Archive for December, 2008
DO YOU THINK FOREX IS A CLEAN BUSINESS?
December 31st, 2008
many broker place a lot of tips on how to make money on forex. but my question is who is when everybody is winning trade who is lossing? they claim to get there gain from different in tips but i dont believe them. i opened account with two forex in the past but i never understand how the account run down.i traded on demo for along time and i never loss .I like to trade forex but i dont truth any broker.since forex is a zero sum game i know no brokers will allow is company to run down they must find away to save it either good or bad,with all the winning tips on there site i dont think they pray any one should win.this is my opinion i my wrong or right pls tell me?
No broker knows whether any thing is going up or going down. Most of them look at charts and recommend that you follow a trend, but even if they are right, nothing goes straight up or straight down, so even if you buy something that is going up, it will have down days which might result in a margin call and you might be forced to sell.
I suspect that a lot of brokers tell half their customers to buy and tell the other half to sell short. That way they would be right half the time but woud get commissions all the time.
T Boone Pickens made seven billion buying oil futures. But when oil peaked out he hung in there and lost several billion.
powered by Yahoo Answers
Posted in 
Is FOREX (foreign exchange trading) easy to learn and get started in?
December 31st, 2008
Having traded the FOREX for some time, I would say that learning and getting started are both easy. Making money however is quite hard. I would go to one of the FX broker websites and look for one that has a free demo account. Start your pretend trading account with a few thousand pretend dollars and when and ONLY when you have doubled it, open a real account with real money. You might lose all of that a few times before you get it right, as psychologically it is harder to trade with real money than imaginary money. Don't quit your day job right away.
The link below will take you to FX Street which is an excellent news site about the FX market, and will give you a list of FX brokers, many of whom can open a free demo account for you. FXCM is one of those brokers, also linked below. This is NOT an endorsement of FXCM. You may need to find a broker in your country of choice, and you should know that you can open an account in almost any currency you want to use as your base currency if you find the right brokers.
You should study up on technical trading, interpretation of chart patterns etc, and if you prefer a fundamental approach study macroeconomics and try to understand what economic events and forces will change the flow of currency.
I would not recommend spending a lot of money on some sort of magic software that supposedly tells you when to trade. I started that way and eventually did better trading without the expensive software than I did with it. The only ones making money with most of the fancy software out there are the ones selling the software. After all, if their software was so good, why do they need to sell it? They should be rich from trading their own accounts.
Also, look on Yahoo! groups for some support groups. They are quite active and can steer you towards group meetings in your area, training seminars, and even have live trading sessions with IM in the middle of the night.
powered by Yahoo Answers
What uk-based forex broker do you use?
December 31st, 2008
Im preferably looking for some that offer a micro account, low leverage (to get me started), UK-based, and web-based trading software. Being able to demo trade for a few months would be great also. Thanks in advance.
BritXchange
*
powered by Yahoo Answers