I have not been into the market for last few years but when I played it I did ok in the good times (not as well as many since I was very risk adverse and always sold out for a small to moderate profit 20 - 30%) BUT in the bad times did get stopped out at 8-10% stops ALOT so I did not get my shirt handed to me like many others. Anyway to make a long story short I studied the hell out of the market in the day, took courses, learned how to trade options spreads, etc.. Got busy a hell with my job few years ago and never really had the time since to put into the market needed and frankly am scared with soooo much uncertainty with economy, etc..
Anyway, buddy of mine tells me I should play around with Forex and I can do o.k. with my analytical background as an financial analyst with minimal time required (I've never done sales but the real chooping numbers and doing models for companies). My old man who is an old market guy tells me Forex is a slot machine and you can't predict crap! He is an old timer though and may be biased and you can make a valid point by saying the stock market is gambling anyway.
ANYWAY, TO ADDRESS MY REAL QUESTION: I admittedly know very little about FOREX besides it's one currency against another up and down. Is this really just true and legal stay at home gambling at its finest and hard as hell or next to impossible to make a LONG TERM SUSTAINABLE PROFIT??? OR is there really a science to this that is somewhat predictable if done correctly and you can grind out a consistent LONGTERM PROFIT IS PATIENT AND DONE SLOWLY AND CORRECTLY?
I have not been into the market for last few years but when I played it I did ok in the good times (not as well as many since I was very risk adverse and always sold out for a small to moderate profit 20 - 30%) BUT in the bad times did get stopped out at 8-10% stops ALOT so I did not get my shirt handed to me like many others. Anyway to make a long story short I studied the hell out of the market in the day, took courses, learned how to trade options spreads, etc.. Got busy a hell with my job few years ago and never really had the time since to put into the market needed and frankly am scared with soooo much uncertainty with economy, etc..
Anyway, buddy of mine tells me I should play around with Forex and I can do o.k. with my analytical background as an financial analyst with minimal time required (I've never done sales but the real chooping numbers and doing models for companies). My old man who is an old market guy tells me Forex is a slot machine and you can't predict crap! He is an old timer though and may be biased and you can make a valid point by saying the stock market is gambling anyway.
ANYWAY, TO ADDRESS MY REAL QUESTION: I admittedly know very little about FOREX besides it's one currency against another up and down. Is this really just true and legal stay at home gambling at its finest and hard as hell or next to impossible to make a LONG TERM SUSTAINABLE PROFIT??? OR is there really a science to this that is somewhat predictable if done correctly and you can grind out a consistent LONGTERM PROFIT IS PATIENT AND DONE SLOWLY AND CORRECTLY?
Been trading forex last few yrs and making steady profit....we have a thread up in the investment forum....
Id say with an investment of 2k i could show you how to make a steady $200-$300 a week easy and if you leave what you make in there and buy more lots as you could increase what you earn rather quickly
Been trading forex last few yrs and making steady profit....we have a thread up in the investment forum....
Id say with an investment of 2k i could show you how to make a steady $200-$300 a week easy and if you leave what you make in there and buy more lots as you could increase what you earn rather quickly
Forex is like any other market in that it is based in cycles of predictable human behavior. So yes there are methods, indicators charts and graphs for Forex just like the stock market, spinning tops, hammers, etc.
It is one currency against the other. The beauty of it is that no matter which side of a currency pair you are on you can make money. Because its a pair (i.e. GBP/USD) you can either go long or sell short, and adjust which currency you buy or sell. Fees for trading Forex are much less than trading stocks, usually just a pip or two.
Check this out: https://www.babypips.com/. The trading platform I have used is from these guys: https://www.gftforex.com/. I think they have a baby starter pack for $2000 initial investment, although they recommend $5000 to really get going , plus you get access to lots more tools and advice with the $5000 package. Also, you can demo their platform for free and paper trade. Let us know how it goes.
Forex is like any other market in that it is based in cycles of predictable human behavior. So yes there are methods, indicators charts and graphs for Forex just like the stock market, spinning tops, hammers, etc.
