Anyone here into FOREX?

[Music_Producer]

Just curious to see if there are any members here to dabble in the Forex markets.. How much of a loss/profit have you made?

Note : Thanks to sjshaw.. for compiling most of the pages here, in a pdf file.

Link - http://www.mediafire.com/?26z5emrctgt




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Mod note
Thread closed: Thread v2.0 https://forums.macrumors.com/threads/626033/

 

[Curren~Sea]

Yes

Made lots... but I'm switching to a Mac and looking for a Mac trade station - any suggestions?

Thanks.

 

[~Shard~]

The only time I ever did futures trading on Forex I made $20K in fifteen minutes and then lost $15K five minutes after that. That was enough of that. So, nowadays I just stick to shorting indicies and doing covered calls and puts on the options market on the higher risk side of things. For the most part though, I just stick to trading stocks, doing limited partnerships, income trusts, flow-through entities, convertible debs and the like. I'm risky, but not reckless anymore.

 

[OutThere]

The only time I ever did futures trading on Forex I made $20K in fifteen minutes and then lost $15K five minutes after that. That was enough of that. So, nowadays I just stick to shorting indicies and doing covered calls and puts on the options market on the higher risk side of things. For the most part though, I just stick to trading stocks, doing limited partnerships, income trusts, flow-through entities, convertible debs and the like. I'm risky, but not reckless anymore.

Naturally. I do that too.

 

[Chundles]

Fourex is crap.

Awful tasting beer XXXX is, terrible stuff.

You do know why they call it XXXX don't you?



It's because Queenslanders can't spell "BEER."

 

[Music_Producer]

Made lots... but I'm switching to a Mac and looking for a Mac trade station - any suggestions?

Thanks.

I currently use Oanda, they have the lowest spread for EUR/USD (1.5 pips) and it works with Safari (java based terminal) Its not that colorful as other forex trading software, but it works just fine and I've never experienced any glitches.

Shard, well yeah, the market can move quite a bit within a few seconds, but I usually trade for a minute after breaking news, make about 6-10 pips and I'm out. I don't like to stay put after a trade because you never know when another central bank will buy millions and just wipe your account out

 

[Curren~Sea]

Oanda is a good firm. I am also considering Realtimeforex.com. However, I may stick with my current provider and run it in a Parallels window.

As for the forex market being risky, I completely disagree. It's one of the most transparent markets out there. Risk is all about the person, not the market and with online currency trading, you have more control over the amount of risk you take than anything else that I know of.

I encourage anyone interested in making money from their own home, from their own computer, on their own time, to consider forex trading. For years, I wondered how I could legitimately make money from my computer - and now I know.

 

[njmac]

I encourage anyone interested in making money from their own home, from their own computer, on their own time, to consider forex trading. For years, I wondered how I could legitimately make money from my computer - and now I know.

Why does that sound like an infomercial?

You say you made lots from Forex trading - do you do it for a living or just as a side investment strategy?

 

[Music_Producer]

Oanda is a good firm. I am also considering Realtimeforex.com. However, I may stick with my current provider and run it in a Parallels window.

As for the forex market being risky, I completely disagree. It's one of the most transparent markets out there. Risk is all about the person, not the market and with online currency trading, you have more control over the amount of risk you take than anything else that I know of.

I encourage anyone interested in making money from their own home, from their own computer, on their own time, to consider forex trading. For years, I wondered how I could legitimately make money from my computer - and now I know.

True, it all completely depends on the person trading and his/her trading skills.. and more importantly, his margin! When I was an 'emotional' trader, I would frequently get a margin call, but hey, you learn from your mistakes. Now I'm a better trader and I don't try to get greedy.

I'm not sure what your strategy is, but I can never trade on a technical basis.. all those charting things never work (well most of the time) Atleast they sure didn't work for me.

 

[Curren~Sea]

If it were an infomercial then I would be trying to sell you a specific product or service, but I'm not. I would just like to see more people learn about the real deal.

FX trading takes time, education, practice, and patience. Just like anything, the more time and effort you spend the better you will become. But, the financial benefits are worthwhile, therefore I pursue it.

Most people (~80%) who try FX trading fail because they are just trying it out. It takes a more serious effort to succeed.

I trade mainly longer term typically 1 day to 1 week. Short term traders are in and out within a few minutes but that doesn't work well for me. I trade mainly on chart patterns and the Elliott Wave - both systems qualify as technical analysis. Right now I'm a part-time trader and still holding down a full-time job but I see myself transitioning to a full-time trader within the next 12 months.

