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#1 (permalink) |
Location: Canada
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The Foreign Exchange Market
Hi All,
I've just been introduced to the Foreign Exchange market and am having a blast thus far. Are there any experienced/successful people out there willing to share a tip or two to a novice? I just started training - and trading - and am up $600 in a single day. The thing is though - I'm willing to put the time and effort to get good at this, so anyone with anything to share - I'm open for. Thanks in Advance!
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-=[ Merlocke ]=- |
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#2 (permalink) | |
Custom User Title
Location: Lurking. Under the desk.
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Re: The Foreign Exchange Market
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#4 (permalink) |
Upright
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Hey Merlocke. I'm looking for some extra income on the side. With this upcomming semester, my work hours will be cut short, as will my income, so i need to do some serious planning on how to make some extra cash. Can you PM me and help me out with the details of FOREX?
Thanks |
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#5 (permalink) |
Upright
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What is your brokerage and how big is your stake?
I know really big speculators like Soros, Buffet, and the big hedge funds trade in the forex markets because they get the best bid-ask spread of any market, and it is the only market big enough to handle the amount of money those types of people want to trade. The problem is that individual investors don't get to trade with the same counter-parties as those types of big traders do. There are a lot of unscrupulous brokers so small-time traders are very likely to get ripped off with a too-large bid-ask spread., so it is crucial to have a good brokerage I think. I don't trade forex because I'm too worried that my ignorance of these markets will allow me to get ripped off. ..let alone my ignorance of what even makes a currency go up or down. But, it does seem like a shame. From what little I follow of these markets, it seems like currencies trade in really persitant trands. I think a long-term technical trend following strategy might work well in these markets. |
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#6 (permalink) | |
Location: Canada
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As far as technical trends go - I've been pretty successful using momentum trading. Same day - within a few hours type. My avg take in is about 300/day. So that amounts to about an extra 6k a month - which isn't too shabby. I'm no pro either though, so the long term technical analysis will take time to get accustomed to. Swing trading (long term) is still a more difficult concept IMHO.
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-=[ Merlocke ]=- |
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#7 (permalink) |
Addict
Location: Chicago
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spreads
i work in the u.s. equity futures pits in chicago, and we do a lot of spreading. it involves looking for correlation between two or more products, deciding when there is a divergence in the correlation, then buying the cheap one & selling the expensive one. when they converge, you unwind your positition and go to the bank.
it's a good way to trade futures and reduce your directional risk.
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raw power is a guaranteed o.d. raw power is a laughin' at you & me -iggy |
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#8 (permalink) |
Upright
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hey jimk.... your job sounds interesting. would you ever consider publishing some articles about what you do and how you do it on the web?
I got all psyched after reading soros' alchemy of finance. I tried writing a couple computer programs based on the model he introduces in chapter 2 (reflexivity in the currency market) but kept getting caught up in all those circular relationships. instead I opted to build a website which tried to visualise realtime global market trends through open source mapping technology - www.financemaps.com. after actually trading fx a little bit, I realised my maps weren't realtime enough... so with some help from my friends working here in the financial industry in london - we've been trying to rework the site as a non-profit investment portal aiming to educate students and new investors about global financial markets and trading strategies. (the updated site hasn't been launched yet) We are looking for authors who wish to publish their work on the web. Specifically content related to macroeconomic factors which drive global markets and influence the major currencies, or more advanced trading strategies like the one you described. If anyone is interested in participating or has an idea for an article - please contact me at william@financemaps.com. Thanks and happy investing kids! |
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#9 (permalink) |
Location: Canada
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One of the more popular strategies with the newbies in FX market is just simply hedging trades. Go both directions at the same time - when there's a clear trend - use your stop loss to bail out of the losing direction and take the windfall of the winner and ride.
So far, so good. This is a great system to trade because you don't have to know nearly as much - or do quite as much research into it to be somewhat successful. I'm not stating I'm a pro at it yet, but I mean - it's good money for a novice like myself in this industry. I'm making more money helping people devise tax strategies in Canada, but in the meantime - this looks like a more solid long term skill.
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-=[ Merlocke ]=- |
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#10 (permalink) |
Location: Canada
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Anyone else out there interested in the Forex Market?
Check it out - they gave me a website ![]() http://eflormata.fxtrainer.biz lol - yeah I know it's just a lame ass subdomain with a few little tweaks. But damn it - it's my site - haha.
