Question by Bobi G: Several questions about forex?
Hello everyone,
I want to start trading forex and I am still hesitating about a lot of things.
First, most people say they have bad experiece trading forex.
I know that even Warren Buffet (I don’t know how to spell it exactly:)) said that: “In stocks you could predict the price of a stock, but how can you predict the price of currency”)-
That in fact sounds very reasonable since we all know that in shares it’s enough to read a news that some company has planned to invest some money in Rolls Royce…to say…and then you buy shares from Rolls Royce…But wherefrom you can guess that USD will not find a way up again?
Some people say that the forex brokers have very high commisions and thus you can never win? Is it me or this sounds very stupid?
How about you? What was the amount of money you started and how much you have earned?

Thanks alot!!!

Best answer:

Answer by ulchka
Warren Buffett may not play the FOREX market but he did convert a lot of his money to Euros to hedge against the falling US dollar. The only difference is that most forex trading is done on margin. He just converted his money, he didn’t leverage it as far as I know. He also bought a lot of silver a few years ago to hedge against the falling dollar. So he obviously found it easy to predict the price of the US $.

Most people that trade forex are introduced and “taught” by the brokerage firms that want them to execute as many trades as possible. Common brokerage fee in the industry is 3 pips which equates to approximately USD for a ,000 trade at a 1:100 leverage (example using EUR/USD). This is about 3%. Many traders do swing trading or interday trading. They may do several trades a day. Even doing two trades a week can hurt. 2 trades a week x 52 weeks = 104 trades a year. 3% x 104 trades = 312%. Hard to make any money when doing a lot of trading!

So why would anyone make several trades a week? Why not determine where the price of a currency pair is heading over the next 3+ months (based on whether interest rates will rise or fall according to the comments by respective banks). Have plenty of money to back up your highly leveraged account. Also, not leveraging your account as much makes it easier to absorb any negative price action. But sooooo many people start off by being told to enter and exit trades quickly so they make as many trades as possible. I believe you should invest for the long term and have enough money to support the fallbacks that will inevitably occur. A long term strategy in forex can work. But you must have enough money so you do not get called out of the trade (margin call). Forex is extremely risky. I wouldn’t bet the farm on it. You can still make a ton of money by investing in stocks, if you find the right stocks. You don’t need to go into forex to make money. Forex is like investing in real estate except the market value of the property can go up or down very quickly and the bank will instantly foreclose. At least in real estate they don’t instantly foreclose the second the house has depreciated a little due to a down turn. In the end, it’s all about the leverage. Due to the extremely high leverage allowed in forex trading there is an opportunity to lose or make money very quickly. Most fail from what I have heard.

You could also find a forex broker that is a public company (I never actually looked to see if any are!) and just buy the stock… that way you can make your 3% of other people’s money on each of their trades.

Add your own answer in the comments!

Q&A: Several questions about forex? is a post from: Currency Services

Make Money Trading Currencies – 4 Steps to Currency Trading Success

If you want to make money trading currencies, then we will show you how to do this in simple steps. Here we will give you the basics and help you build a currency trading system for long term trading success.

Step 1 – Get the Mindset for Success

You cannot get currency trading success from others and there are plenty of people wanting to sell you automated forex robots and systems but they don’t work. If you want to win, you have to understand that you need work and learn currency trading for yourself. If you do this, you will have confidence in what you do and the discipline to follow your system.

Most traders fail because, they don’t have the discipline to follow their system and if you don’t have the discipline to follow it, you don’t have a system!

Step 2 – The Methodology to Base Your System On

The best, simplest and easiest to understand methodology, is to buy or sell breakouts of price, to new market highs or lows.

Look at any forex chart and you will see most major trends start and continue from new market highs or lows. If you can go with them, you can make a lot of money. Most traders don’t and that’s why the majority lose.

Most traders want to wait for a pullback, to buy at a “better price” and of course prices don’t pullback and they sit and watch, as the trend sails over the horizon and makes thousands of dollars in profit and their not in!

Go with breakouts and sure you miss the first bit of the move – but if it’s a good break, you will have a lot of profit ahead of you.

Step 3 – Basics of Your System

You need to understand support and resistance.

Look for levels that are considered important by the market and the more times the level has been tested the better. You then need to confirm that when a break starts, the odds are on your side and it will continue and for this you need to use momentum oscillators.

We have discussed these fully in our other articles but for now, you simply need to know they will help you determine price strength through the breakout point. If price momentum accelerating, the odds are on your side and you can enter.