I've been looking at the various Java based platforms and none of them look very good to me so I am likely to do the following:

iMac on my desktop, my other 19" LCD on the desktop connected to my iMac. My old PC in the basement with a wireless card. Run Remote Desktop on the iMac and drag it over to my LCD and maximize it. I'll have my FX charts and trade station on the XP box/LCD. I think that'll work.

 

[Chip NoVaMac]

Why does that sound like an infomercial?

You say you made lots from Forex trading - do you do it for a living or just as a side investment strategy?

I wouldn't mind trying something that would give me an edge on doing the travel that I want.

But my luck is bad. I could invest in a company that never has had a loss, and the stock has done double digits for 20 years (with no loss); and I would buy and the stock tanks in less than 6 months.

 

[Music_Producer]

I wouldn't mind trying something that would give me an edge on doing the travel that I want.

But my luck is bad. I could invest in a company that never has had a loss, and the stock has done double digits for 20 years (with no loss); and I would buy and the stock tanks in less than 6 months.

Hey Chip, the stock markets are absolutely different from currency trading markets. Any individual stock is susceptible to multiple failures - from rumors, bankruptcies (duh) and so on.. while currencies are relatively stable. I mean, when I bought 10,000 shares of Global Crossing, and it tanked from $1.50 to $0.30 in 2 days, that just put me off the stock market. You don't see the US $ dropping like that against the Japanese Yen.

I just wait for significant financial news that come out at usually 5.30 am EST. For e.g. a few days ago, the Canadian CPI was supposed to come out at some 0.4% or something, can't remember.. but it came out to more than 2% or of that range. That was a huge number, so I immediately sold USD/CAD (sell US$ and buy Canadian $) Needless to say, the USD/CAD went down by 80 points and I made a nice profit, enough to buy maybe a Nikon D50 from you Chip That profit was all made in 10 minutes.

I have made losses as well, especially when I do 'revenge trading' If I buy something like EUR/USD and the damn thing moves way down.. I buy some more EUR/USD to average out my buying price.. but its a vicious cycle. I don't do that kind of silly trading anymore, I just look out for important news and trade accordingly.

June 29 will be a big one, the USD interest rates are supposed to go up by 25 points, but rumors are that it might go up by 50 points. That alone will move the market like crazy. Lets see..

 

[Music_Producer]

Curren~Sea, I use Parallels running windows xp on my macbook, connected to an external monitor. Works great, I don't use my amd laptop anymore at all. So maybe when you get a intel mac, you can just do everything on one system.

 

[Chip NoVaMac]

Hey Chip, the stock markets are absolutely different from currency trading markets. Any individual stock is susceptible to multiple failures - from rumors, bankruptcies (duh) and so on.. while currencies are relatively stable. I mean, when I bought 10,000 shares of Global Crossing, and it tanked from $1.50 to $0.30 in 2 days, that just put me off the stock market. You don't see the US $ dropping like that against the Japanese Yen.

To show you my luck, my trip to Iceland in February is a good example. The US Dollar gained in the day leading to my trip by maybe 5%+ (given the costs there, this was good news). Once I arrived it went back down to like 63 Kornas to the US Dollar.

Given that the lowest cost items (like a cup of Pepsi 12-16oz) was 200KIS, my cost was $3.17US. Would have loved having an extra savings of that 5%.

Joking aside, I trust you that there is money to be made. Some of us though are not able to weather the ups and downs as well. From a financial standpoint, as well as an emotional one.

Heck, when I go to the casinos, I second guess what my loses would have bought me instead. My loses out weigh my winnings, but it is great to win.

 

[Music_Producer]

But there you go, the USD gained 5% and then went back down! thats not your luck Chip (yeah well, you just had to go to iceland when that happened huh? ) If you actually look out for news on the day the USD went up, there must be some financial results at that time, for the USD to appreciate by 5%.

Another thing I love doing is, earning interest on my funds. For e.g. lets say you have $1000 in your account, and a 50:1 margin. Oanda pays you interest every second, and the daily interest is posted in your account accordingly. So i buy 50,000 AUD/JPY (i.e. i borrow japanese yen and buy aussie dollar) I make about 5.2% interest on 50,000. Of course there will be fluctuations in this currency for e.g. AUD/JPY will be 84 one day.. sometimes 85.. etc.

