Please tell me about your forex exchange experience.?
Monday, May 19, 2014
, Posted by Ryanita at 11:57 AM
Zolotoo
Several years ago I started tentatively to study about the forex exchange market, I have read some books about it but never had the braveness to risk real money in it, If I have to use real money I will at least pump 1000 USD which I may lose in a couple of minutes and most probably it will be the first and the last trial for me, and ofcourse I do not like that.
I want to know the best broker companies, and the best way for technical and news analysis, and if I applied a good technical and news analysis, would I be at high risk either?
Do you have any recommendations?
Answer
FXCM has worked fine for me for many years, but I find myself trading more FXY or maybe FXE than any spot, along with the options.
For example, it's a lot easier to hold a long FXY and later sell a covered call, called "legging on," and you have a relatively risk-free long position with a little theta decay going on there in case it goes nowhere or down a little. It reduces your cost basis, protects the downside somewhat reducing risk, and at the same time increases your probability of success to 67%, way over a 50/50 guess directionally with high leverage in a cash FX position. The latter is doomed from the start to failure using leverage without the tools and knowledge to handle these markets.
Having traded FX for more than a decade, I'm lost in the gov't run, debt driven, and crisis insane FX markets. Fits and starts and stop farts.
Trading is about managing risks, not guessing what a politician will do next. How about when the rules change, or suspended law? How do you measure those risks?
Quite plainly, my "recommendation" would be to avoid forex like a plague, especially and until you can call yourself a trader.
Learn to trade stocks first, if you insist on trading, then see if you can do it with leverage. Develop a trade plan and test the plan. If you can make simulator profits by trading the plan, you're good. If not, modify your plan.
Read the book by David Nassar - Rules of the Trade - available at your local Interlibrary Loan System.
http://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/scalping_report/2013/05/08/Forex_AUDUSD_Scalps_Target_March_Lows_Bearish_Below_1.0220.html
"Which Is Better, Buy-and-Hold or Market Timing?"
"Do You Have What It Takes to Be a Market Timer
Lefevre, Edwin - Reminiscences of a Stock Operator (story of Jesse Livermore)
O'Neil, William J.- How to Make Money in Stocks - can also be your TA instructor if you buy his paper IBD.
FXCM has worked fine for me for many years, but I find myself trading more FXY or maybe FXE than any spot, along with the options.
For example, it's a lot easier to hold a long FXY and later sell a covered call, called "legging on," and you have a relatively risk-free long position with a little theta decay going on there in case it goes nowhere or down a little. It reduces your cost basis, protects the downside somewhat reducing risk, and at the same time increases your probability of success to 67%, way over a 50/50 guess directionally with high leverage in a cash FX position. The latter is doomed from the start to failure using leverage without the tools and knowledge to handle these markets.
Having traded FX for more than a decade, I'm lost in the gov't run, debt driven, and crisis insane FX markets. Fits and starts and stop farts.
Trading is about managing risks, not guessing what a politician will do next. How about when the rules change, or suspended law? How do you measure those risks?
Quite plainly, my "recommendation" would be to avoid forex like a plague, especially and until you can call yourself a trader.
Learn to trade stocks first, if you insist on trading, then see if you can do it with leverage. Develop a trade plan and test the plan. If you can make simulator profits by trading the plan, you're good. If not, modify your plan.
Read the book by David Nassar - Rules of the Trade - available at your local Interlibrary Loan System.
http://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/scalping_report/2013/05/08/Forex_AUDUSD_Scalps_Target_March_Lows_Bearish_Below_1.0220.html
"Which Is Better, Buy-and-Hold or Market Timing?"
"Do You Have What It Takes to Be a Market Timer
Lefevre, Edwin - Reminiscences of a Stock Operator (story of Jesse Livermore)
O'Neil, William J.- How to Make Money in Stocks - can also be your TA instructor if you buy his paper IBD.
Programs to Filing tax for capital gains (Forex)?
Mike
Hi! I am a student and have no income but small amount of capital gain (last year about $1000)
Since Im new to file tax for capital gains I was confused and needed to have lots and lots of help to file my tax this year, so I really want to be prepared for next year.
I am at VITA website and sadly I dont live in a state that I could get a help from the lab so I am at the screen where I can choose between H&R Block, e tax, turbotax, and Taxskayer. Which one would you suggest for me to use for capital gains?
Thanks fore reading and for your opinion!
Answer
They will all work pretty good BUT you do have to enter and answer all of the questions and the correct information on to the forms and the lines in the right places to get the correct numbers and the correct information on to the correct lines an forms and schedules of your 1040 income tax return for this purpose and time in your life. And this will take you some time to learn how to work with and through the software programs for this purpose and time in your life.
You could choose to become a voluinteer tax preparer with the VITA program and learn how to use the the software program that they do use for this purpose at this time in your life. It is very good and interesting and also a challenge for this purpose.
