I want to become a currency trader. Please tell me how.

[mahg]

You can make money in forex. Make sure that you stick to reputable broker...A broker that is a ECN would be your best choice.


Thinkorswim.com, MBtrading are good choices that ECN's, and you only need 400 dollars to get started...

Also Oanda.com in canada is very good and you only need a dollar to get started.  Someone who is interested in foreign exchange should stick to trading currency futures.  Futures firms are way more regulated than Forex firms.  The chances of being profitable are way better with futures, at the very least you don't have to worry about brokers cheating you.

Oanda.com another group of cocksuckers, fuking Michael Stumm and Ted Diogenous and their lawyer Sheldon Silverman shut my account down cuz I was making too much money. The lawyer called me and said I have 3 days to close my positions as my ccount is being shut down for unspecified reasons and to read the terms and conditions that says they're allowed to do that for any reason or no reason at all.

These brokers are ALL or at least mostly bucket shops, which means they take the opposite side of ur trade and if u lose they gain, and vice versa. There's so much manipulation, ever seen the oanda spread widening? I guess only if u make money these things will happen and you'll see all these "online market makers" for the bucket shops they really are. All just my opinion protected by freedom of speech, personal experiences only. Take it from someone who knows not the idiot above "225or7" whos talking from his ass.

[affeman]

The images work in internet explorer, not opening in my firefox either for whatever reason. U shouldnt make comments if u really dont know the intricacies of how it all works. But you're the 2nd smartest person in this thread after yours truly, as you gave the guy good advice to just stay away and not be devoured by the masters.

You sound pretty cocky for whatever reason. I guess you consider yourself a "master" I can introduce another "master" to you. This guy was the son of a huge bank director, studied 4 years in Vienna, 2 years in London and 2 years in Harvard, is married to the granddaughter of president Eisenhauer and was one of the most influental high-profile investmentbankers in the world running 4-6 Wall street investment companies. Now he sits in jail cause he lost 600 million Euros in Forex trading for Austrias biggest bank. You think this guy had no clue about the "intricacies" of the game?

[mahg]

I would honestly tell the OP to consider currency futures.. However, look at the new NFA report for Q4. retail forex for the first time have to report the percentage of their traders that are profitable.  The number are higher than i thought.  

These number are for Q3 in 2010

Broker   % of accounts that are profitable   Total Non-Discretionary Accounts

Alpari        25%   1,563
Forex.com        23%   11,344
FX Club        29%   4,245
FXCM                23%   15,023
FX Solutions   24%   6,587
GFT                33%   10,358
IBFX               28%   18,579
IG Markets        20%   464
MB Trading        24%   4,822
Oanda        51%   49,584
PFG               21%   2,098
Average      25.5%   8,291

I would bet u just about anything the accounts with  a +ve are mostly relatives of the brokers' owners, the few higher ups staff etc etc ... aka people "in the know", or 1 of the rare geniuses but who gets their acc shut soon. Its the easiest market to manipulate, its all numbers u can very easily change stuff after the fact, they can cheat the govt so easily on taxes or hide and launder money and do all kinds of other stuff, and I think most probably do at least a few of what I mentioned. Again, just my opinion, dont need lawsuits. Oh I'm done discussing things with fools such as 225for7 who just dont get it, its pointless.  

[225for70]

Oanda.com another group of cocksuckers, fuking Michael Stumm and Ted Diogenous and their lawyer Sheldon Silverman shut my account down cuz I was making too much money. The lawyer called me and said I have 3 days to close my positions as my ccount is being shut down for unspecified reasons and to read the terms and conditions that says they're allowed to do that for any reason or no reason at all.

These brokers are ALL or at least mostly bucket shops, which means they take the opposite side of ur trade and if u lose they gain, and vice versa. There's so much manipulation, ever seen the oanda spread widening? I guess only if u make money these things will happen and you'll see all these "online market makers" for the bucket shops they really are. All just my opinion protected by freedom of speech, personal experiences only. Take it from someone who knows not the idiot above "225or7" whos talking from his ass.

Get a clue son...oanda has reported 48 and 50 percent of there traders as the 3rd and 4th quarters...That's the best of US based forex firms...Oanda is a Market maker...Meaning they take the other side of your trade, and could benefit from not giving you the best price on trades.


Dude i show you the facts about profitability....1 in 4 makes money,  75% of traders lose money..It's that simple....

[ManBearPig...]

i had an account with oanda.

i took 100 dollars (and with a few deposits up to $10,000), got it up to 80,000 by december.

by february of the following year (2 months later), i was down to 1000.

luckily i took out $35,000 and renovated our upstairs.

the only reason i did forex (as i knew it was a crapshoot the whole time) was because i didn't have $25,000 to maintain a daytrading account.

but as of september last year, i'm good to go in stocks again and just check up on my shitty oanda account once a month for shits and giggles.

stocks are much more "predictable" (using the term loosely), but forex is just crap.

for people without money to go into stocks, i'd recommend options or even trading the emini , if you really want to stare at a screen for 24 hours a day.