Since the last month though, its been at an average of 84-85. As long as you have enougn money in your account to accomodate for the fluctuations in currency levels, (I have factored in the variations for AUD/JPY from 59.9 to 89 - all from 1995-2006) you're good. I've made $216 in the last 30 days, in interest alone.

$216/month on a $1000 investment ain't bad eh?


This is, of course, because Japan has a zero interest policy. If they changed that to say 0.15% .. the Yen would appreciate considerably, and my AUD/JPY would go down. But it won't tank down to ridiculous levels, because thats just not possible. All currencies are inter-related, and they don't tank like stocks do. Just as your money is at stake, all the banks' money is at stake too .. and they intervene to halt such slides.

Now if they had iceland krn/jpy , that would be fantastic, as the interest rate in iceland is 10-11% i believe?

 

[njmac]

I guess I'm just a little leery because of the Forex scams that are so prevalent.

Anyone interested in Forex needs to do extensive research to see if it really is for them and is legit. Another option is to trade currencies in the future's market where that industry is the most regulated industry in the country.

 

[Chip NoVaMac]

$216/month on a $1000 investment ain't bad eh?

No, not bad for someone that has learned the hard way, by your own accounts. That I give congrats to you.

I will explore this FOREX option, but some of us just feel that there is this dark cloud over us when it comes to making the best of any market.

The only time I "won" was last year when I was forced to sell my TH. I lived there for 13 years or so. My "investment" remained flat for most of my time there. It was only in the last 4 years or so during the "real estate bubble" that I gained anything of value in the property.

My excess profits from the sale of the TH is in "safe" investments, that allow me to splurge on my desires. Would I like a greater return, heck yes! Am I willing to take a loss? For me at this time, no.

 

[Music_Producer]

Yup, real estate is the best investment, but you have to be patient. The recent gains we have seen in the last 2-3 years have already peaked. Rates won't go down (maybe a little) but not to the pre-boom rates. You may have to wait anywhere from 5 to 50 years for your real estate property to appreciate.

Chip, I recommend you play with a "Forex Game" account, with virtual money. I played with a game account for 1-2 months, and then opened a real account with only $50. I used to make profits of 10-20 cents, loss, etc.. just for experience.

As for forex scams, yeah, if you sign up with a shady company that has absolutely no listing.. of course you will get scammed. I mean, people get scammed with spoof emails all the time I've seen several forex sites which look rather shoddy, so I stick with the big guys.

 

[Chip NoVaMac]

Yup, real estate is the best investment, but you have to be patient. The recent gains we have seen in the last 2-3 years have already peaked. Rates won't go down (maybe a little) but not to the pre-boom rates. You may have to wait anywhere from 5 to 50 years for your real estate property to appreciate.

Chip, I recommend you play with a "Forex Game" account, with virtual money. I played with a game account for 1-2 months, and then opened a real account with only $50. I used to make profits of 10-20 cents, loss, etc.. just for experience.

Thanks for taking the time to respond. I will look in to these "game" accounts to get better knowledge and skill in doing FOREX.

I think I am seeing that you understand my personal biases and experiences.

I sometimes look at the gains in the stock indices, and wonder why I don't get in on a 2% gain for the day. Never mind the 4% loss's on a day.

Thanks for trying to educate us here. The "game" will tell us perhaps whether we have what it takes.

 

[Music_Producer]

Thanks for taking the time to respond. I will look in to these "game" accounts to get better knowledge and skill in doing FOREX.

I think I am seeing that you understand my personal biases and experiences.

I sometimes look at the gains in the stock indices, and wonder why I don't get in on a 2% gain for the day. Never mind the 4% loss's on a day.

Thanks for trying to educate us here. The "game" will tell us perhaps whether we have what it takes.

You're welcome I do understand your experiences, as mine are almost similar, but we should learn from our 'losses' and try and analyze them to death.. and change accordingly, instead of just letting it go as bad luck.

Who knows, if you get good at it, maybe you'll make a million before Nikon actually has plentiful supply of the 18-200mm VR!

 

[Chip NoVaMac]

You're welcome I do understand your experiences, as mine are almost similar, but we should learn from our 'losses' and try and analyze them to death.. and change accordingly, instead of just letting it go as bad luck.

Who knows, if you get good at it, maybe you'll make a million before Nikon actually has plentiful supply of the 18-200mm VR!

LOL

From your lips to God's ears!

What i haven't shared in this thread is my Depression Era parents values.

