Anyone willing to share about Forex forecasting?
Wednesday, April 30, 2014
, Posted by Ryanita at 9:57 AM
andre8828
I'm a trader in training, (self-training that is.) I'm an average individual, who has decided take a new path.
I've been doing a lot of reading, articles, trading 101, anything useful. Now I'm not a mathematician or someone who could excel at many things, immediately. But I am determined and somewhat ambitious. So, I would be very thankful to anyone who has the patience and knowledge of trade forecasting.
I've learned to at look charts and use easy simple methods. However, I still don't know how to use these methods to calculate and make chart forecasts.
Anyone care to help?
Answer
I've read a lot about Forex, but I've never seen a proven profitable forex forecasting strategy, despite the claims of some scam web sites.
Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus.
Forex is similar to what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It's a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It's a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap,com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.
I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
Read the warnings in the links below:
I've read a lot about Forex, but I've never seen a proven profitable forex forecasting strategy, despite the claims of some scam web sites.
Playing Forex can appear alluring, but the majority of people who try it lose money. All you have to do is do a web search on the words "Forex" and "lose" to see this is the consensus.
Forex is similar to what we call a "zero sum" game. You are making a bet with someone else about whether a currency will rise or fall. For every winner there has to be a loser. The net winnings of everyone combined equals zero. If you are smarter than the average player, you may make money. If you are dumber than the average player, you are likely to lose money. Most of the people making the "bets" in Forex are highly trained professionals at banks and other institutions. You are unlikely to beat them at this game.
Actually Forex is not quite a zero sum game. It's a slightly negative sum game as the Forex broker takes a small percentage each time in the spread. It's a small amount but over a hundred trades, it ends up being a considerable amount of money. So the average player is likely to lose money, and remember the average player is a highly trained professional and probably smarter than you.
There is a lot of luck in Forex, and if you play it, you will have some periods of time where you make money. This is usually because you are having a lucky streak, not because you have suddenly become an expert Forex player. However, most people are unwilling to admit their success is due to luck. They become convinced they have a system that works, and lose a lot of money trying to refine it.
Further complicating the problem is the large number of Forex scams on the internet. Most Forex websites are of questionable honesty. You will find many people on the Internet that claim they made a lot of money using Forex. They are usually liars trying to make money. They will say: "Go to Forexcrap,com/q2347." The "q2347" is a signal to the Forexcrap site that you are being referred to them by "q2347." If they sell something to you, "q2347" gets a kickback. These coded signals can be hidden by different methods in the link. Other people will refer you to their own private website or blog for the purpose of trying to get money off you. Also there are a good number of trolls out there that like to pretend they are successful forex traders just for the fun of it.
I would recommend not trying to do Forex at all, unless you are a trained professional. It's like playing poker with people better than you, with the house constantly taking a small percentage from the pot.
Read the warnings in the links below:
The best Forex Educative Web Sources?
Q. Let's share the most important and useful forex sources which are important for traders, both beginers and professionals, so which are your favorites?
Answer
Forex generates more spam/scam posts than any other topic in Investing. There are probably 100 mediocre/bad/misleading/deceptive sites for every legit site.
investopedia
babypips (maybe)
Pretty much everything else is commercial rubbish trying to scam money out of novices, plus a few folks trying to promote their own site or blog.
If you see any of the following terms in a question, it is almost certain to be a feeder question for spam/scam answers that will follow:
- forex robot
- forex expert advisor
- forex managed
- forex strategy
- forex tips
- forex intraday
- binary options
The sad truth is that most individual investors lose badly at forex. There is no way any free or cheap site will overcome the vast advantages of the multinational banks that dominate trading.
Forex generates more spam/scam posts than any other topic in Investing. There are probably 100 mediocre/bad/misleading/deceptive sites for every legit site.
investopedia
babypips (maybe)
Pretty much everything else is commercial rubbish trying to scam money out of novices, plus a few folks trying to promote their own site or blog.
If you see any of the following terms in a question, it is almost certain to be a feeder question for spam/scam answers that will follow:
- forex robot
- forex expert advisor
- forex managed
- forex strategy
- forex tips
- forex intraday
- binary options
The sad truth is that most individual investors lose badly at forex. There is no way any free or cheap site will overcome the vast advantages of the multinational banks that dominate trading.
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