FOREX Trading?

Trample the Elderly · 01-21-2009, 03:21 PM

I went to a seminar a few years ago for FOREX trading. Basically it's currency trading through the Internet. I was wondering if anyone had the scoop on it? They wanted 2k to sign up. It seems to me that a layman can't trade currency? I'm no expert on the matter so I thought I'd put it out there. FOREX is very popular now but it seems too good to be true?

Schneed10 · 01-21-2009, 03:41 PM

This is - I don't want to say scam because a very select few can make a killing doing this - but it is intended to prey upon the layperson's desire for easy money in a down economy.

For 99.9% of people, you would be purely speculating on currency fluctuations. In other words, it's a complete gamble, such as I bet $1000 that the Euro will go up. There's a chance you'll win, but a chance you'll lose. And even if you do win, you still have to make back $2 grand before you even start pulling a profit.

There are people capable of arbitraging currencies, thereby reducing the risk and taking the gamble out of the equation, but you need to be LIGHTNING quick with your transactions (ie have the BEST technology) and need to execute them in large quantities (ie have very deep pockets).

Stay away, it's too good to be true.

Trample the Elderly · 01-21-2009, 04:15 PM

Thanks Schneed.

saden1 · 01-21-2009, 04:18 PM

What Schneed10 said....high risk, lots of cash required to see any meaningful returns. You're probably better off trading in penny stocks.

EternalEnigma21 · 01-21-2009, 05:00 PM

right now is a great time to invest. follow the CANSLIM method for picking, but keep in mind the weak economy will have fewer "cup with handle" charts and pick strong performers who are leaders in their fields or doing things others arent doing. I bought Ford for 1.12 on Nov 20th and sold it a few weeks later for 3.63. I basically tripled my money, and i was planning on waiting it out long term, but with a 52 week high of around 6 bucks, I decided to pull out and re-invest after they didn't get the bailout money.

Etrade is a pretty useful tool. IBD helps, but its like information overload sometimes. I'd stay away from currency markets because it's too much to keep up with.

firstdown · 01-22-2009, 06:07 PM

Now is a great time to invest and so far I have done pretty well in the past several months. Not a ton of money but I decided what I could risk in the market and decided to buy some stocks that I feel have to come back.

01-21-2009, 03:21 PM	#1
Trample the Elderly Playmaker Join Date: Dec 2008 Location: Three Chopt Virginia Age: 47 Posts: 2,906	FOREX Trading? I went to a seminar a few years ago for FOREX trading. Basically it's currency trading through the Internet. I was wondering if anyone had the scoop on it? They wanted 2k to sign up. It seems to me that a layman can't trade currency? I'm no expert on the matter so I thought I'd put it out there. FOREX is very popular now but it seems too good to be true?

01-21-2009, 03:41 PM	#2
Schneed10 A Dude Join Date: Feb 2005 Location: Newtown Square, PA Age: 45 Posts: 12,421	Re: FOREX Trading? This is - I don't want to say scam because a very select few can make a killing doing this - but it is intended to prey upon the layperson's desire for easy money in a down economy. For 99.9% of people, you would be purely speculating on currency fluctuations. In other words, it's a complete gamble, such as I bet $1000 that the Euro will go up. There's a chance you'll win, but a chance you'll lose. And even if you do win, you still have to make back $2 grand before you even start pulling a profit. There are people capable of arbitraging currencies, thereby reducing the risk and taking the gamble out of the equation, but you need to be LIGHTNING quick with your transactions (ie have the BEST technology) and need to execute them in large quantities (ie have very deep pockets). Stay away, it's too good to be true. __________________ God made certain people to play football. He was one of them.

01-21-2009, 04:15 PM	#3
Trample the Elderly Playmaker Join Date: Dec 2008 Location: Three Chopt Virginia Age: 47 Posts: 2,906	Re: FOREX Trading? Thanks Schneed.

01-21-2009, 04:18 PM	#4
saden1 MVP Join Date: Feb 2004 Location: Seattle Age: 45 Posts: 10,069	Re: FOREX Trading? What Schneed10 said....high risk, lots of cash required to see any meaningful returns. You're probably better off trading in penny stocks. __________________ "The Redskins have always suffered from chronic organizational deformities under Snyder." -Jenkins

01-21-2009, 05:00 PM	#5
EternalEnigma21 Assistant Regional Mod Join Date: Mar 2005 Location: Carbondale CO Age: 44 Posts: 2,958	Re: FOREX Trading? right now is a great time to invest. follow the CANSLIM method for picking, but keep in mind the weak economy will have fewer "cup with handle" charts and pick strong performers who are leaders in their fields or doing things others arent doing. I bought Ford for 1.12 on Nov 20th and sold it a few weeks later for 3.63. I basically tripled my money, and i was planning on waiting it out long term, but with a 52 week high of around 6 bucks, I decided to pull out and re-invest after they didn't get the bailout money. Etrade is a pretty useful tool. IBD helps, but its like information overload sometimes. I'd stay away from currency markets because it's too much to keep up with. __________________ I am the brute squad.

01-22-2009, 06:07 PM	#6
firstdown Living Legend Join Date: Oct 2004 Location: chesapeake, va Age: 60 Posts: 15,817	Re: FOREX Trading? Now is a great time to invest and so far I have done pretty well in the past several months. Not a ton of money but I decided what I could risk in the market and decided to buy some stocks that I feel have to come back.

FOREX Trading?

Parking Lot