Anyone LEGITIMATELY do any forex trading? Any tips?

Greedy people haven't given it a bad name at all! Its the people who loose money have given it a bad name. Forex is WAY too risky. Try normal spread betting on shares. I could be wrong but Forex is mostly automated trades so you personally don't have a quick enough execution time to buy or sell trades. Currency don't fluctuate much. I cannot recommend this book enough...

The Naked Trader's Guide to Spread Betting: A...
It may look crude but I cannot stress enough HOW much this book helped me in my early days.

Enjoy!

If you can't find someone to mentor with (I'm mean actually physically be there with them while trading, hands on is the best way to learn)... then Forex Trading Online: Foreign Exchange (FX) Trading | Currency Trading is pry the best place to start and learn.

I wouldn't say that, it's risky, but no more so than stock trading etc. If you don't know what your doing then any trading will bite you. Not really automated, you can manually trade or scalp quickly, or enter in pre-orders for buy/sell limits (just like on stocks). Unless you mean though "automated" bot scams, which are all a scam. Large institutions do use A.I. programs for trading, primarily scalping here and there as with their capital even a quick in/out trade means sh!tload of money.... but nothing remotely like the crap forex robot scams.

You can trade multiple pairs at the time, currencies fluctuate constantly, some way more volatile then others.

(I agree with all of Ken's post, just above).

Most of my recommendations below are about "trading in general" rather than being specific to forex (though forex is what I trade myself, when I have time to trade, and they're all highly relevant to forex).

Website:
Joe Ross's site. There's a forum there, too (or there used to be, anyway).

Books:
(i) "Trading For A Living" by Alexander Elder (good writer)

(ii) "Beyond Technical Analysis" by Tushar Chande

(iii) "Trade Your Way To Financial Freedom" by Van Tharp

(iv) Any books by Joe Ross (expensive) - don't be put off by the fact that all Ross's material/teaching/books isn't specific to forex - it's all about charts, and forex charts are just like any other charts, except safer to trade because their markets are far less subject to manipulation.

All of the above are incomparably better than any information you'll readily find online.

Key concepts:
(i) Don't listen to anyone who tells you that "technical analysis" is based exclusively on "indicators".

It's what almost all people going into forex trading believe, and it's what the entire forex marketing industry has an incentive to get everyone to swallow, and it's nonsense.

It's forex's equivalent of article marketing's "duplicate content penalty", and you have to see through it, to get anywhere at all!

(ii) Try to get your advice and education, whenever possible, from people who are not selling/promoting anything. Can't stress this enough ... otherwise you end up believing all sorts of "plausible nonsense" with no underlying reality at all.

There's probably 50 times more "misinformation" than "information" out there, about forex trading. Some of it broadcast by people selling things, and some of it just believed by gullible/hopeful market participants who lack experience and know no better.

If you want to see some "non-indicator-based technical analysis", together with a little bit of chat about "what works", there are actually a couple of my annotated trades online, with charts here and here.

Thanks everyone, I guess I just have to do my due diligence and really figure out if this is right for me. Alexa, have you made much money in your trades?

Hi IM Crusader,

Please do yourself a favour and go only with US licensed forex brokers (big brands) and not with those small bucketshop scammers who will scam you and never allow you to withdraw your funds

Too many people (not me) have become victims of forex broker crooks.

So again, do your own due dilligence before you send your funds to anyone and you'll be good.

Forex is only risky, just like any venture, if you do it incorrectly. The reality is that 90% of all traders lose their money because of a lack of an equity management plan. The reality is that you can make a lot of money in Forex..and thus you have the opposite...that you can also lose a lot of money.

The reality is that Forex attracts people with a gamblers mentality who leverage half of their account on 1 trade and cannot figure out why Forex just doesn't work for them. And then you have someone like me..a 1%'er, who does very well with it. The difference is that I DO know something that the other 99% don't...how to trade, equity management, and how to stick to a trading plan.

As for brokers, if you are in the US I only suggest FX Solutions...Forex | Currency Trading | Online Forex Trading | FX Solutions - Because when it comes to brokers I guarantee most of you have no idea what REALLY goes on in the background. You need a broker you can trust because what you don't know...WILL get you slaughtered.

But don't trade alone. You need to be mentored and have the right training under your belt.

Michael

Start with a small deposit not more than $100 on a micro account and trade with a 0.01 lot. this way you will learn the basics of trading and indicators. And you will still feel the risk of loosing your money or geting some real profit.

Most of the Forex market is made up of international bank transfers for global commerce. Every time you go and get your holiday money, you've just traded the 'Forex' market. Most of the volume in the Forex market isn't made by people sat behind a trading desk looking at candlestick charts.