Forex anyone? | Imamother

muffinsmommy

Wed, Apr 29 2009, 4:20 pm

Hi,

I've been doing some research on trading in the Foreign Exchange market (Forex) and I was wondering if anyone knows anything about it, has any experience with it, or knows someone who has experience with it. I'm interested in Forex, but would like to hear from real people whether it worked for them, etc.

muffinsmommy

Wed, Apr 29 2009, 4:53 pm

Hi small bean,

Thanks for your reply. Do you mind if I ask you a couple of questions? If you don't feel comfortable answering on the forum, I can PM you.

1) Which broker do you use?
2) Can you explain what hedging is?
3) Do you have a particular system that you use - would you generally describe it to me?
4) What are your average gains?
5) How would you recommend that a novice learn the ropes of currency trading (aside from opening a demo account)

Thanks!

muffinsmommy

Thu, Apr 30 2009, 2:19 am

Forex isn't a company; it's the Foreign exchange - one of the world's biggest markets with a turnover of 3 trillion dollars every day. All banks and financial corporations trade on Forex and it is just like the stock market, except with currencies instead of companies. I'm sure that there are lots of scams involved with Forex, people trying to sell programs that will "make you millions" and brokers who just take all of your money. But the Foreign Exchange itself is completely legitimate.

amother

Thu, Apr 30 2009, 9:55 am

ShakleeMom wrote:

yes, but the people who get you to trade with them are making commission on your investments, all the way up the pyramid ladder. THAT my friend is a scam and it's illegal.

my family actually owns 1 of these companies- this is NOT true, it is totally legal. yes there is comission involved but everyone knows that- just like any other kind of broker! the point is that you will still generally get a better quote from a forex company than a bank.

ShakleeMom

Thu, Apr 30 2009, 10:00 am

amother wrote:

ShakleeMom wrote:

yes, but the people who get you to trade with them are making commission on your investments, all the way up the pyramid ladder. THAT my friend is a scam and it's illegal.

And Shaklee's multi still makes the best prenatal but people won't take it because they're terrified that the distributor will force you to start selling from their home... either way... just google the company before.

amother

Thu, Apr 30 2009, 10:02 am

ShakleeMom wrote:

amother wrote:

ShakleeMom wrote:

yes, but the people who get you to trade with them are making commission on your investments, all the way up the pyramid ladder. THAT my friend is a scam and it's illegal.

huh?! I dont get the comparison

small bean

Thu, Apr 30 2009, 11:31 am

This is not a scam, you can trade with a regular broker if you want.

To answer your questions. I work for a fund, so I use many different brokers - many of them you can't use as they only work with institutional investors. there are many good brokerage accounts to use. I will find out for you which one is best.

hedging is to buy or sell something against another positions you have. so for a simple example, let say I have a european stock, so one of my risks is that the euro will go down and I will have put in more us $'s for the amount that I would take out. so I would hedge the euro. that's a simple example. you can hedge any kind of security - there's many different ways.

it's hard for me to describe my strategy's and I dont feel comfortable posting it because I dont want to be responsible for people who might try it and fail.

depends what I'm doing what my gains are. but you can make easily 25-50% of your money if you play right but the losses can also be pretty big.

I really think the best way to practice is with a demo account and reading about it - until you understand. it's also important to look at the global economy. I dont think it's a complete science.

there are many risks with this, and I have had losses at times (as with all trading). if you want something less risky (almost no risk) and with good irr's let me know.

another fun thing to trade is options and that has unlimited returns.