Forex market, currency trading online
@knightarchonis (38)
Australia
October 13, 2009 10:55pm CST
I noticed that right up there in the get rich programs on the web, that forex trading is helping people make heaps of money. Now personally i been trying to make money in the forex market for over a year now. I was studying it for a few years before that, btw. I have to say that it can get real tempting to pour money into a program that boasts big returns. The truth is that the potential for these earnings is there, but not with out hard wok and a lot of patience.
What has your experence with forex trading been like?
3 responses
@scheng1 (24649)
• Singapore
14 Oct 09
I dare not venture into forex, I think forex is more risky than stock market. I prefer to buy shares of businesses I can understand.
Even after taking up the CFA course, I still do not dare to venture into forex, and most of my lecturers are also into equity markets. My teacher, a famous Economist, said that his colleagues in forex for thirty years, dared not touch forex after they retired. It's too risky
@knightarchonis (38)
• Australia
14 Oct 09
thats a fair call, and it would be wrong to say forex isnt risky. I would venture to say that it is one of the most unstable markets out there. Especially with the leverage they have. Soo err.. how much would it take to get started on shares?
@scheng1 (24649)
• Singapore
14 Oct 09
Hi, I dont know about the stock market in Australia.
I trade in Singapore stock market. There are many penny stocks here with great potential. The minimum size is 1,000 shares (consider as 1 lot). So if the share price is just $0.01, buying 1,000 shares will just need $10. But then the minimum brokerage fee is $25, and on top of that, there's still clearing fees and tax.
Nobody in the right mind would buy just 1 lot for penny stock. Sometimes speculators buy 30 lots or 30,000 shares in the morning, and sell within 3 days. Our system allows for contra, as long as you sell within 3 days.
In this case, if the share price doesn't go up, I still have the option of paying for the shares and hold till the share price goes up by 20%.
@buzzmaker (630)
• India
14 Oct 09
Sailing the same boat 
I have been trading forex and learning it at the same time for last one year. I have been trading and investing into stocks for more than 9 years, which really helps me while trading forex.
It is a challenging and exciting thing to do. You can earn big money and very quickly you may loose it too :) Be careful, don't over-trade :D
I have been trading forex and learning it at the same time for last one year. I have been trading and investing into stocks for more than 9 years, which really helps me while trading forex.
It is a challenging and exciting thing to do. You can earn big money and very quickly you may loose it too :) Be careful, don't over-trade :D@knightarchonis (38)
• Australia
14 Oct 09
This is true. But thank heavens for demo accounts. The only way anyone gets good at this is by practicing on a demo account. And theres the back tester on the meta trader platform. But good luck to you.
@amprad (52)
• India
22 Oct 09
I agree with you. The potential is there but I must add that risk far outweighs potentials. 95% of forex traders are losers. Only 5% of the traders can reap the benefit of forex potentials. Beating the market is tough and there is added problem with brokers. Many brokers would manipulate the market and force you buy higher and sell lower by delaying your order, not obeying your stop losses, or even feeding you with a customized chart for you, so for example, after you buy a lot the price starts going down ... and once you commit a loss by selling at say 30 pips below, the price will start going up. Forex is very risky.
