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Started By
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Trading Currencies
Posted on 4/20/23 at 7:33 am
Posted on 4/20/23 at 7:33 am
Has anybody ever tried trading currency pairs such EURUSD, aususd, or GBPUSD. My view is that doing such is very risky to borderline ridiculous. The reason I ask is that numerous "gurus" have touted this a great way to make a sideline income.
This is not for me but am curious to know if anyone has actually made any money doing this.
This is not for me but am curious to know if anyone has actually made any money doing this.
9
Posted on 4/20/23 at 7:42 am to CHGAR
I'm sure the gurus are offering to sell you their method to do it easily. Since that is probably how they make money basically a scam.
Trading currencies(forex) is a great way to lose a lot of money
Trading currencies(forex) is a great way to lose a lot of money
Posted on 4/20/23 at 8:06 am to CHGAR
Day trading cannot be a side hustle. Most people need 2-3 years of dedicated focus to make money.
Posted on 4/20/23 at 12:52 pm to CHGAR
I looked at it from 1000 feet years ago. I also looked at commodity trading back in the day (the 80s). I decided that the required level of knowledge and expertise for either was too great, and the learning curve too steep, for me to be consistently profitable, without losing a small fortune in the process. Just way too many moving parts.
My cousin tried it and wound up losing two of his investment properties in the end. That doesn’t mean that some can’t find success. Just not for me.
My cousin tried it and wound up losing two of his investment properties in the end. That doesn’t mean that some can’t find success. Just not for me.
Posted on 4/20/23 at 1:04 pm to CHGAR
quote:
The reason I ask is that numerous "gurus" have touted this a great way to make a sideline income.
These people are scam artists who make their money from their courses, not trading.
Only about 1-2% of day traders are consistently profitable.
Posted on 4/20/23 at 1:17 pm to CHGAR
HAve you ever traded stocks?
HAve you ever day traded stocks?
Have you ever traded commodity futures?
Have you ever day traded commodity futures?
do you see where i am going with this?
The shite gets tougher and tougher like leveling up on a video game.
You want to jump into not just trading but day trading FOREX? The toughest commodities to trade?
that is like skipping playing pop warner, junior high, high and college football and going straight to the NFL.
Go trade oats, wheat, palladium, orange juice, etc before you dabble in currencies. and no not day trading. regular positional trading.
currencies will eat your arse alive. I did well trading commodities but stick with what you are good with and stay away from the volatile ones. I used to day trade pork bellies and hogs. basically broke even. When i tried out the canadian dollar and mexican peso it ate my lunch. i learned a hard lesson. that was the toughest stuff to trade period especially day trading.
If you want to walk away with 1 million day trading start with 2 million!
GOOD LUCK!
This post was edited on 4/20/23 at 1:18 pm
Posted on 4/23/23 at 5:26 pm to CHGAR
Can you answer the questions so people can help you or will you just be another drive by hit n run poster??
Posted on 4/23/23 at 8:02 pm to Fat Bastard
quote:
HAve you ever traded stocks? Been trading stocks for 30 years.
HAve you ever day traded stocks? For about 30 years as well.
Have you ever traded commodity futures? Index and bond futures mostly, I'm much better at stocks so I stay there.
Have you ever day traded commodity futures? Not much.
do you see where i am going with this?
The shite gets tougher and tougher like leveling up on a video game.
You want to jump into not just trading but day trading FOREX? The toughest commodities to trade?
that is like skipping playing pop warner, junior high, high and college football and going straight to the NFL.
Go trade oats, wheat, palladium, orange juice, etc before you dabble in currencies. and no not day trading. regular positional trading.
currencies will eat your arse alive. I did well trading commodities but stick with what you are good with and stay away from the volatile ones. I used to day trade pork bellies and hogs. basically broke even. When i tried out the canadian dollar and mexican peso it ate my lunch. i learned a hard lesson. that was the toughest stuff to trade period especially day trading.
If you want to walk away with 1 million day trading start with 2 million!
GOOD LUCK!
No, I don't want to jump in into trading currencies, am simply curious if ANYBODY has ever turned a profit in this arena. All i have ever is that currency market are racked with hidden spreads, front running and all sorts of price manipulation. Like I said in my original post, this is not for me.
I am simply curious to know if at least one person has ever been profitable in currencies. Some of these "guru programs' " can cost $25K. personally I find this insane but wanted the results if someone might purchased something like this.
This post was edited on 4/23/23 at 8:52 pm
Posted on 4/23/23 at 9:06 pm to CHGAR
I heard the Iraqi dinar is a good investment
Posted on 4/23/23 at 9:42 pm to jmarto1
Fat Bastard I completely agree. I used to swing trade naked hog calls using RSI. Very predictable and profitable. I also did well seasonal spread trading and trading the bid/ask spread in milk. Currencies are not for the faint of heart. The big boys are in that market.
Posted on 4/23/23 at 10:22 pm to CHGAR
thanks for having the courage to return and clarify
Posted on 4/24/23 at 12:48 am to CHGAR
Just set up a paper trading account with IBKR or TD Ameritrade and see how it goes.
Posted on 4/24/23 at 1:51 am to CHGAR
The best way to get to a million dollars by trading currencies is to start with two million dollars…
Posted on 4/24/23 at 8:20 am to LSURussian
This is exactly right. Same for any commodity .
I have hedged beans and wheat and even speculated once or twice but never day traded stocks or commodities.
I have hedged beans and wheat and even speculated once or twice but never day traded stocks or commodities.
This post was edited on 4/24/23 at 12:03 pm
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