from beginner to expert but let me start by saying FORGET IT because it is a long hard battle and i could not count the number of people over the years who want to "get in on it"


#5

Forex is sick, its tough navigating through it at first, but I've been blessed to have great mentors, watch my back through the learning process. Much to be gained here if you have the stamina and endurance. I know many who have not worked a real job in years doing VERY well just trading. Listen to JP_Dubya, I follow that strategy as well, I'm trying to decrease stress in life not add to it! Alll about the Big Lights baby!


#6

I've always seen trading as high class gambling. If there was a system or method that gave consistent returns then the exchange would collapse. With the technology we have, I don't see there being a way that someone can beat the system.


#7

^ If that's true, then some people have good luck consisently enough to make a living from it. People can and do beat the "system", it's really a matter of having insight into future happenings that will influence market prices.


#8

Its not really about beating the system its about observing what those with great wealth are doing to maintain it and maximize it. Banks have been making money on the foreign currency market for years. I used to work for a bank, then I said I can do what they do to. So I did. I'm just a little fly on this big elephant, hitching a ride!


#9

To revive a dead thread has anyone any insights into foreign exchange trading? Any forums or sites to check out?

Seems very interesting - a little faster paced than stock market trading?


#10

Forex scares the shit out of me. I think I'll stick to mutual funds.


#11

After 5 minutes on google it looks like you need 100K before you'd think about trading.

I don't have that.


#12

you don't need that much to start trading, like 2k on forex is PLENTY

as long as you learn to develop good systems you can make a LOT

^^Yes check your dailies and weeklies b4 attempting shit. you can swing trade a lot of pips if you're just logical and honesta bout your system.

get something like metastock or a good program, all i have to do is keep track of my shit set my trades for when to short/long and go about my day

or if i can get it to send a text message to me which is badassery to the nth level.


#13

^uh not necessarily true and i suppose its how you define consistent.

no system is full proof or infallible but (shitty example) you can sometimes hedge your risks by knowing that if its a 80/20 trade, if you trade 100times you will make 80 and you accept that as a managable loss.

or you can just watch market forces close enough to know what system will work and adjust accordingly.

there are a LOT Of things that work

and work realllllllly well

but only a handful of people know them and when a bunch of people start using it the market 'knows' and things adjust.

its like time travel theorists, if you touch something in the past how do you influence the future.

very similar, if a bunch of people start practicing a trading activity the shit will shift.

so there are a lot of things that work WELL (notice not perfect but well) but you have to know how to adjust.

i'm really just a beginner but i've had consistent enough "luck" to know that I can probably make a living for myself trading but i dont just trade forex, and i wouldn't ONLY invest in the market. real estate, precious metals, etc. like Wu Tang Financial said, "You needs to deversify yo' bonds N***a"