sikeveo
back after sem2
Anyone do it? Any tricks 
?
?
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Forex (1 Viewer)
- Thread starter sikeveo
- Start date
Skittled
What did the crab do?
From memory the majority of people who do forex trades for money are speculator-millionaires and banks. By the time you move your $3000 over to $US and hope for things to move your way, and then move it back, and then pay the commissions both ways, and took the time to do it, and the risk of it going the wrong way...
Admittedly I'm totally working on assumptions -- I've never had any experience, but assume unelss you have contacts (and you'd ask them, not BoS people, so I doubt you do), you'd have to go through the same methods as everyone else. Pay the same commissions as everyone else. Have the same information as everyone else... If there were "super-normal" profits in it (ie profits better than you could get in the bank) theoretically other people would be doing it, too and the market would equalise so there's no more profit in it. For you/me/anyone on BoS, being contactless and near-experienceless, you're more likely making money at the casino.
...after accounting for the risk and effort, you'll most likely be better off simply opening one of those lovely, secure, and very liquid online saver accounts with commbank or ING or someone
...Assuming you're not a millionaire.
Or a bank.
Admittedly I'm totally working on assumptions -- I've never had any experience, but assume unelss you have contacts (and you'd ask them, not BoS people, so I doubt you do), you'd have to go through the same methods as everyone else. Pay the same commissions as everyone else. Have the same information as everyone else... If there were "super-normal" profits in it (ie profits better than you could get in the bank) theoretically other people would be doing it, too and the market would equalise so there's no more profit in it. For you/me/anyone on BoS, being contactless and near-experienceless, you're more likely making money at the casino.
...after accounting for the risk and effort, you'll most likely be better off simply opening one of those lovely, secure, and very liquid online saver accounts with commbank or ING or someone
...Assuming you're not a millionaire.
Or a bank.
I just typed out a massive post in reply to skittled's post, but lost it. So i'll just talk about the main points.
Most brokers don't charge commissions, they make money from the bid/ask spreads. At most 3 pips.
All investments are risky (except those savings accounts which give jack all returns). If you do your research, set stop losses and know your charts, forex should be any riskier than most stocks (and forex has a huge upside potential).
Contacts have nothing to do with it. All the info we need is readily available.
By your logic skittled, why invest in stocks? futures? It's about how willing and able you are to process the information in order to predict price movements.
Most brokers don't charge commissions, they make money from the bid/ask spreads. At most 3 pips.
All investments are risky (except those savings accounts which give jack all returns). If you do your research, set stop losses and know your charts, forex should be any riskier than most stocks (and forex has a huge upside potential).
Contacts have nothing to do with it. All the info we need is readily available.
By your logic skittled, why invest in stocks? futures? It's about how willing and able you are to process the information in order to predict price movements.
Skittled
What did the crab do?
I totally agree, ND. As you said, all investments have a level of risk, and it's all about ability and willingness to take that and come out better off for it.ND said:
I'm happy to admit I'm wrong if that's the case -- as said, was totally working on assumptions. I was setting up barriers to it, I suppose, based on a lack of knowledge (Whether this reflects the general public's understanding of forex as investment/income/whatever or not, I don't know). My main argument was that I'd imagine the returns to be low (but probably higher than normal), relatively unpredictable (however, again, totally an assumption, and I'm sure there's a level of certainty to things) and for the effort involved mightn't be worth the returns on the money that someone on BoS has to invest into this sorta thing... By my argument, some borrowed capital might be called for. Of course, the flip side is that small amounts of money are perfect to help you learn the method to the madness, and limit your potential losses, too.
All very true and valid points, ND. Wasn't saying it's not somethign to pursue -- by all means, if it's a way of making money, then why not? I was mainly questioning its usefulness, given the audience of BoS...
Then again, everything was assumptions, so maybe now's the time to assume I was wrong and take it all back?
sikeveo
back after sem2
Well ive made 10% so far. Im using Oanda. If you play your leverage right and dont get screwed over you can make decent returns. Bit of a gamble though.
seremify007
Junior Member
My cousin is a forex investor... he said something about having to be willing to accept change (what happened in the past may not happen in the future), and to accept that forex is one of the most volatile, and unpredictable markets out there. If you're serious about it, just like with anything else, you need a substantial amount of capital.
sikeveo
back after sem2
Yeh i agree with that. Its 99% luck, 1% self control.
seremify007
Junior Member
Do u wanna do it for a career?
I don't think I could do it.. it requires far too much monitoring and is too volatile/susceptible to speculation. But then, I hear in uni you learn a lot of stuff which might change that- and also build up your confidence.
I don't think I could do it.. it requires far too much monitoring and is too volatile/susceptible to speculation. But then, I hear in uni you learn a lot of stuff which might change that- and also build up your confidence.
There are alot of programs out there that are made by professional forex traders and they can get up to 1000 pips a month. I have traded now and then and if I'm lucky can get around 20 pips a day. So if you want to make a career out of it, you could always get one of these programs and then you would be on your way to sucess in no time.