Currency Trading/Forex Markets? Anybody do it

[DRUSS]

Hi Guys,

Over the last six months I keep seeing currency trading coming up from everywhere.

One thing that caught my eye was that a member of a car forum I'm on, works from home (in his undies he states) trading currency for 30hours a week and earns roughly $80k per year.

I have being looking for things that could bring me an income from home and this seems pretty good.

Has anyone had any experience?

I have contacted a business called "learn to trade' which I heard on WSFM, and they sent me out a free DVD. It look's the goods but I'm very cautious (or a skeptic at heart). It's seem's they offer you a training package for a certain price (no figures mentioned as yet) teaching you the in's and out's of trading currency on the forex market (foreign exhange market). They then give you a demo run of trading (like the asx has) until you are ready to go live trading. http://www.learntotrade.com.au/

I'd love to here peoples experience's.
I noticed bayview mentioned in one of his threads that he has done it??

Cheers
Daniel

 

[james_w]

I trade forex "currency" best way to learn is get an account with FXCM

and muck around for 6months don't even try going live under 3 months

it's doubled edge sword search youtube lots of training videos free

and if your going to try with less then 10k usd forget about forex

if your capital is to low your account will get wiped being undercapitalized is one of the

main reasons new traders fail and sharks swoop in it's a long term high risk investment

and don't buy bots automated EA's etc they are a waste of money the best person to control the investment is you and have no emotion if you can't afford to loose don't trade forex

 

[Piston Broke]

A few points:

1. Anybody claiming to be making $XXX for XX time should have trading statements to prove their claims. So ask how long they been trading profitably, and where are the statements.

2. The link you posted is an affiliate type site, which could even be yours.

3. The affilliator seems to be a broker ( www.isdg.com.au ) who uses these "educational services" to attract customers. Many brokers (and CFD bucket shops) do this. The courses are general in nature and may teach you "how to trade" but not how to make profits.


james_w many forex companies like Oanda & IBFX (I have accts at both) allow to trade micro accounts where you can trade a few $Ks with good money management over longer terms.
The problem though is always the same: Unrealistic Expectations.

 

[DRUSS]

thanks for the reply guys. It's all a bit over my head atm, I'm still trying to understand some of what is being sad.

It's definitely scared me off a bit, which could be a good thing by the sounds of it.

So you guys are saying that its not really worth it and it is not easy to generate an income of just currency trading? Even if it was say $30k (profit) per year.

Cheers
Daniel

 

[Macca]

Hi Druss,

If you think Real estate or the Stock Market has risks you ain't seen nothing yet !!

Forex is the biggest game in the world, the rewards are gigantic, and the people behind the scenes are utterly ruthless. It is all a big dance with them pulling the strings.

However, should you find a way to make money at it CONSISTENTLY then it could be very rewarding.

If you would like to read more then try Forex Factory Forum, which has threads with millions of views. It offers hundreds of free methods and heaps of good advice and there are dozens of places that let you have a free demo account to practice on. Here in OZ the most popular at present are Go Markets and FXCM.

I find it very interesting but extremely hard to be consistent, so I keep chopping and changing methods, I am not a good example LOL

Demo until you can make money every month for three months then start small, with GO you can start from 10cUS per pip (point) so it can be cheap fun if you like a flutter.

I play it instead of rigged online poker games, I figure if I ever get good at it I can earn a living there.

 

[Aaron Sice]

don't be scared of it - understand it and remember your fears when trading.

with forex, no one ever went broke by taking a profit, unless you keep making losses.

i practise scaling out methods - and james w is right - don't pay for ANYTHING - youtube has a TON of stuff.

 

[DRUSS]

thanks guys, that's the honest reassurance I needed.

To you tube it is..............


Cheers
Daniel