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-=[ Merlocke ]=- |
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#11 (permalink) |
Location: Canada
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Hi folks,
I'm doing pretty well now and still trying to grow a community of others interested in Foreign Exchange. So I'd like to offer up a little incentive to help get more "community traders" into the loop. I currently converse with about 6 other traders on a regular basis - but I'd like to get up around the 20 people range to get other points of view. The course I took cost me $2000 USD for both the beginner and the advanced section. To date I've only completed the beginner side, and want to get more trades under my belt before moving to advanced. I'm willing to give folks who are interested a little bit of a hand - so if anyone elects to take the beginner course ($950 USD), AND wants to share their opinions with the rest of the team during trading hours via MSN - I'll throw $100 USD in to help you offset the costs of either the course - or to help you fund your own trading account. ...or just blow it on chicks and booze (but I don't suggest doing that ![]() PM me if you want in. I'll keep my offer up on the table until the group gets large enough. Again I've got to stress that this is only for the serious trader. It is possible to lose money in the Currency Market, and it's no free ride - you do have to put time and effort into learning the market. Only invest what you are prepared to lose. I make a decent amount of money overall each day - but I do lose a little too. eg: regular day. Make around 200-300 lose around 60-100. Ends up with a slight profit - so it's no get rich quick scheme. Again - don't forget - without proper knowledge you can just as easily lose this much as well. The cool thing is I can do this from anywhere - so during slow times at work, I trade. To me - the potential to make as much as I do in a whole day of work during my lunch hour is interesting enough.
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-=[ Merlocke ]=- |
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#14 (permalink) | |
Tilted
Location: Switzerland
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#15 (permalink) | |
Location: Canada
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GBP/USD EUR/USD USD/CHT The relationship between the 3 makes it easier to read the overall trends. Have you tried FX yourself? Why do you call it a zero sum game if there are people I know who have been doing this for a living for years that report decent growth? Do you mean that overall it's not good for the casual trader?
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-=[ Merlocke ]=- |
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#16 (permalink) |
Location: Canada
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Holy cow... there's a great technical trading methodology explained on a trader forum:
http://www.moneytec.com I'm going to follow Bunny Girl's WMA strategy and keep everyone posted.
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-=[ Merlocke ]=- |
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#17 (permalink) |
Tilted
Location: Switzerland
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forex is a zero sum market, because for every winner, there is a loser...someone, somewhere is biting the bullet on your gain. for comparison, equity investing is a positive market, since there are more winners than losers i.e. companies have cash earning to distribute to investors.
but, by no means, am i saying its a difficult market for speculation. i love trading forex myself and have made some nice gains in past years. in fact, i think its a great market for individual traders like you and me for a couple of reasons: 1. its incredibly liquid and pretty immune to the actions of big players (at least for the major currencies) and 2. you can make consistent wins as an individual speculator, since many of the players are big corporates/banks just following currency hedging strategies. i'm always looking for good forex websites. there are so few quality sources of information. have you come across anything worth bookmarking? |
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#18 (permalink) | |
Location: Canada
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http://www.nqoos.com/JoeRossGimmeeBarSetup.htm http://www.nqoos.com/Articles_and_Re...14_110_115.pdf http://www.nqoos.com/joe_ross_.htm http://www.netdania.com www.incrediblecharts.com www.fxengines.com www.trading-naked.com/WhatsNew.htm http://quote2.fxtrek.com/misc/fxcm2.asp http://www.fxstreet.com/chat/transcr...hatsession.asp What charting system do you use? I use the ones from FXTrainer. What systems are you following? I'm really starting to like the bunny cross from the other forum. She's a genius. I like her style of using the 5, 20, 100 weighted moving averages The link to the group I belong to again: http://eflormata.fxtrainer.biz
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-=[ Merlocke ]=- |
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#19 (permalink) | |
Location: Canada
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__________________
-=[ Merlocke ]=- |
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#20 (permalink) | |
Tilted
Location: Switzerland
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![]() Here are few links of my own... I trade on GFT http://www.gftforex.com/resources/commentary.asp and use their Dealbook FX 2 platform for transactions and charting. The charting engine built into their application is actually pretty decent. Some of my favorite sites are Oanda, for their daily commentary and forecast: http://www.oanda.com/products/fxnews/html/fxnews.shtml Forexnews, for their analysis and economic calendar: http://www.forexnews.com/ Bloomberg, for general economic happenings and a back-up to Oanda: http://www.bloomberg.com/news/market...es_europe.html and FXstreet, for analysts' viewpoints and recommendations: http://www.fxstreet.com/nou/grups_co...framesboa2.asp I trade heavily on fundamentals, with technical analysis only for opening and closing positions, so I guess my sources of information reflect this slant. -saru |
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#23 (permalink) | |
Location: Canada
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__________________
-=[ Merlocke ]=- |
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Tags |
exchange, foreign, market |
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