Please who does forex trading

[karlie]

Hi, just wanna find out who is into forex trading out here. For me i have been into it since 2007 and am stabilizing. I just wanna meet with folks that do it and share with them what could take us to he next and higer level. For those who arent into in are dont have an idea, forex trading is fun and with it one could make great fortunes within a preety short period of time with the right principles. It also gat it down sides. Please get back to me. Thanks

[pjhaggerty]

I tried forex trading, but it didn't click with me. Currently I am learning to invest in equities and fixed income products, as forex trading just wasn't my thing. If you're curious why, I can go into more detail. Otherwise, good luck on your trading journey

[Power]

I've been trading Forex since 2003.

I failed in the beginning... and then failed again... and again... then failed some more... failed plenty more after that... heck, I've lost count of how many times I failed... ROFL

I found success after 5 years.

I would recommend forexfactory.com forum. There are a lot of information, you just going to have to put in the time of reading and filtering what is valuable for you.

[SnerpGoodWord]

Originally Posted by ampaal

am in the same well...looking and wanting to be in forex for many years now... how can we cope up with the scams in the market??

Micky

If you're worried about being scammed by a FX broker (not an unreasonable worry) then I suggest trading either via an ECN broker like Interactive Brokers, or trading the CME FX futures. You end up paying commissions and frequently have a 1 tick spread instead of a 1/2 tick spread, but you get to skip all the price shenanigans that accompany bucket shop FX.

It's also worth mentioning that FX has a learning curve like any other form of trading - maybe 3 years average to competency. So don't be too quick to blame your problems on your broker.

[SnerpGoodWord]

To answer OP, I have looked at FX trading, but I've never really gone after it. It seems very sluggish - sort of like the close-in bond futures or the Eurodollar. I suspect it would be amenable to mean reversion on say 5-min bars, or some sort of intermarket analysis but it's not worth it for me right now. If I ever get to the point where I'm trading huge size full time, then I'll have to look at bond futures and FX, but for now I'll stick to oil and index futures.

[sean83]

I've heard its just a big scam.

[SnerpGoodWord]

Originally Posted by sean83

I've heard its just a big scam.

That's not really true - the interbank FX market is one of the biggest markets in the world. It has slightly different rules than most people are used to for stocks, but within the framework of those rules it's a fair market. Similarly, the FX ECNs are in general fair markets.

Where you can get into trouble is with a broker that, instead of charging commissions and passing your trade along to an ECN, tries to make their money by taking the other side of your trades - known for historical reasons as "bucketing". At that point it's in the broker's best interest to manipulate price to try to shake you out of your position at a loss. They can sometimes do that.

With good data streams from multiple ECNs and smart routing software, you can not only overcome these problems, but sometimes take advantage of a bucket shop's shenanigans to not only save you commissions but actually get a better price.