money
- Thread starter ccl
- Start date
Hopefully you are not thinking about this:
http://en.wikipedia.org/wiki/Forex_scam
And thinking about this:
http://en.wikipedia.org/wiki/Arbitrage
http://en.wikipedia.org/wiki/Forex_scam
And thinking about this:
http://en.wikipedia.org/wiki/Arbitrage
Yes. Currency trading is "young" when compared to trading equities (stocks), but there is a market for it. I find it to be much more volatile than the stock market FOR THE MOST PART because politics an such can play a big role in the international currency market.
Until the gold standard was ditched in 1971, and ultimately the rest of the world's currencies tie to the US dollar, there was no money to be made by trading currency. But now, other nation's currencies do not have a fixed value to the buck and can change at any time, thus creating relative value to other currencies.
Until the gold standard was ditched in 1971, and ultimately the rest of the world's currencies tie to the US dollar, there was no money to be made by trading currency. But now, other nation's currencies do not have a fixed value to the buck and can change at any time, thus creating relative value to other currencies.
I dabbled in currency trading before I found blackjack. But then I realized, in my opinion, blackjack is easier and more fun than ForEx.
These are the sites that I used.
http://www.oanda.com
http://www.fxcm.com
I recommend reading this before getting started:
http://www.amazon.com/Day-Trading-Currency-Market-Fundamental/dp/0471717533
I watched the markets for months, crunching numbers and watching world news and couldn't get a read on it. I was thinking short-term day trading though. I recommend starting with one currency pair, like USD/Euro or USD/British Pound and focusing on that.
That said I know a guy who made $60k in one month trading. He started with $4k and the $60k month was his 3rd trading, putting him over $100k profit. He lost $40k in his 4th month though.
These are the sites that I used.
http://www.oanda.com
http://www.fxcm.com
I recommend reading this before getting started:
http://www.amazon.com/Day-Trading-Currency-Market-Fundamental/dp/0471717533
I watched the markets for months, crunching numbers and watching world news and couldn't get a read on it. I was thinking short-term day trading though. I recommend starting with one currency pair, like USD/Euro or USD/British Pound and focusing on that.
That said I know a guy who made $60k in one month trading. He started with $4k and the $60k month was his 3rd trading, putting him over $100k profit. He lost $40k in his 4th month though.
No. Don't even try it. In general, Stocks>=Bonds > Cash > Commodities > Currency trading.
Why? Stocks generally appreciate, and pay dividends. Bonds pay income. Cash investments pay a little income with no risk. And commodities are beatable if you're a ninja.
Currency trading involves large commissions, and really can't be beaten. Or if it can be beaten, the returns would be much smaller than a good stock or commodities trader.
Why? Stocks generally appreciate, and pay dividends. Bonds pay income. Cash investments pay a little income with no risk. And commodities are beatable if you're a ninja.
Currency trading involves large commissions, and really can't be beaten. Or if it can be beaten, the returns would be much smaller than a good stock or commodities trader.
