[joecolombia]

I recently met a guy that`s been travelling around the world living off investing in different currencies.

Have some of you guys experienced how does it work, how profitable it could be and the risk degree that should be taken on it?

This would be a great source of income. No need to settle, easy access and great posible return.

[Kissinger2014]

where to begin ..... please understand that the forex market, like with other speculative markets, is a zero-sum game: for you to win (i.e. make money), someone else has to lose. [this is not like investing in equity markets, where you buy shares in -- hopefully -- economically productive assets]. That begs the question, who is taking the other side of the trade -- who is going to lose if you are going to win. The answer, in most cases, are hedge funds and investment banks staffed with people who have Phds, who live, breathe, and sleep, currency markets.

Currency markets are super high stakes, where small moves can make you rich or wipe you completely out. [i could be wrong, but I think it is the largest financial market in the world based on daily dollar value].

Yes, I know a handful of people who trade currencies. They all traded previously for big banks/hedge funds, and are ridiculously smart. If you think you can beat them, then, yes you might want to try forex trading.

[Peregrine]

Did he show you his trading account? If not, you can't believe him. "Make money trading" is probably the most popular cover for living off an inheritance.

[joecolombia]

(05-03-2016 07:21 PM)Peregrine Wrote:  

Did he show you his trading account? If not, you can't believe him. "Make money trading" is probably the most popular cover for living off an inheritance.

I did saw his account. He`s been doing that for a couple of years and has quite a balance.

He taught his technique to 3 guys back where he was before coming to where I live. One of them started with 22k and has roughly over 90 now.

It`s been just a few weeks. Pretty impressive.

[WeekendCasanova]

No.

[joecolombia]

(05-03-2016 06:39 PM)Kissinger2014 Wrote:  

where to begin ..... please understand that the forex market, like with other speculative markets, is a zero-sum game: for you to win (i.e. make money), someone else has to lose. [this is not like investing in equity markets, where you buy shares in -- hopefully -- economically productive assets]. That begs the question, who is taking the other side of the trade -- who is going to lose if you are going to win. The answer, in most cases, are hedge funds and investment banks staffed with people who have Phds, who live, breathe, and sleep, currency markets.

Currency markets are super high stakes, where small moves can make you rich or wipe you completely out. [i could be wrong, but I think it is the largest financial market in the world based on daily dollar value].

Yes, I know a handful of people who trade currencies. They all traded previously for big banks/hedge funds, and are ridiculously smart. If you think you can beat them, then, yes you might want to try forex trading.

Sounds like it is an imposible game to beat. However, with the right indexes, presumably could be controlled.

According to what he told me so far, it is a sum of know the indexes an rates up to date. Being smart and knowing how that is going to impact the currency. i.e US unemployment indexes come out every thursday. That means something is going to move.

Work with most developed currencies and find a pattern.

-profit?

addittional tip. Do not use american carriers, because they don`t alow hegde?

I don`t know, I don`t have it totally clear yet. Will write an update as soon as I understand it.

[Kissinger2014]

(05-03-2016 07:44 PM)joecolombia Wrote:  

(05-03-2016 06:39 PM)Kissinger2014 Wrote:  

where to begin ..... please understand that the forex market, like with other speculative markets, is a zero-sum game: for you to win (i.e. make money), someone else has to lose. [this is not like investing in equity markets, where you buy shares in -- hopefully -- economically productive assets]. That begs the question, who is taking the other side of the trade -- who is going to lose if you are going to win. The answer, in most cases, are hedge funds and investment banks staffed with people who have Phds, who live, breathe, and sleep, currency markets.

Currency markets are super high stakes, where small moves can make you rich or wipe you completely out. [i could be wrong, but I think it is the largest financial market in the world based on daily dollar value].

Yes, I know a handful of people who trade currencies. They all traded previously for big banks/hedge funds, and are ridiculously smart. If you think you can beat them, then, yes you might want to try forex trading.

Sounds like it is an imposible game to beat. However, with the right indexes, presumably could be controlled.

According to what he told me so far, it is a sum of know the indexes an rates up to date. Being smart and knowing how that is going to impact the currency. i.e US unemployment indexes come out every thursday. That means something is going to move.

Work with most developed currencies and find a pattern.

-profit?

addittional tip. Do not use american carriers, because they don`t alow hegde?

I don`t know, I don`t have it totally clear yet. Will write an update as soon as I understand it.

While I have not traded in the forex market (because I know I would get slaughtered), I have worked in finance and traded stocks/options for over 15 years. The fact that that I have no idea what you are talking about when you write:

'addittional tip. Do not use american carriers, because they don`t alow hegde?'

Makes me believe that it would be prudent for you not to ever start trading in the currency market.

Here is what you might want to consider: set up a simulation account (that uses fake money). Log on every day, and monitor your success for 2 years. If afterwards, you are still success, put a small chunk (emphasis: small) of your savings in trading.