Look up the stochastic and RSI for this – there great indicators and you can learn how to use them in about 30 minutes.

Step 4 – Money Management

You need to play great defence and defend your equity. Just like all the great football teams, if you have a great defence, the offence will get the opportunities and make them successful.

With breakout trading, your stop is close and obvious (below the breakout point) and you should trail it slowly as the market moves.

Don’t make the mistake of using too much leverage.

You can get up to 400; 1 but 20:1 is plenty, more traders lose due to over leveraging than any other reason.

Putting it all Together

You don’t need a complicated currency trading system, you need to keep it simple so your trading system is robust, in the face of brutal market conditions. The key though is discipline; you must be able to trade through losing periods, until you hit a home run.

If you want to make money trading currencies – you can. The above tips will help you and remember, work smart not hard, keep it simple, get the right mindset and you will enjoy long term currency trading success.

Related Trading Currencies Articles

Make Money Trading Currencies – 4 Steps to Currency Trading Success is a post from: Currency Services

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Forex BulletProof And The Pips Dominator Robots is a post from: Currency Services

I have been buying and selling CFDs in Australia since they were first introduced in 2003. Over this period I’ve dealt with all the main CFD providers in Australia first hand. When talking to groups of traders at investing expos and seminars all-around Australia I repeatedly get asked who is the top CFD provider? I wrote this review to help answer this million dollar question.

This review covers all the main CFD providers in Australia that I have traded with first hand, when writing this review I took into consideration four major criteria that as an expert trader I believe are the critical requirements to think about when selecting a CFD provider, these are:

1. Customer Service
2. Platform stability and ease of use
3. Product range
4. Pricing

You must to note that there are CFD provider reviews carried out by a number of internet sites and magazines in Australia most of which are biased with the winners frequently being selected by journalists not traders and determined by the amount of money spent on advertising and marketing in the magazine or on the website that carried out the review. Only genuine traders with real life experiences are able to conduct a fair an unbiased review.

The main players in the CFD industry in Australia are:

· IG Markets
· CMC Markets
· International Capital Markets (IC Markets)
· MF Global

I did not conduct a review of Etrade or Comsec as these organizations are purely resellers of MF Global’s CFD offering.

In this review I talk about my real life experiences with each of the companies mentioned above whilst bearing in mind the four essential elements that I regard as essential when deciding on a CFD provider.

IG Markets
Customer Service: I’ve had an account with IG Markets for the previous three years I use this account as my backup account. Over this time I’ve found that their customer support has declined a lot, in-fact at on one occasion I was unable to contact a dealer as they were all busy. In general I consider their customer service to be poor and would not recommend them.

Platform stability and ease of use: I use both their Pure Deal and L2 trading platforms and have had problems with both. Lately I experienced the problem of being unable to look at my positions and free equity preventing me from trading all morning. I would not regard either of their trading platforms as appropriate for a professional trader.

Product range: IG Markets has a good product range, this is certainly one of their strong points. One thing I’d say is that if you are looking to trade CFDs on exotic futures contracts and currency pairs IG Markets is definitely not the CFD provider for you as they have a tendency to stick to a fairly mainstream offering.

Pricing: On Australian share CFDs IG Markets has competitive pricing, their minimum commission on share CFDs is low and their spreads are tight on the main currency pairs, however if you’re an active trader and are seeking volume discounts don’t bother trying to negotiate with IG Markets their commission schedule is fixed.

CMC Markets
Customer Service: Out of every one of the CFD providers that I have ever traded with I have found CMC Markets to have the worst customer support, with CMC Markets your problems start as soon as you call them up for support and choose a number from 1 to 10 just to speak to someone. I’ve also found their support staff to have only a basic understanding of their platform. General queries and problems continually need to be escalated to more senior staff, not the sort of support an experienced trader demands.

Platform stability and ease of use: In recent times the stability of their trading platform Market Maker has improved a lot, however the platform still lacks functionality such as course of sales for share CFDs, something an experienced trader demands.

Product range: CMC’s product range is broad and not dissimilar to that of IG Markets however it’s worth noting that CMC provides a good variety of CFDs over exotic futures contracts and foreign exchange pairs, precisely what is absent from IG Markets product offering.

Pricing: Like IG Markets CMC markets offers good entry level pricing but lacks the pricing flexibility required when it comes coping with high volume traders.

