I am investigating trading on the FOREX. Their are so many seminars offering this and that, and plenty of warnings on youtube to stay off the ForEx. Research Ive seen suggests 95% of traders fail and go broke, Ramsey says 7 in 10 traders lose money...I'm looking to find and hear from any traders with actual experience who are consistently profitable. Please Help!

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I made good money trading forex during 2005 and 2006, and actually made more than trading stocks and futures because of the high leverage. I was already a successful trader, and this was too good to be true. But then it became real popular and I had to rework my strategy. And then the rules changed.

Forex is largely unregulated and run by the banks. It wasn't enough for them to make money from the newbies. They were taking on too much risk trading against real traders. If I could see their heavy-handed moves and fakeouts and stop running, then others could as well. I exploited their weaknesses and used their strengths against them. They began denying my market orders when it was clear I would make money and they would lose. What kind of crap is that? Are they making a market or not?

Too many outside traders were making too much money. So they changed the rules.

Their algorithms work perfectly now to take advantage of fear and greed of the masses. They know just how much to move price to make you cave in and give up, or feel like you're missing out and get you in, then reverse it. They are masters of exploiting weak hands. Getting caught up in the middle of useless plundering is no fun.

There is almost no such thing as a trend anymore in forex; until there is and you wonder how you missed it.

I still occasionally trade forex, but trading stocks and index futures makes so much more sense, I find myself going for days without seriously even considering forex anymore.

The lure of forex is being able to start with so little money, high leverage and it's easy to learn how to push a few buttons to make trades.

Unfortunately, it is the most difficult market you could choose, and those very same things spell disaster for the newbie: high leverage and being underfunded and little experience.

Save your money and learn to trade stocks and ETF's. Develop a Trade Plan, and trade the simulator with fake money until you can show a consistent profit.

Contemplating making a living from trading is a pipe dream until you've done something; 90% of all traders fail in the first year, and there's some pretty smart people in that group. Trading isn't like other jobs, where you learn all you can, work hard, get the experience, and bing, you're successful. There are no guarantees with trading. It can drive you insane with frustration because it's more than 50% psychological, and not what you think you know.

The key here is that forex is a "trading" vehicle for experienced and advanced traders with lots of tools and computer power at their disposal. Even my two super-fast computers and eight monitors are no match for the mainframe computers used by the banks and hedge funds and currency traders around the world. You and I are just suckers to them; part of a little game they play for amusement on the side of their real business.

Are you a successful trader? If not, steer clear of forex until you are. You will lose your money and learn nothing more than how to push a few buttons.

Forex is no "game" like a video game. It's a pool of sharks ready to feed and eat you alive; always circling your position. You will find yourself on the defense immediately, and it is no fun. Unless you can learn how to join them and go on continual attack, you will lose. Nobody ever made any any real money playing defense. Investors beware -- this is not for you.

About Forex Founders?

Q. What are Forex Founders? What are their main features, advantages, what they provide?

Answer
Are you referring to teh Founds of Forex or a Company/Organization.

Forex is simply short for Foreign Exchange=For Ex

I don't really think there was really a specific founder but more of the general trading of currencies. It has become more capatilized as a make money method recently as technology advance and trading increased.

If you want more information on forex I would suggest you do a yahoo or google search and find tons of information.

If you want to learn forex I'd suggest you check out babypips.com

If you want to watch a video on Forex you can check out:
http://www.youtube.com/watch?v=mg4W6XRsChM
It's a Great video on the basics and foundations of forex as well as some additional tips and providing a vast list of resources

Answer
Stock trading - 9:30-4pm (USA) trades $25 billion / day
not too shabby

Forex trades 5pm Sunday to 5pm Friday (24/5)
and in October - the daily average was $3.72 TRILLION

Futures are really tough - you have to calculate
time (how far out is the contract) and when to dump it
or else you take delivery - a lot of variables

I prefer FOREX - have made $880 in six minutes before

learn at baby pips dot com

and get great training at leverage fx dot com

all the best

trying to become successful at forex trading?

hello people , ive started forex trading and even done a course on it . i use fxcm and my style of trading technial on 5 minute charts with 30 pip stop loss and even if i can consistently make 20 pips a day id be happy. it looks workable but ive been using fxcm for some time now and have heard that they are stop hunters, is this true? which is the best and reliable online broker ? which is the best tech. indicator on 5 minute charts or best combination of tech indicators? final question are any of you fx traders living in dubai , if so id like to look and meet them to exchange ideas. thanks appreciate the help.

Answer
There are thousands of online trading brokers available. I could not recommend anything which i have not used or verified. As most of them are found to be scam. I am using Finexo last 2 years and never encountered any problem. It is a reliable broker and provides timely updates and tips. i thoroughly use the technical charts as being a day trader. It provides all type of charts without any delay in currency quotes. I am earning avg 12% monthly return which is quite satisfying for me.

