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Cal767
Forums Member
Joined: 11 Aug 2009
Posts: 2
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#21 · Posted: 11 Aug 2009 18:12
Laura,
I am curious about the programs that you are talking about..Would you be able to send me information on them..
Many thanks,
Cal
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BobFirestone
Forums Member
Joined: 1 Jul 2009
Posts: 142
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#22 · Posted: 12 Aug 2009 02:07
1. Trading is extremely risky, you should not consider it an investment and you should expect to lose every penny you put in your trading account. If you can't afford that kind of loss you shouldn't be trading.
2. Trading with leverage means your losses are multiplied.
3. Trading is counter intuitive. People tend to be bold when they should be afraid and afraid when they should be bold.
4. The more you trade the more expensive it is. Any claim of FOREX being commission free is B.S.. The bid ask spread is padded with a profit to the company. In an open market (CME Globex) the spread on the major pairs is a single tick or pip. Anything over that pip is the company markup. The spread needs to be overcome every time you click buy or sell. On a full (100,000) Euro FX contract a 3 pip spread is $30. To trade a Euro futures position (125,000) with a 1 tick spread & $5 R/T commission that is $17.50 or $12.50 less than trading through a FOREX broker.
5. LauraLicata: some of these better programs are safer than mutual funds
As a broker if I ever said anything like this about a FOREX fund I would have lost my license and been fined thousands of dollars.
Ok if after that you still want to give it a shot... Open a micro account with $50 at a large reputable company. You won't get rich trading for dimes but you will have a good stake relative to trade size to learn with.
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LauraLicata
Forums Member
Joined: 1 Jan 2008
Posts: 309
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#23 · Posted: 12 Aug 2009 14:21
BobFirestone: 5. LauraLicata: some of these better programs are safer than mutual funds As a broker if I ever said anything like this about a FOREX fund I would have lost my license and been fined thousands of dollars.
Ok Bob, you got me there....wrong choice of words and I certainly don't mean to entice anyone to do something where they can potentially lose money other than risk capital.
I have a managed fund that is doing exceptionally well with traders who have been doing this for over 10 years. It has done very well for me and that was what I really meant by that statement. Nothing else really and I apologize for the poor choice of words.
Take care,
Laura
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Sam_Jones
Forums Member
Joined: 19 Aug 2009
Posts: 31
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#24 · Posted: 21 Aug 2009 08:15
There are some out there which you can start with, say, about $100. In my own opinion, I don't think that is too much.
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BobFirestone
Forums Member
Joined: 1 Jul 2009
Posts: 142
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#25 · Posted: 21 Aug 2009 12:40
You can start trading a micro account for about $25. If you are going to trade I recommend start with paper trading then move to a mini or micro account and see if you can actually make money when there is something on the line.
You will never get rich trading for dimes or dollar bills but you can make a much better decision if trading is really right for you.
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tctrader
Forums Member
Joined: 2 Mar 2009
Posts: 5
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#26 · Posted: 21 Aug 2009 14:32
sashawk: Does anyone know of a Forex training site that is worth joining? Thanks.
Check the comparison charts on the site in my signature. You will be able to read reviews of training courses.
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