International Capital Markets (IC Markets)
Customer Service: I had not heard about these guys until about one year ago. After calling them up and talking to one of their sales staff I thought I would give them ago. My experience to this point has been second to none. Their customer support is top notch. Despite the size of my account I have my very own dedicated account manager that knows the market and what I want, this is incredibly different to the call centre operations of IG and CMC Markets.

Platform stability and ease of use: They provide a variety of trading platforms to cater for a diverse range of customers. They have a trading platform for novices, intermediate and advanced traders. As I am an experienced trader I selected their advanced trading platform Pro Deal which offers all of the functionally an experienced trader needs. Though I can not speak for all of their platforms their advanced trading platform continues to be trouble free and I would unquestionably recommend it to anyone.

Product range: All of the products absent from the two major providers such as futures, DMA functionality and exotic forex pairs are offered by these guys. Whilst writing this review I couldn’t think of a product that these guys couldn’t offer.

Pricing: Like many of the CFD providers reviewed these guys offer good entry level pricing, however the difference with these guys is that they also have a flexible pricing arrangement for frequent traders. As I’m an active day trader they were prepared to drop their minimum charge and offer me a commission rate of 0.04% on DMA CFDs, the best rate offered to me by the other providers was 0.08%, they’re 50% more affordable!

MF Global
Customer Service: At first I believed that these guys would take the cake on the customer service front, however unfortunately their high level of service didn’t last for more than one week after funding my account, this was quite surprising and not something that I would have expected. Once I was up and trading these guys did not want to know me, this type of customer service leads me to rate them as the worst of the lot.

Platform stability and ease of use: These guys offer one trading platform for CFDs, webIRESS. Even though webIRESS is a superb platform they don’t offer anything else, in comparison with IC Markets who offer webIRESS as well as many other trading platforms. Their product offering is basic and not what a professional trader demands.

Product range: MF Global offers you all the futures contracts you could ever imagine however when it comes to forex, CFD and share trading they cannot compete with the likes of IC Markets. If it’s only futures you want than these are the guys to speak to, but for CFDs you should give them a miss.

Pricing: The entry level pricing for CFD trading at MF Global is pricey, they do however offer packages for frequent traders with discounts down to 0.08%, this is still a far cry from the 0.04% offered by IC Markets. Although the CFD commission rates are costly I’m sure that if you were only trading futures you could get some great pricing from MF Global

Conclusion
As an expert trader I’m quite demanding in what I expect from my CFD provider, I’m sure that this is not the norm for most traders. There was actually just one CFD provider from those reviewed that was able to give me what a professional trader would demand, the rest of the CFD providers have great offerings that would suit an typical trader but when pushed to their limits might falter, this is something a professional trader cannot afford to have happen when money is on the line. Apart from my number one preference IC Markets I’d chose IG Markets as my backup, despite their shortfalls they do have reasonably good trading platform and a broad product range. There’s however a huge difference in customer service and pricing of IG Markets product offering in comparison to my first choice, IC Markets.

Who Is The Best CFD Broker is a post from: Currency Services

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Sublime Forex Champions Perpetual Profits Software And The LotSize Optimization Software FREE Giveaway is a post from: Currency Services

Spread Betting the Forex Markets

If you were to make a list of financial topics that have grabbed the interest of the wider public over recent years – apart from of course bankers bringing the global financial system to its knees with ever more imaginative ways to wrap up high risk loans – then spread betting and foreign exchange trading would surely be near the top. These have both been around for decades, but developments in both technology and financial markets in the past five to ten years are the reasons they have become s

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Spread Betting the Forex Markets is a post from: Currency Services

Find the best currency exchange rates by looking at whether a country is making more money than it is spending. Use currency trading exchange rates to make money that is not tied to the stock market or real estate prices with advice from a financial consultant in this free video on currency trading and investing. Expert: Roger Groh Bio: Roger Groh is the founder of Groh Asset Management. Filmmaker: Bing Hu
Video Rating: 4 / 5

Currency Trading Guide : Best Currency Exchange Rates is a post from: Currency Services

Master these highly profitable Candlestick Patterns with this FREE 82 page PDF Candlestick Guide. Try the Pips Dominator that has been making $500,000 per year for the last five years RISK FREE for 60 days! Get this Sublime Forex MT4 Multi Indicator Scanner that tells that market direction of any currency pair on 8 different times frames plus the Lot Calculation Indicator FREE. Dean Gallagher: Few days ago we opened up the doors on The Red Phoenix, and the response was stunning. Within a few hours, we had over hundred people sign up for The Red Phoenix. I knew The Red Phoenix was going to be popular, but frankly, I was still shocked by that reaction. So this morning I just wanted to say “THANK YOU” for jumping onboard and for the faith you showed in Thomas, our team and I