This should not come off as an indictment of your intelligence or ability, just the fact that the currency market is filled with brilliant, ruthless, sharks who spend 15+ hour days studying what is and might happen, who have access to more data that you can imagine, who (some) might even have moles in central banks of countries, all in the hopes of getting a marginal piece of information. Are you ready go to war with them?

[jj90]

I know a guy who has never played basketball but thinks he can play in the NBA. After all, he's read a few books, had a basketball coach train him a few times and then played a few pickup games at his local court.

Would he get into the NBA? Maybe, but I wouldn't put my money on him. Good luck.

Oh, and as for your guy you know? Well unemployment/jobless claims does come out Thurs AM, but those haven't been relevant since what 2012? NFPs 1st Friday of the month are what people watch. Should say a little about the quality of this guy.

[Tex Cruise]

Yeah, I'd love one... Thanks mate.

[GlobalMan]

Forex is tough and highly volatile, as well as capital intensive.

Some years ago I dabbled in it, had some success, but it takes so much energy and focus and time that it wasn't for me over the long haul.

As was said above, you can get wiped out in an instant.

As far as trading goes, Forex is requires a very high tolerance for risk, and you need to be extremely knowledgeable about current events.

I basically couldn't even step away from the computer while I had an open position, things change very quickly with very fine margins.

If you want help learning about Forex, this isn't going to be the best place. There are numerous blogs on Forex that will be great resources, with far more info than can be provided here.

[RichieP]

Forex scene (both the market and the "learn forex" market) follows the Gervais principle...

Sociopaths at the top, making money off the new entrants
Losers and Clueless underneath

Which one was he, which one were you?

[chakalaka]

http://www.babypips.com/school

[storm]

Delete

[Sandstorm]

(05-03-2016 10:56 PM)jj90 Wrote:  

NFPs 1st Friday of the month are what people watch. Should say a little about the quality of this guy.

And professional traders don't even watch the NFP, they are often flat at that point. It's all predicted ahead of time anyway, it's already old news.

[Vincent Chase]

I work in finance I have tried trading forex in the past and have done reasonable OK on most days making about 200 GBP or so. This is through quick trades in and out I try to close all my positions at the end of the day if possible to avoid costs. I've given up on it at least for the time being as you have to watch the market like a fucking hawk and it can be stressful.

The market is completely fucking unpredictable, it is pure speculation and sometimes you can carry losses for several days. As such you can beat people with PHDs or whatever else in short term trading (scalping). Just because they have a PHD doesn't mean they have any pragmatic sense of how the market is moving or where it will move.

I do know people who have done this successfully for several years on the side (and I have screenshots of their account history) but have a finance background at least. I know plenty of others who tried it and stopped as soon as they suffered losses. I would generally advise to stay clear of it unless you have plenty of time on your hands with nothing better to do and are willing to live and breath it.

[joecolombia]

I`ve been doing forex for the past week. Pretty stressful stuff. I`ve had a good experiece regardless of how many times I`ve checked my trades every couple of minutes.

I got to get a 10% profit, so i guess it is pretty good. I also have like a 30% of my balance in a loss trade, down 100 pips, but it is in overshoot so I don`t worry about it.

So good so far. I like the thrill of trading and of course, the profit off of it. Obviously it won`t be something to live off of for the time being, but I`m pretty sure with a couple of years, you could build up a decent balance and work on it full time.

I won`t lie, I did`nt sleep well for a day or two, but I`m just getting used to this kind of stress.

Forex is awesome, unpredictable, a bit risky but very cool.

[WeekendCasanova]

(05-13-2016 06:39 PM)joecolombia Wrote:  

I`ve been doing forex for the past week. Pretty stressful stuff. I`ve had a good experiece regardless of how many times I`ve checked my trades every couple of minutes.

I got to get a 10% profit, so i guess it is pretty good. I also have like a 30% of my balance in a loss trade, down 100 pips, but it is in overshoot so I don`t worry about it.

So good so far. I like the thrill of trading and of course, the profit off of it. Obviously it won`t be something to live off of for the time being, but I`m pretty sure with a couple of years, you could build up a decent balance and work on it full time.

I won`t lie, I did`nt sleep well for a day or two, but I`m just getting used to this kind of stress.

Forex is awesome, unpredictable, a bit risky but very cool.

Forex training companies suck you in with the same hook - they have a thug-looking character on instagram with cheesy graphics plastered on their page "Lebron made $1000 in ONE TRADE!"

But what they don't tell you, is that Lebron also lost $3,500 the past month.

In most cases, students of forex training companies have a net loss at the end of each quarter.

I'm not saying Forex is impossible, but practice offline first. If you go straight in with real-money, you'll end up losing, and become demoralized. You'll try to get your money back, and you'll lose more.

Good luck either way.

[tomtud]

Be very weary about sales gimmicks and strategies these companies use. The dreaded "only a few seats remaining" or photos of wealth. There are legitimate ones out there, just be cautious.