anyone does forex here?

Here's a link to a Forex discussion that is already in progress that may prove helpful to you.

http://www.warriorforum.com/off-topi...-new-post.html

All The Very Best,

Tony

Stock trading is different to Forex trading right? I've been trading stock for more than three years now via the Philippine Stock Exchange. And I am new to Forex trading.

I've traded forex for years. It's a roller coaster of a mental game until you learn proper discipline. Consistently following rules to a plan is the key - no matter if you are a technical trader or fundamental trader. Having a plan and sticking to it WITH PROPER RISK MANAGEMENT will go a long way to being profitable. That's the best advice I can give you!

I tend to agree with your analysis leebelisar.

Cyberzolo, like leebelisar has already mentioned, you suggest you've never traded forex so I'm curious as to what makes you qualified to brand it as a scam? I'm not for a second suggesting people don't lose capital, but ironically these tend to be the people who look at the forex much in the same way as IM...ie buy into some hyped up system or robot, fiddle and faff around for maybe 3 days, see poor results and give up. Then label it a scam. Ridiculous. I tried ice skating last friday for the first time, but fell over both consistently and comically. Does that mean ice skating is a scam, or am I just crap at it? I think you'll find it's the latter.

The forex conducts about $4 trillion of trades a day (that's not a typo). You have multiple groups and stakeholders all trading currency with different objectives. Governments, big businesses, hedge funds all use the forex. This creates sensational volatility, which when you know how to manipulate can lead to very high probability trading opportunities.

People who take the time to LEARN rather than rant will discover that forex currencies observe certain price patterns which happen over and over again. Once a trader understands these patterns/trends, it's a case of timing the markets correctly and practicing strict money management. Do this, and you'll be able to scrounge out 7/10 winning trades, and grow your balance.

Yup, caution is the word. It is a process. You won't get money neither get rich in just two to five days. You have to work hard for it. You have to study it. And you need lot of patience and discipline to do this.

Thanks for sharing your advice.What can you advice newbies to trade short-term or long-term?What is more profitable in the two and what is more advisable to use?

Noted with big thanks. Thank you for sharing. Regarding reading the price action on the chart, so you mean that you have to be online the whole time to check it? I mean you should have constant monitoring of the changes.

mootonandy (post no. 66) has it right when he advises to only risk 1% of your capital on any one trade. And UW (post no.76) is right when he says that 98% of traders never make any money.

I tried Forex about seven years ago. I read a number of books about it and invested in some expensive software (monthly payments to use it). I took it very seriously even though I was only trading on a demo account. When I started trading with real money I was very cautious and limited my risk according to the amount of my capital.

I considered myself lucky to escape with a loss of only a couple of hundred pounds (GBP). It was then I realised I had been pursuing an impossible dream, as is anyone who thinks they can make any money at all trading Forex from home.

Forex is a "zero sum" business. That means that it doesn't produce any wealth at all. If someone makes a lot of money with it that's only because some other poor sod has lost everything he/she had.

The fact of the matter is that the Forex market is dominated by about 20 or so huge international banks, who manipulate the market for their own profit. Yes, I know all the sellers of Forex products (videos, books, courses, "robots", etc, etc) keep telling us that the Forex market, at $3 trillion or more a day in turnover, is too big to manipulate, but they either lie or repeat someone else's lies.

If you trade Forex from home with your limited capital you're up against hardened traders, some of whom have years of experience, employed by the big bank on telephone number salaries plus bonuses, and who literally have millions at their disposal.

The Forex market is extremely volatile, and if it goes against a trade that any such seasoned veteran makes then he can ride it out, even if the market moves against him by a couple of hundred points. But what about you? How much of your hard-earned cash can you afford to risk like that?

The advice invariably given by so-called Forex experts is to day trade with tight stop-loss levels so that if the market moves against you then at least you only make a small loss. That's fair enough, but it fails to take into account the fact that, when all the indicators say that, for example, the US dollar is set to increase against the Swiss franc, it may still continue to slide downwards for a couple of hundred points before it turns around and goes up.

This can happen even after an initial upwards movement. If you're on tight stop-loss levels you'll get wiped out even though your forecast was in fact correct over the longer term.

All the systems and robots in the world can't do anything about that fact.

For all these reasons you can only afford to trade in Forex if you have several thousand pounds or dollars at the very least that you can afford to risk losing, are content to aim for very modest profits, and can impose enormous self-control over your trading.

In other words, to regularly risk an awful lot of money to try and earn a little. This isn't a viable way of running a business.

I know all the sales pages of these Forex systems are colourful and littered with promises of fabulous riches, but the reality is that Forex is responsible for countless bankruptcies, ruining of lives, and ultimately even suicides.

My advice is to keep well away from it. If you just can't resist the allure then trade only on a demo account where it doesn't matter about losing your fictitious money, and you won't have sleepless nights worrying about your mounting losses.

Did you have a bad experience with this broker before?