Topic: Any Forex traders out there?

[Aaron J Williams]

The other day I got this e-mail pitch from some guy named Mac X who supposedly had the top secret insider code to make lots of money easily. Naturally I googled him and his insider code and came up with a forum where people were saying what a scam he is and that you can learn more than what he was selling for $2K free at a website called babypips.com. So I went there and started to learn about trading currency on the foreign exchange market. I got a practice account where you pretend to trade with no risk (or reward) until you are comfortable with the market and choose to risk real money. I'll tell you it is frustrating and exhilarating at the same time. Yesterday I placed a trade that made me $700 in a matter of minutes! Of course today I'm in the hole $1000 but I think once I learn how the stuff works I might be able to make some cash doing it. Do any of you have any joy/horror stories? I would love to hear them!

[DammitDan]

I had a friend who enjoys gambling (a lot).

He started on the ForEx trading thing, much like you're doing with the whole practice trades and so on.  Well he always bragged about how me made $500 today or $1000 yesterday.  But then again, he never really seemed to MAKE any money, as he never managed to pay off his car or student loans, and he sure as hell never saved any money for anything.

He still talks about moving to Vegas some day so he can become a professional gambler.  But oh no, he doesn't have a gambling problem... 

So basically I think the ForEx is a gambling site.  It's all chance, as you really can't predict the day-to-day shifting of the stock market.  Especially in currency and raw materials and such.  Over the long run you MIGHT be better with predictions, but instant trades...  No way man.

[Bob Wessner]

but I think once I learn how the stuff works I might be able to make some cash doing it.

Famous last words. My advice is don't get involved in it, or anyother form of day trading if you value your hard earned money. Take what money would would risk and put it into your 401K or IRA.

[Uncle Ernie]

Forex used to be a comdom brand- ironically appropriate to this topic.

You must be too young to remember the early 90''s.  Bend over...

[jwhazel]

Just my 2 cents:

Take said money and invest in reading material that offers sensible advice about day trading, not far fetched get rich quick schemes. Everybody (me included) is tempted to make a quick buck. But there is a wealth of information out there on how to do it legitimately. Hint: people who are successful day traders a.) have a lot of startup capital to make it work (read 5 and 6 digits) b.) rely on research, experience, and real time data to make decisions, not codes/formulas/secrets.

So I went there and started to learn about trading currency on the foreign exchange market. I got a practice account where you pretend to trade with no risk (or reward) until you are comfortable with the market and choose to risk real money.

Be aware that alot of times these "practice" accounts use artificial or manipulated data. Somtimes its legal and is hidden deep deep in the fine print, sometimes its just blatantly being manipulated and the company gets shutdown sooner or later. I will concede that sometimes it may be actual legitimate data, but having read so many horror stories, I've always taken forex stuff with a grain of salt. True, I haven't met every investor in the world. But I also have yet to meet one who has said "yeah... I made a cool couple of g's trading currencies".

Ninja edit: http://en.wikipedia.org/wiki/Forex_scam

Forex used to be a comdom brand

At first I thought you meant Durex, but then I looked it up. Wow, I must be pretty young then...

[Aaron J Williams]

Well thanks for the heads up, it seems awfully easy to make money with the "practice" account. I guess I'll just buy some more bikes instead.

[jwhazel]

In the long run you'll probably loose more money  but I guarantee you'll be happier.