It is one currency against the other. The beauty of it is that no matter which side of a currency pair you are on you can make money. Because its a pair (i.e. GBP/USD) you can either go long or sell short, and adjust which currency you buy or sell. Fees for trading Forex are much less than trading stocks, usually just a pip or two.
Check this out: https://www.babypips.com/. The trading platform I have used is from these guys: https://www.gftforex.com/. I think they have a baby starter pack for $2000 initial investment, although they recommend $5000 to really get going , plus you get access to lots more tools and advice with the $5000 package. Also, you can demo their platform for free and paper trade. Let us know how it goes.
Thanks for feedback. I will examine and research in next week and come up with whether or not I think this will be for me. If I did go with it is the best trading platform the www.gftforex.com ? Lowest commissions? Joining Bonuses.. Best Tools? Seems like it can go on iphone, huh?
How is gftforex better than the forex trade pro from forex.com?
Thanks and I will visit you all in investment platform...
Thanks for feedback. I will examine and research in next week and come up with whether or not I think this will be for me. If I did go with it is the best trading platform the www.gftforex.com ? Lowest commissions? Joining Bonuses.. Best Tools? Seems like it can go on iphone, huh?
How is gftforex better than the forex trade pro from forex.com?
Thanks and I will visit you all in investment platform...
Hey Diver: I've been out of the game a couple years. I don't know much about the other platform you mentioned, my partner chose ours. He was in the UK and we were hitting up the GBP/USD currency pair pretty hard. We used free Yahoo computer to computer calls to watch and discuss the same graphs and charts from GFT's system. I usually had CNBC on in the background and we'd discuss indicators and trends.
We were both ALL ABOUT risk management and smart trades. We had a mentor (Bill Poulos) who used GFT so we figured if he used it, it was good.
That said, he chose our platform for a number of reasons. The GFT software has trailing stops and daily pivot points. I was able to get them to add that functionality to my platform for free during the paper trading/demo phase. GFT has offices all over the world so we had no trouble with our differing currencies and sending money back and forth. When I signed up, someone from GFT called me three times to see how it was going, did I need anything, and to answer any questions. If your Internet goes out and you need to stop a trade because you forgot to set your stops (I'm not bitter) - believe me you want an account manager you can call to do it for you. Their margins were reasonable too, and they have some great forums, experts and training tools. I had technical trouble and their IT department was great as well.
Hey Diver: I've been out of the game a couple years. I don't know much about the other platform you mentioned, my partner chose ours. He was in the UK and we were hitting up the GBP/USD currency pair pretty hard. We used free Yahoo computer to computer calls to watch and discuss the same graphs and charts from GFT's system. I usually had CNBC on in the background and we'd discuss indicators and trends.
We were both ALL ABOUT risk management and smart trades. We had a mentor (Bill Poulos) who used GFT so we figured if he used it, it was good.
That said, he chose our platform for a number of reasons. The GFT software has trailing stops and daily pivot points. I was able to get them to add that functionality to my platform for free during the paper trading/demo phase. GFT has offices all over the world so we had no trouble with our differing currencies and sending money back and forth. When I signed up, someone from GFT called me three times to see how it was going, did I need anything, and to answer any questions. If your Internet goes out and you need to stop a trade because you forgot to set your stops (I'm not bitter) - believe me you want an account manager you can call to do it for you. Their margins were reasonable too, and they have some great forums, experts and training tools. I had technical trouble and their IT department was great as well.
Forgot to mention, GFT does have a mobile trading platform, however our whole deal was making money without sitting on our asses watching candlesticks all day. Bill Poulos' methods are great if you want to spend a couple hours a day (after you learn all the shite of course), hit 60-70% of your trades, and place longer trades (i.e. not day trading).
Forgot to mention, GFT does have a mobile trading platform, however our whole deal was making money without sitting on our asses watching candlesticks all day. Bill Poulos' methods are great if you want to spend a couple hours a day (after you learn all the shite of course), hit 60-70% of your trades, and place longer trades (i.e. not day trading).
If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so. It is your sole responsibility to understand your local laws and observe them strictly. Covers does not provide any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in your relevant locality. Covers disclaims all liability associated with your use of this website and use of any information contained on it. As a condition of using this website, you agree to hold the owner of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.