The best things i like about Finexo is :

1. Leverage ratio: 1:200 which is quite manageable as high leverage will lead to greater pressure on traders.
2. Rolling charges are quite low compared to other platforms. Also they charge different rates depending on gaining or losing position which is good for traders.
3. Easy deposit and withdrawal facilities.
4. Great fund managers controlling my accounts very well, specially when i am out of trading for some days.
5. 24hr customer services available. can have live chats directly through Finexo sites.
6. at the last, Very well timed forex alerts and tips in order to derive profit through those news.

Very good info. I still need to the times. Closes about 5pm EST Friday... Opens.... 5pm Sunday? ...but I thought I remembered someone saying 24/6... still, I def remember people saying their services are avail 24/5...
it's 5pm EST and they just went back online. There's my answer - they're down from 5mp EST Friday to 5pm EST Sunday. omg I'll have weekends in my new career... when i get there...

Answer
Forex market is open 24 hours a day. It provides a great opportunity for traders to trade any time of the day or at night. However, although it seems to be not very important at the beginning, the right time to trade is one of the most crucial points to be successful in trading at the forex market.
So, when should one consider trading and why?

The best time to trade is when the market is the most active and therefore has the biggest volume of trades. More active currency moves will create a good chance to catch the trade and make some profit. A calm, slow market is literally wasting of time â turn off your computer and don't even bother!

Forex trading hours, trading time:

New York opens 8:00 am to 5:00 pm EST
Tokyo opens 7:00 pm to 4:00 am EST
Sydney opens 5:00 pm to 2:00 am EST
London opens 3:00 am to 12:00 am EST

And so, there are hours when two sessions are overlapped:

New York and London â 8:00 am â 12:00 am EST
Sydney / Tokyo â 7:00 pm â 2:00 am EST
London /Tokyo â 3:00 am â 4:00am EST

For example, trading EUR/USD, USD/GPB currency pairs would give good results between 8:00 am and 12:00 am EST when two markets for those currencies are active.

At those overlapping trading hours you'll find the highest volume of trades and therefore more chances to win in the foreign currency exchange market.

What are the major forex market trading hours?

Answer
The best time to trade is when the market is the most active and therefore has the biggest volume of trades.

New York opens at 8:00 am to 5:00 pm EST
Tokyo opens at 7:00 pm to 4:00 am EST
Sydney opens at 5:00 pm to 2:00 am EST
London opens at 3:00 am to 12:00 noon EST

A. FXCM.COM
B. GFTFOREX.COM
C.Oanda.com
D.Forex.CH
E.ODLsecurities.com
F.gcitrading.com
G.Any Other -you suggest

Answer
As far as the best retail broker for trading forex I do recommend your third choice (C.Oanda.com).


I use Oanda as my broker. I highly recommend using Oanda as they give a huge edge over all other retail brokers. Oanda allows you to control the value of each pip not limiting you to a full lot ($10 a pip) or a mini lot ($1 a pip) so you can trade with values lower than $1.

This gives you a huge advantage in that you are limitless. No matter how much money your account size is you can correctly follow any money management and trade multiple methods across multiple pairs bringing you the diversification you need to survive and excel as a trader.

I am a professional trader with over seven years of experience and I also recommend to all members of my trading group to also use Oanda as their broker.

CAn forex Auto pilot be used with oanda account?

Answer
Hi, this is Charles. I am the moderator of the Forex Auto Pilot Users Group, The official users group for FAP. I do not think that you can use FAP on onanda, as I am unsure of whether it uses an MT4 platform. I would invite you to join the group and be around like minded traders. You will find FOREXAUTOPILOTUSERSGROUP in yahoo groups. You may reach me @ cfloydii@yahoo.com

i am a rookie.. i started to research this crap 3 days ago but in short
1:40 leverage
using the pivot system s1,s2,p,r1,r2 with the macd and EMA 9,18
my question is this

is my method of using a one hr and 5min chart sufficiant??

if so and you are familiar w/ what i am doing

could ya give me a few pointers???

i am going to start a real account with 200 cash i know it is not much but in my practice acount of 100k i am only wagering $200 dolla at any given moment so far by using $200 i gained 4 dolla in 3 days is that good??? who cares about dollers i know 4 dolla is crap but is the % decent???

thanks 4 any help

Answer
Save your $200 and trade the simulator for free, until you have enough data to see a trend. Three days is squat, meaningless.

You should trade the simulator for at least six months while you learn. Don't get in a hurry to lose money. When you begin to make "virtual" money, then you can open a live account and risk your own.

There are literally thousands of indicators. You have to decide what works for you, and it will take you years to try them all.

Try instead to decide your time frame, and your risk level, and learn good money management techniques, then maybe you'll stick around awhile.

Or just jump right in there and blow your $200, then come back here and blast us all for how risky Forex is and how it can't be done and what a SCAM it is.

Here's the Forex simulator game called PriceMotion
http://www.expertworx.com/pm/Forex%20Market%20Educational%20Game.htm

http://www.tradingeducation.com/forex_trading_primer.asp

There are also great resources for Forex at Investopedia.com
Here are some others

http://www.premieretradeai.com/

http://www.forextv.com/FT/Video.jsp?channel=41

http://umgarticles.atspace.com/forex-trading.htm

http://www.fxstreet.com/rates-charts/usdollar-index/

http://forex.tradingcharts.com/

http://www.dailyfx.com

http://www.forexbastards.com

Accounting simulator?