[mahg]

You sound pretty cocky for whatever reason. I guess you consider yourself a "master" I can introduce another "master" to you. This guy was the son of a huge bank director, studied 4 years in Vienna, 2 years in London and 2 years in Harvard, is married to the granddaughter of president Eisenhauer and was one of the most influental high-profile investmentbankers in the world running 4-6 Wall street investment companies. Now he sits in jail cause he lost 600 million Euros in Forex trading for Austrias biggest bank. You think this guy had no clue about the "intricacies" of the game?

No amount of education could make sm1 understand trading psychology. He probably made a bit like most others then thought he was a master and eventually lost it all, just like what happens to most traders. He doesnt impress me 1 bit. Any guy with 1/2 a brain would not be fat, I was fat when young but once u understand body mechanics its very easy to lose weight efficiently. Muscle though, a lot is genetics.  

[affeman]

Get a clue son...oanda has reported 48 and 50 percent of there traders as the 3rd and 4th quarters...That's the best of US based forex firms...Oanda is a Market maker...Meaning they take the other side of your trade, and could benefit from not giving you the best price on trades.


Dude i show you the facts about profitability....1 in 4 makes money,  75% of traders lose money..It's that simple....

A market maker makes profit when you're losing, not a good premise to invest money there in my book.

[225for70]

i had an account with oanda.

i took 100 dollars (and with a few deposits up to $10,000), got it up to 80,000 by december.

by february of the following year (2 months later), i was down to 1000.

luckily i took out $35,000 and renovated our upstairs.

the only reason i did forex (as i knew it was a crapshoot the whole time) was because i didn't have $25,000 to maintain a daytrading account.

but as of september last year, i'm good to go in stocks again and just check up on my shitty oanda account once a month for shits and giggles.

stocks are much more "predictable" (using the term loosely), but forex is just crap.

for people without money to go into stocks, i'd recommend options or even trading the emini , if you really want to stare at a screen for 24 hours a day.

Where you positive?  I recommend that people trade currency futures or currency options as opposed to Spot FX....I trade E-mini futures myself..

[mahg]

Get a clue son...oanda has reported 48 and 50 percent of there traders as the 3rd and 4th quarters...That's the best of US based forex firms...Oanda is a Market maker...Meaning they take the other side of your trade, and could benefit from not giving you the best price on trades.


Dude i show you the facts about profitability....1 in 4 makes money,  75% of traders lose money..It's that simple....

1 in 100 makes money in the long term. Its that simple...

[ManBearPig...]

Where you positive?  I recommend that people trade currency futures or currency options as opposed to Spot FX....I trade E-mini futures myself..

well yeah, i took my initial deposits out plus 25 k, so yeah i made money.  but without overleveraging , i see no realistic way of making a living in forex, and leverage / margin is 2 sided blade; the profits can be huge, but the drawdowns / losses can wipe you out in an instant.

[225for70]

A market maker makes profit when you're losing, not a good premise to invest money there in my book.

All market makers take the other side of your trade...meaning of you buy 1 unit AUD/USd...The broker has the other side of the trade...Then when you place the trade, a broker has an incentive to not get you the best price cause he;s on the other side of the trade...


If you trade with an ECN, like MBTrading.com or currency...The broker doesn't get the other side of the trade...The trade goes directly to market

[225for70]

well yeah, i took my initial deposits out plus 25 k, so yeah i made money.  but without overleveraging , i see no realistic way of making a living in forex, and leverage / margin is 2 sided blade; the profits can be huge, but the drawdowns / losses can wipe you out in an instant.

We'll congrats you did OK man...Most people that tried forex can't say that...Yes, it's very difficult to trade forex and be consistant with it...However, some traders do really well with forex....

Most traders don't understand leverage and if a single trade goes against them, they get killed.

My account would never get below a certain equity percentage, like 22%...Make sure to cut losses short..


BTW man bear pig there are lots of tricks you can use to still day-trade stocks with less than 25K in capital...

[DroppingPlates]

There IS no strategy in Forex, it's plain gambling.

A relative of mine is director general of one of the biggest  banks in our country (makes good 6 figures per year) and he said that his and many other banks have quit Forex trading generally cause everyone loses in the long-term, literally EVERYONE. The major banks have computers worth 5 million Euros fed with all the data relevant to predict the Forex trend, and even they're wrong more than 40 % of the time.

Especially as a private guy you're always behind with the information, if you'r not one of the guys sitting immedeately at the first hand information source you're gonna lose.

Also the whole process of the technical analysis is a joke, in Forex you can't make any predictions from the past, one hour later Obama burps and Merkel farts and everything is going upside down again.

Yes, forex markets have a strong random walk, but you can't compare it with a casino game. It's only pure gambling without a decent strategy, based on real time data (Metatrader is a good platform for this). This means no bogus TA or commercial trading systems (why would someone sell you a strategy that works?).
+40% wrong trades? Should not be a problem when your average winning trade is higher; it's all relative. Profit Factor is a better metric, 'sum profits / abs(sum losses)'
Every year a forex competition is held (http://championship.mql5.com/2010/en), as you can see the results of the finalists differ strong from each other, for me a proof that the forex markets are not that 'random walk'.

