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Can you give me a dummy version of what FOREX trading is?
Posted on 3/10/16 at 1:59 pm
Posted on 3/10/16 at 1:59 pm
New to this FOREX trading idea and had some talks with a buddy and it sounds like it could be very lucrative. Can anyone explain how the process works and if you've had any experience with it?
TIA
TIA
5
Posted on 3/10/16 at 2:01 pm to yankfand
Best advice is to stay away. Could be lucrative but very high probability you will just blow through all your money.
Posted on 3/10/16 at 2:02 pm to yankfand
quote:
New to this FOREX trading idea and had some talks with a buddy and it sounds like it could be very lucrative. Can anyone explain how the process works and if you've had any experience with it?
it would be much faster if you would just write a check for your entire account amount and mail it to me.
Posted on 3/10/16 at 2:26 pm to yankfand
The best way to get to a million dollars by trading forex is to start with two million dollars.....
Posted on 3/10/16 at 3:36 pm to yankfand
It's kinda like matching quarters, against people with a LOT more quarters than you.
Posted on 3/10/16 at 4:07 pm to yankfand
FOREX trading is for dummies.
Posted on 3/10/16 at 4:15 pm to foshizzle
So now that we have beaten why to not do FOREX to death, what is it and how does it work?
Posted on 3/10/16 at 5:05 pm to JamalSanders
You're basically selling, or buying a currency, usually a foreign currency, and doing the opposite with the USD. It's a pair trade, and it can be hugely leveraged.
Unless you want to watch 24/7, it's not something most would succeed at.
If you really want to make a trade on the USD, you might be better served elsewhere. And if you want to excitement of the quickness of forex, with a certain loss, why wouldn't you just use a binary option? Same level of gambling, a lot less risk.
Also, Forex firms sometimes get in trouble. When the Swiss Franc went crazy, it almost took a big player down, and I think several did go down.
You're playing against some pretty strong opposition. Cantor Fitzgerald as an example would be in a position to take both sides, through both binary option and fx. Actually, they could take more than two sides on a two sided trade. And they will. All the while making your trades for you through either their binary exchange, and I think they've also expanded their fx trade desk as well.
Unless you want to watch 24/7, it's not something most would succeed at.
If you really want to make a trade on the USD, you might be better served elsewhere. And if you want to excitement of the quickness of forex, with a certain loss, why wouldn't you just use a binary option? Same level of gambling, a lot less risk.
Also, Forex firms sometimes get in trouble. When the Swiss Franc went crazy, it almost took a big player down, and I think several did go down.
You're playing against some pretty strong opposition. Cantor Fitzgerald as an example would be in a position to take both sides, through both binary option and fx. Actually, they could take more than two sides on a two sided trade. And they will. All the while making your trades for you through either their binary exchange, and I think they've also expanded their fx trade desk as well.
Posted on 3/11/16 at 7:13 pm to JamalSanders
quote:
what is it and how does it work?
FOREX as practiced by the institutions involves buying and selling bonds denominated in foreign currencies. The trades are in millions of USD or the foreign equivalent, the players are all major banks and the underlying currencies are constantly being manipulated by their respective governments. There is no market more liquid.
These are the most heavily analyzed positions in the world, by gigantic firms that afford to throw enormous sums at trying. No individual has some secret that the big boys haven't long ago figured out and improved upon. And you are paying substantially higher costs to play than they are on top of that, both in transaction costs and short-term capital gains taxes.
It always amazes me that so many people think they can consistently beat the full time pros in their spare time, with fewer resources, while paying more to play.
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