| Forex Trading - Straight Answers |
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JBendar
Senior Member
Cash: $ 49.60
Posts: 271
Joined: 22 Mar 2004
Location: Woodbridge, New Jersey
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| Forex Trading - Straight Answers |
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Can anyone give me an honest answer about Forex trading. This topic is very exciting to me and I would like to learn about it. It would be helpful if someone without profit or business interests in mind, could give me a straight answer. I have Mark McRae's ebook on Forex trading. The man knows his business, but he is a salesman more than an educator (although he does give you quite a bit of free information). If anyone with Forex trading experience could tell me about the pitfalls, etc. I am not a novice in trading. I have done technical analysis for over 10 years, mainly with stocks. I use Metastock End of Day for technical analysis. They also have a Forex package, but the price is outrageous. Thank you for any responses.
JBendar 
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Fri Mar 10, 2006 1:13 am |
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JBendar
Senior Member
Cash: $ 49.60
Posts: 271
Joined: 22 Mar 2004
Location: Woodbridge, New Jersey
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| Forex Trading |
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Tim:
I plan to do just that. I am looking into opening up an account with PFSBest in Chicago. They have a paper trading account where you can practice trading for a year without risking your capital. They also provide a $50,000 30 day demo account. Russell Wassendorf is the author of several books about futures and commodities. His staff is willing to work with you to develop a trading style. Wassendorf also own SFO magazine (Stocks, Futures and Options). Thank you for your advice and support
Joel 
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Fri Mar 10, 2006 3:52 am |
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fxPipTitan
Contributing Member
Cash: $ 9.95
Posts: 49
Joined: 15 Apr 2006
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| Forex Trading |
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Hi JBendar
I have been trading forex for 2yrs now and before that options on stocks and futures.
It does sound like you are taking the correct approach by opening a demo-acct, first before using real money. With trading options on stocks and futures I didn't do such and made good money but who didn't between the yrs 97 and 00... A different world open up after 2000 and investors had to know what they were doing or get eaten alive.
If I may give my 2 cents on forex, to me its the hardest market to trade and requires the lonest amount of time to learn (inregards to understanding the movement of a particular currency pair), but it can be done with hard work and time.
I Wish You Good Fortune Trading Forex ...
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Sat Apr 15, 2006 11:11 pm |
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JBendar
Senior Member
Cash: $ 49.60
Posts: 271
Joined: 22 Mar 2004
Location: Woodbridge, New Jersey
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| Re: Forex Trading |
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quote:
Originally posted by fxPipTitan
I Wish You Good Fortune Trading Forex ...
Thank you for your advice and kind words. My demo account with FXCM has only been open for only a few days. There have been some patterns in the currency pairs that were brought to my attention (EUR/USD, USD/CHF). Your comments about the difficulty in determining the direction of the currency pairs was well taken. You have already experienced the pitfalls of trading Forex, and you should be commended for sticking with it.
Joel 
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Sun Apr 16, 2006 12:06 am |
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