[225for70]

Yes, forex markets have a strong random walk, but you can't compare it with a casino game. It's only pure gambling without a decent strategy, based on real time data (Metatrader is a good platform for this). This means no bogus TA or commercial trading systems (why would someone sell you a strategy that works?).
+40% wrong trades? Should not be a problem when your average winning trade is higher; it's all relative. Profit Factor is a better metric, 'sum profits / abs(sum losses)'
Every year a forex competition is held (http://championship.mql5.com/2010/en), as you can see the results of the finalists differ strong from each other, for me a proof that the forex markets are not that 'random walk'.

You can make money no doubt. However, most people will lose..Look at George Soros. He made a billion on a single trade, and broke the bank of england.

[mahg]

We'll congrats you did OK man...Most people that tried forex can't say that...Yes, it's very difficult to trade forex and be consistant with it...However, some traders do really well with forex....

Most traders don't understand leverage and if a single trade goes against them, they get killed.

My account would never get below a certain equity percentage, like 22%...Make sure to cut losses short..

Here's about $300,000 of my forex profits resting in a bank account. Lets see ur proof.

I hope this ends all talk that my 6 figure watch collection is anything but 100% genuine.  

[225for70]

Here's about $300,000 of my forex profits resting in a bank account. Lets see ur proof.

I hope this ends all talk that my 6 figure watch collection is anything but 100% genuine.  

Dude your a fraud..Proven at least 3X

I'm not going to waste another post on your smelly Indian ass..

[DroppingPlates]

You can make money no doubt. However, most people will lose..Look at George Soros. He made a billion on a single trade, and broke the bank of england.

Yeah in one fucking weekend, but his advantage was his large capital; the ones with big trades tend to dominate a market.

As a 'market rat' I'm more interested in consistent small profits.

[Parker]

I'm learning something here, keep this thread going...

[mahg]

Dude your a fraud..Proven at least 3X

I'm not going to waste another post on your smelly Indian ass..

You're a worthless fuk. U have nothing to back up ur bullshit. Don't give bs advice pretending to know anything, u dont know jack shit, u fuk. I read all your BS and its like someone from the retard home trying to teach E = MCsq. Everything u say is BS. And it only smells cuz I shit in ur mouth and u havent brushed ur teeth yet asshole.

[mahg]

I'm learning something here, keep this thread going...

You're really not. That idiot 225for70 is talking out of his ass pretending he knows something.  

Even his stupidass username shows a lack of basic math knowledge.

[Parker]

You're really not. That idiot 225is7 is talking out of his ass pretending he knows something.  

Ah, every lil bit of info is like a grain of sand...whether from you, him or others...one sand grain at a time can become a mound of sand...

[Jadeveon Clowney]

i had an account with oanda.

i took 100 dollars (and with a few deposits up to $10,000), got it up to 80,000 by december.

by february of the following year (2 months later), i was down to 1000.

luckily i took out $35,000 and renovated our upstairs.

the only reason i did forex (as i knew it was a crapshoot the whole time) was because i didn't have $25,000 to maintain a daytrading account.

but as of september last year, i'm good to go in stocks again and just check up on my shitty oanda account once a month for shits and giggles.

stocks are much more "predictable" (using the term loosely), but forex is just crap.

for people without money to go into stocks, i'd recommend options or even trading the emini , if you really want to stare at a screen for 24 hours a day.

So you made 36k/yr trading currencies.  How much did you make trading stock futures? 

[mahg]

Ah, every lil bit of info is like a grain of sand...whether from you, him or others...one sand grain at a time can become a mound of sand...

Once the mound is ready the world needs to be done the favor of 225for70 burying himself alive head first in the sand.

[The ChemistV2]

I going to put my 2 cents in..since I've been at Forex for about 4 years. I agree that most people shouldn't even bother getting into this. Most all the advice on trading forums, books etc. won't help you. I lost large sums of money the first 3 years..Most people would have given up if they went through what I did. I finally found out ...by watching the market over 7 hours a day straight.. some Price action patterns that were extremely high probability setups. I made my own custom charts with real time indicators(not lagging shit) and learned to spot those few seconds a day where the market made a predictable move. I trade 10 standard lots..my targets are small 5 to 10 pips..my stops are 4 to 5 pips, and I have an extremely high hit rate. My trades only last between 5 seconds to 30seconds on average. I only go in when there is lots of momentum. I now have my emotions under control..so I don't freak over a small loss. I could never have done this without all the screen time I put in. And unless you have a decent account size, you can't make money off 10 pips a day. I'm trading $100 a pip so small gains work fine. I can now pay my living expenses from my trading profits. I have a DMA broker that gives flawless execution. Again, for most people I would never reccommend getting into this.

[disturbia]

Clowney will you sign your damn POI already!

Im guessing Clemson