That is why when I do have a loss, I go through such turmoil. I can never have fun in doing gambling because of the "values" that I was raised with. For I am ever haunted by - "what could you have done with that money". Sad really.

 

[Curren~Sea]

Real estate is usually a good investment if you buy right. Lots of people have lost fortunes in real estate, for sure. But for most people, when they buy their own home, that's the best investment they'll ever make.

What I like about forex is that it has a substantially lower cost of entry. 1) you can start with a "game" or demo account which is free. 2) you can open a real account with as little as $300. 3) you can work on building your skill as a trader without jumping into the deep end. With real estate, you're in or you're out, there are not many opportunities to just dip your foot into the pool. And, unless you have a really good idea of what you're doing it can end up being a costly venture. My long term goal is to take the money I make from forex and invest it into real estate.

One important key to remember is that forex trading is a skill. Like any other skill, if it is worth doing then it is worth doing poorly at first until you become good at it. I think it would be difficult for someone who is new to try and make sense out of all the forex babble that's on the web right now. There is a ton of stuff out there and it is not very cohesive. I think it would be confusing to try and make sense of it all and come up with a good strategy. However, if you can hook up with a reputable company or a person who can set you on the right path, that would be the way to go.

The first book I would suggest is:

Trade Your Way to Financial Freedom

 

[Chip NoVaMac]

Real estate is usually a good investment if you buy right. Lots of people have lost fortunes in real estate, for sure. But for most people, when they buy their own home, that's the best investment they'll ever make.

What I like about forex is that it has a substantially lower cost of entry. 1) you can start with a "game" or demo account which is free. 2) you can open a real account with as little as $300. 3) you can work on building your skill as a trader without jumping into the deep end. With real estate, you're in or you're out, there are not many opportunities to just dip your foot into the pool. And, unless you have a really good idea of what you're doing it can end up being a costly venture. My long term goal is to take the money I make from forex and invest it into real estate.

One important key to remember is that forex trading is a skill. Like any other skill, if it is worth doing then it is worth doing poorly at first until you become good at it. I think it would be difficult for someone who is new to try and make sense out of all the forex babble that's on the web right now. There is a ton of stuff out there and it is not very cohesive. I think it would be confusing to try and make sense of it all and come up with a good strategy. However, if you can hook up with a reputable company or a person who can set you on the right path, that would be the way to go.

The first book I would suggest is:

Trade Your Way to Financial Freedom

Some of us bought our homes as mid to long term investments. I bought my TH back in '92. For about ten years it did not gain anything in real value or value in property taxes. Was feeling sick by this. Even as my neighbors and I sough to improve our properties.

I was lucky to sell my TH for 3.5x my original purchase price. Much of that gain in just 5 years. But because of "debit" because of my significant other - I could not afford to buy anything else that was compatible with my needs. Meaning that I don't want a 45+ mile commute. Or my not wanting a zero/down payment principal loan that might force me to be feed for the vultures down the road.

We are being driven in to a class based society of the haves and have nots. Where those of of that provide services and goods that are not welcomed in the community we serve. I had a customer lament the high cost of housing in their new home purchase.

I lamented that I was forced to give up on the idea of owning a home of my own. Their comment was I could always move to WV! Sorry, I never use the term here on MR - but WTF?

Have we become so greedy that the notion of a "working community" is foreign to us? A Community in which the rich and poor are needed to make things work?

 

[Hoef]

The only time I ever did futures trading on Forex I made $20K in fifteen minutes and then lost $15K five minutes after that. That was enough of that. So, nowadays I just stick to shorting indicies and doing covered calls and puts on the options market on the higher risk side of things. For the most part though, I just stick to trading stocks, doing limited partnerships, income trusts, flow-through entities, convertible debs and the like. I'm risky, but not reckless anymore.

Everytime investments comes up, ~Shard~ has his/her say .. I am almost calling for a mac user investment sub forum to exchange ideas. I generally trust mac users more than the average grapevine set at finance.yahoo.com . Please tell more about LP's.... I am very interested in that.

 

[Chip NoVaMac]

Everytime investments comes up, ~Shard~ has his/her say .. I am almost calling for a mac user investment sub forum to exchange ideas. I generally trust mac users more than the average grapevine set at finance.yahoo.com . Please tell more about LP's.... I am very interested in that.

There are always winners and losers in investments.


I can only count my loss for not doing Apple in the past 5 years.

What I know s what one is safe to lose. For some, it may be a good deal, For others it is very little.

Who wins in then end is another matter....