To start just go to the www.irs.gov website and use the search box and type LINK and Learn taxes
Link and Learn Taxes
This fun, interactive course teaches you the basics to accurately prepare 1040, 1040A and 1040EZ income tax returns for individuals AND obtain your volunteer certification along the way-at your own pace!
http://www.irs.gov/individuals/article/0,,id=123214,00.html
Linking volunteers to quality e-learning solutions
Link & Learn Taxes, linking volunteers to quality e-learning solutions, is the web-based program providing nine courses: Basic, Intermediate, Advanced, Military, International, Puerto Rico and Foreign Student, along with a refresher course for returning volunteers. There are two optional specialty courses on Cancellation of Debt and Health Savings Accounts. This training prepares SPEC partners and volunteers to provide quality tax return preparation services in their local communities. This fun, interactive course teaches the basics to accurately prepare income tax returns for individuals AND users can obtain volunteer certification along the way at their own pace!
Students will make their way through lessons that include tax topics, case studies, and interview simulations. Link & Learn Taxes uses pop-up windows to connect to forms, publications and other resource materials.
Volunteer Income Tax Assistor through the IRS program for this purpose.
VITA will be recruiting volunteers in for the 2013 tax filing season in a couple of more months and when you choose to register with them for this purpose they will send you a set of study material books for the 2012 tax year filing before November for the 2013 tax fining season. GOOD LUCK.
They use the TAX WISE program which works very good once you do learn how to us it for this purpose and time in your life.
And some of this (Forex) trading can get to be really complicated when you get into the Straddles
This section discusses the loss deferral rules that apply to the sale or other disposition of positions in a straddle. These rules do not apply to the straddles described under Exceptions , later.
A straddle is any set of offsetting positions on personal property. For example, a straddle may consist of a purchased option to buy and a purchased option to sell on the same number of shares of the security, with the same exercise price and period.
Publication 550 chapter 4. Sales and Trades of Investment Property
4. Sales and Trades of Investment Property
Straddles
http://www.irs.gov/publications/p550/ch04.html#en_US_2011_publink100010632
Hope that you find the above enclosed information useful. 07/08/2012
They will all work pretty good BUT you do have to enter and answer all of the questions and the correct information on to the forms and the lines in the right places to get the correct numbers and the correct information on to the correct lines an forms and schedules of your 1040 income tax return for this purpose and time in your life. And this will take you some time to learn how to work with and through the software programs for this purpose and time in your life.
You could choose to become a voluinteer tax preparer with the VITA program and learn how to use the the software program that they do use for this purpose at this time in your life. It is very good and interesting and also a challenge for this purpose.
To start just go to the www.irs.gov website and use the search box and type LINK and Learn taxes
Link and Learn Taxes
This fun, interactive course teaches you the basics to accurately prepare 1040, 1040A and 1040EZ income tax returns for individuals AND obtain your volunteer certification along the way-at your own pace!
http://www.irs.gov/individuals/article/0,,id=123214,00.html
Linking volunteers to quality e-learning solutions
Link & Learn Taxes, linking volunteers to quality e-learning solutions, is the web-based program providing nine courses: Basic, Intermediate, Advanced, Military, International, Puerto Rico and Foreign Student, along with a refresher course for returning volunteers. There are two optional specialty courses on Cancellation of Debt and Health Savings Accounts. This training prepares SPEC partners and volunteers to provide quality tax return preparation services in their local communities. This fun, interactive course teaches the basics to accurately prepare income tax returns for individuals AND users can obtain volunteer certification along the way at their own pace!
Students will make their way through lessons that include tax topics, case studies, and interview simulations. Link & Learn Taxes uses pop-up windows to connect to forms, publications and other resource materials.
Volunteer Income Tax Assistor through the IRS program for this purpose.
VITA will be recruiting volunteers in for the 2013 tax filing season in a couple of more months and when you choose to register with them for this purpose they will send you a set of study material books for the 2012 tax year filing before November for the 2013 tax fining season. GOOD LUCK.
They use the TAX WISE program which works very good once you do learn how to us it for this purpose and time in your life.
And some of this (Forex) trading can get to be really complicated when you get into the Straddles
This section discusses the loss deferral rules that apply to the sale or other disposition of positions in a straddle. These rules do not apply to the straddles described under Exceptions , later.
A straddle is any set of offsetting positions on personal property. For example, a straddle may consist of a purchased option to buy and a purchased option to sell on the same number of shares of the security, with the same exercise price and period.
Publication 550 chapter 4. Sales and Trades of Investment Property
4. Sales and Trades of Investment Property
Straddles
http://www.irs.gov/publications/p550/ch04.html#en_US_2011_publink100010632
Hope that you find the above enclosed information useful. 07/08/2012
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