Hello All,

I'm studying to be an accountant; does anyone know any free educational software ?

Answer
forex-
http://tradingsolution.org/

Answer
What do you collect them for? For a starter's tutorial?
Youtube has surely plenty of them. But that is not the point. The real point is, how you can make real money thru forex trading.
Maybe you have heard of forex robot alike stuff. I tell you the truth, those are scams.
In forex realm, only human brain is gonna work.
For forex forecast, you need to know some basic knowledge. Elliott Wave Principle is the best of all. You can buy a book learning some 101 for that method.
http://www.elliottwave.com is a good place for you to go. While the daily forecast is a paid service.
There's a good place to get free daily forex forecast applying elliott wave theory.

Can i join forex company?

I am 15 years old and i need to join forex can anyone know that what i have to do there and is it good for me thax..

Answer
I think you mean how to start forex trading, you will find many online tutorials there explaining how to begin trading wright. It takes you from A to Z in forex world. you must learn well how to do forex cause it is very risky. best of luck.

Some people said that the Asian session always go up and the EURO session will counter by the opposite (down)... is this theory true

Answer
In Forex, there isn't any up and down like you would have in the Dow or S&P. Currencies are traded in pairs such as the NZD/USD so if the Kiwi goes up, the dollar by definition, goes down. The dollar may go up against once currency and at the same time go down against the other. This in fact happened the other day when the Bank of Japan announced a rate hike - dollar up against the Yen but down against the Aussie.

The market is open 24 hours beginning Sunday afternoon EST until close Friday afternoon. There is a good amount of overlap of hours in each market (Tokyo, Hong Kong, Singapore, London, Europe, New York, San Francisco). There are periods when there is typically more activity than others. Much of it depends on whether any economic announcements are being made that day by one country or another. Quite often, things are a bit slow from about 8:00pm EST until around midnight. At that time, people in the eastern parts of Europe are getting up and becoming active. One currency pair may be very active during European daylight hour and slow later on and vice versa.

If you are considering trading Forex, one of the things you should do is make a table that shows the number of pips each of the majors move during each hour of the day and find the average number of pips per hour for a month. Once you have a platform, it's easy enough to do using historical data although it's time consuming but you need to be aware of when movement typically occurs.

Several questions about forex?

Hello everyone,
I want to start trading forex and I am still hesitating about a lot of things.
First, most people say they have bad experiece trading forex.
I know that even Warren Buffet (I don't know how to spell it exactly:)) said that: "In stocks you could predict the price of a stock, but how can you predict the price of currency")-
That in fact sounds very reasonable since we all know that in shares it's enough to read a news that some company has planned to invest some money in Rolls Royce...to say...and then you buy shares from Rolls Royce...But wherefrom you can guess that USD will not find a way up again?
Some people say that the forex brokers have very high commisions and thus you can never win? Is it me or this sounds very stupid?
How about you? What was the amount of money you started and how much you have earned?

Thanks alot!!!

Answer
Warren Buffett may not play the FOREX market but he did convert a lot of his money to Euros to hedge against the falling US dollar. The only difference is that most forex trading is done on margin. He just converted his money, he didn't leverage it as far as I know. He also bought a lot of silver a few years ago to hedge against the falling dollar. So he obviously found it easy to predict the price of the US $.

Most people that trade forex are introduced and "taught" by the brokerage firms that want them to execute as many trades as possible. Common brokerage fee in the industry is 3 pips which equates to approximately $30 USD for a $1,000 trade at a 1:100 leverage (example using EUR/USD). This is about 3%. Many traders do swing trading or interday trading. They may do several trades a day. Even doing two trades a week can hurt. 2 trades a week x 52 weeks = 104 trades a year. 3% x 104 trades = 312%. Hard to make any money when doing a lot of trading!

So why would anyone make several trades a week? Why not determine where the price of a currency pair is heading over the next 3+ months (based on whether interest rates will rise or fall according to the comments by respective banks). Have plenty of money to back up your highly leveraged account. Also, not leveraging your account as much makes it easier to absorb any negative price action. But sooooo many people start off by being told to enter and exit trades quickly so they make as many trades as possible. I believe you should invest for the long term and have enough money to support the fallbacks that will inevitably occur. A long term strategy in forex can work. But you must have enough money so you do not get called out of the trade (margin call). Forex is extremely risky. I wouldn't bet the farm on it. You can still make a ton of money by investing in stocks, if you find the right stocks. You don't need to go into forex to make money. Forex is like investing in real estate except the market value of the property can go up or down very quickly and the bank will instantly foreclose. At least in real estate they don't instantly foreclose the second the house has depreciated a little due to a down turn. In the end, it's all about the leverage. Due to the extremely high leverage allowed in forex trading there is an opportunity to lose or make money very quickly. Most fail from what I have heard.

You could also find a forex broker that is a public company (I never actually looked to see if any are!) and just buy the stock... that way you can make your 3% of other people's money on each of their trades.