Anyone into Forex trading?

[Waldo]

I used to dabble in forex a few years ago. Anyone here have much experience?
If we are truly so certain the U.S. dollar is crashing, what forex currency would
be the best to buy against the dollar. I am currently buying EUR/USD... I hear
lots about gold on this channel but nothing on forex, was wondering why.


Waldo

 

[Dr.3D]

I see most of the currencies of the world falling and doubt there is any one of them that is immune to what is happening. Some may fair better than the others, but it is a guess I'm not about to make.

 

[jonahtrainer]

I used to dabble in forex a few years ago. Anyone here have much experience?
If we are truly so certain the U.S. dollar is crashing, what forex currency would
be the best to buy against the dollar. I am currently buying EUR/USD... I hear
lots about gold on this channel but nothing on forex, was wondering why.


Waldo

Gold is a currency and has broken out against all major currencies. But as far as national currencies go I am long the AUD, NZD, YEN, CHF and CAD while short the USD and GBP.

 

[pappy]

I vote for CHF, JPY. Would also consider small long term bids on CNY, INR.

 

[Ron Paul must win]

double post

 

[Ron Paul must win]

shorting USD/NOK
and short GBP/JPY

 

[raystone]

long on Yen, Swiss Franc. Buying Chinese blue chip index funds as method to take advantage of future Chinese Renminbi/Yuan increases.

 

[Truth Warrior]

What are some of the best sources for FOREX trading info (as in beginner's info, mechanics and tutorials )?

Thanks!

 

[w2992]

What about the Swiss Franc? Maybe the entire Ron Paul/ Trevor Lynman movement could adopt it? The "Ron Paul Peace Credit Union? Most of my savings are in Switzerland. But it is blocked by FISA and internet regulation so I can only say a few things about that. The Ron Paul march could burn Dollars as a demostration. and hold up Swiss Francs. I was initially with UBS but in about when 1998 Phil Grahm got on there board and they demanded my SS# so I walked across the street in Geneva to another bank. The swiss are very receptive to anti war investors and they have been in the banking business for a thousand years. UBS has an office in Houston TX they charge $100 per year to open a $100,000 min swiss franc account.
charlie walker 9798493845 w2992@yahoo

 

[jm1776]

What are some of the best sources for FOREX trading info (as in beginner's info, mechanics and tutorials )?

Thanks!

Open a game account with Oanda.

http://www.oanda.com/

http://www.fxtrade.com/forex_trading/fxgame/index.shtml

Learning to trade Forex or any market is a process. I would stay away from short time frames and focus on learning materials that preach money management.

 

[Bigvick]

My advice ( I Forex trade for a living)

1. 95% of people in the Forex market LOSE money
2. DEMO ACCOUNT 1 year or more, till you can make a consistent profit of 2-3% a year...
3. NEVER OVERLEVERAGE YOURSELF
4. Your account can be wiped out in a SECOND, during news announcement
5. Find a ECN broker, Oanda(mentioned above) is a MARKET MAKER(Bad), Find a ECN broker in switzerland/USA - Make sure they are regulated....

BEST OF LUCK

 

[Corydoras]

What are some of the best sources for FOREX trading info (as in beginner's info, mechanics and tutorials )?

Like Big Vick says, you can get a demo account. Just type "forex" into a search engine and go to the different sites. Lots of these companies have demo accounts. They actually WANT you to practice before you get into it, because if you go in and lose all your money right away, they've lost a customer!

 

[Waldo]

My advice ( I Forex trade for a living)

1. 95% of people in the Forex market LOSE money
2. DEMO ACCOUNT 1 year or more, till you can make a consistent profit of 2-3% a year...
3. NEVER OVERLEVERAGE YOURSELF
4. Your account can be wiped out in a SECOND, during news announcement
5. Find a ECN broker, Oanda(mentioned above) is a MARKET MAKER(Bad), Find a ECN broker in switzerland/USA - Make sure they are regulated....

BEST OF LUCK

Bigvick, I'm curious about your 2-3% comment. Can you elaborate a bit more on that? Also in terms of a demo account, I'm not sure how ECN brokers work in terms of
deposit minimums but I think its best to get a real money account, say 100-300
bucks instead of a demo... Just seems that we act differently when using real
money, even if it's pennies. Back in the day you needed 10k just to FX trade but
now you can get away with 50 bucks.

 

[Bigvick]

Bigvick, I'm curious about your 2-3% comment. Can you elaborate a bit more on that? Also in terms of a demo account, I'm not sure how ECN brokers work in terms of
deposit minimums but I think its best to get a real money account, say 100-300
bucks instead of a demo... Just seems that we act differently when using real
money, even if it's pennies. Back in the day you needed 10k just to FX trade but
now you can get away with 50 bucks.

2-3% is what any average long term trader with a big $ account aims to make (I have 650k in my account...Last year I made a 11.5% return but on average I make 2-6%, back in the day I would try for 10-15% a year(I am semi retired now so I no longer take huge risks..) ) If you have less $ then what I have I would recommend going for a bit higher % then that, the average person overextends himself trying to make 5-10% a trade and ends up getting wiped out in less then a month!


About the demo accounts:

Anyone who starts at Forex thinks ITS EASY, HUGE PROFITS, NO WORK.....so they demo for a month and start with a small real money account and 99% of them end up getting wiped out because they can't make long term consistent profit....

Demo demo demo demo until you actually learn how to Forex trade, I recommend 1 year of demo(maybe more) until you developed your own system and feel comfortable...

About Account Size:

You won't make it anywhere with the minimum deposit option...trust me..It's not worth it, Get a well funded account of at least 50-100k and trade SMALL...


Forex is probably the most dangerous investment you can ever make, The common person gets in with the deluded perception that it's easy money and that is why 95% of the people end up with 0$....

GOODLUCK
-Bigvick

 

[AceNZ]

If we are truly so certain the U.S. dollar is crashing, what forex currency would be the best to buy against the dollar. I am currently buying EUR/USD... I hear lots about gold on this channel but nothing on forex, was wondering why.

I like the currencies of commodity-backed economies. I also like Singapore, due to their close relationship with China: AUD, NZD, CAD and SGD. The Yen and the Swissy can be good as the carry trades unwind, and might make interesting hedges against some of the higher-yielding currencies.

Although it's been doing very well lately, I personally don't like the Euro at this point. I'm also bearish on the pound and the US dollar.

There are lots of ways to invest to leverage viewpoints like these, in addition to direct forex. Stocks of companies in those countries, foreign-currency denominated CDs, various ETFs and funds (such as the Merk Fund).

 

[Corydoras]

I found a list of ETFs in currencies, which is a lot easier to stomach than forex:
Australian dollar: FXA
UK pound: FXB
Canadian dollar: FXC
Euro: FXE
Mexican peso: FXM
Swedish Krona: FXS
Swiss franc: FXF

 

[Bigvick]

I found a list of ETFs in currencies, which is a lot easier to stomach than forex:
Australian dollar: FXA
UK pound: FXB
Canadian dollar: FXC
Euro: FXE
Mexican peso: FXM
Swedish Krona: FXS
Swiss franc: FXF

Lot less profitable to..