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FREE Lot Calculation Indicator And The Red Phoenix System By Sublime Forex Champions is a post from: Currency Services

Currency Forex Online Trading

Currency Forex Online Trading have turning into an an increasing number of commonplace means for other folks to invest some of their money. As spaces like residential investment property turn out to be less interesting and/or harder to obtain as a result of problems securing mortgages, everyday other folks need to invest their cash in other areas. Some of the areas witch can provide a great returns is the Currency Forex Online Trading. Long gone are the times where you need´ed to be one of the most mega-rich & have your individual foreign money dealer – in nowadays & age way to up to date era you can use a “Forex Robot” to participate in the “Currency Forex Online Trading” market.

If you are pondering of getting excited about Currency Forex Online Trading, you will perhaps be thinking about simply what a the Forex market Robot is & the way it works. Rather simply a Forex Robotic is a piece of PC software that you run in your pc at house & that trades the web forex marketplace for you. It in most cases does this just by interfacing with a buying and selling account of some kind – usually those are known as Meta4 buying and selling accounts.

Each and every Forex Robot is different. They’re so much often setup to industry on a particular foreign money pair, even if you can to find models that will let you trade on whichever forex pair that you like. They have usually been “educated” at the “historical nature” of that foreign money pair  ie. they have got a good suggestion of when the “currency pair” begin to move up or down in worth & they industry in response to that. It is thru this manner the currency forex online trading is changing into obtainable to such a lot of people, as it eliminates the need to spend some hours of time learning foreign exchange trading.  

Simply placed, you tell the “Forex Robot” what price of trades you can like it to make & when. The the Forex market Robotic then sits & watches the market & decides what the best time to begin to make these forex trades. In the currency forex online trading the Forex market Robot is your own non-public trader. It is going to purchase the (currency) at what it consider´s to be the very best time to buy, & promote it at what time it consider´s to be the very best time to sell. And of course, they al so generally have stop loss limits in order that if the foreign money as an alternative actions in the other way it sells the forex to minimise your lose risk.

Is currency forex online trading with the Forex Robots chance-loose? To begin with, allow me qualify that through announcing no type of funding is completely risk-free. However the beauty of the use of a normal forex robot is that, so long as you “purchase” a good robotic, you’re mini mising your own risk of loss. the Forex market Robots are “designed” to make you some profit, & at the same time as there might be some days the place losses occur, the total trend of your buying and selling will have to be that of profit. Earlier than you start making an investment with actual cash you will have to all the time employ the “trial feature” that many of those robots have, where you business “faux money” to test that the the Forex market Robot behave´s for you as you may expect

Currency Forex Online Trading is a post from: Currency Services

Question by Ƹ̵̡Ӝ̵̨̄Ʒ Rikkie.: Why do people seem to think the “NWO” is against Obama or a right wing thing?
I personally used to myself until CNN reported it (yeah I know that sounds pretty silly but I usually don’t take anything from the right seriously). After they reported it I did my own research… Apart from Republicans thinking Bush was some sort of God who didn’t lead us to it, it’s all true….

http://allafrica.com/stories/200903300087.html

Nigeria

http://www.australia.to/index.php?option=com_content&view=article&id=7814:a-new-world-order-&catid=115:headlines

Australia

http://www.thisislondon.co.uk/standard/article-23668673-details/Brown:+London+can+lead+the+new+order/article.do

Britain
(Now if you notice this is the same psycho that has been pro a one world government for years and he’s the same psycho that came to our country proposing a “new global deal” – a world economic system (much different to the “trade” we have now)

According to CNN there are over 35000, a quarter being anti globalization.

They are proposing a global currency reserve now and if they decide to ditch that, we’re all under one currency.
What is your opinion on this?
Im against.
teewalk – it’s linked every single president since the federal reserve took a hold of our currency and government
Hey Im liberal, there is no need for insulting.

Best answer:

Answer by teeewalk
No.
I am seeing Right-wingers trying to link Obama to a supposed “NWO”.

What do you think? Answer below!

Why do people seem to think the “NWO” is against Obama or a right wing thing? is a post from: Currency Services