I've been looking at your threads and it seems like you guys are making good money on Forex. I have no knowledge at all regarding Forex. What book would you recommend me getting to get started in this? Also, I heard about 4x through a friend that went to a 4x made easy seminar, he is thinking of purchasing the software for $3000. Do you think it is worth the money? Do you guys use any programs? Also, how easy or hard is it to make money in forex? I have tried the stock market and have only lost money. Thanks a lot. Have a great day.
There is a thread called foreign exchange that I will ttt that will give you a basic understanding of the forex market. Read the posts and if you have anything further there are a few people who can help. If I can't i will defer you to someone who can.
As to how easy the market is, well that is a tough question. The market is so big and volatile that movements occur every few seconds in the major pairs. You are looking at a market where $1 300 000 000 000 is traded daily. In 3 days the money moved is the equivalent to the GDP of the US for an entire year.
Charting packages are Karl's metier and so I will defer to him. I currently use Oanda and limit myself to their charts. Profits can be huge (This morning I am sitting on a 33% increase in the past 2 months) however, losses can be just as big. Before you start make sure you understand margin. This was a lesson from one of the premier 4x traders who posts here from time 2 time, Saintjoe.
"I've been looking at your threads and it seems like you guys are making good money on Forex"
I'm getting bitch slapped on a regular basis, I figure it's going to take me a few thousand hours of study to get familiar with the markets. I'm hoping that it's going to be like wrestling: I had no idea what I was doing for a couple of months, then all of a sudden I had the ephifany - "HEY! I'm wrestling!"
"What book would you recommend me getting to get started in this?"
I'd start here:
It's a serries of articles by one of the principals of TradeStation. It's free and you can start today. Next I'd search Amazon for the top 10 Forex books. I don't have any good books specifically on forex, they haven't made it to my backwards area of the world yet.
"purchasing the software for $3000. Do you think it is worth the money? "
Again, I couldn't give advice on someting I've no experience with. One of the guys who's been trading forex for awhile trained with these guys and seems to be having good success:
"Do you guys use any programs?"
Not yet but I plan on using Tradestation sometime soon. Great backtesting program I'm told.
"Also, how easy or hard is it to make money in forex?"
Like shaving with a straight razor while balancing on the backrests of two chairs with a noose around your neck and one hand crazy glued to your balls. The market's going only to go up or down, so it should be simple, but the big players in the game throw the market in all different directions.
"I have tried the stock market and have only lost money.""
You can open a demo account with Oanada and play with their charting package at no risk until you think you're ready to fund an account. You can fund an account with as little money as you want and trade as little as $1 at a time. Great learning package, highly recommended.
Join the group rooster, forex trading and studying can be captivating.
LMAO @ Karl's response.
As to books, what are you looking for? What is the extent of your knowledge? Are you looking for technical/how to books? Or, are you looking for insights from other traders?
The 4x market is like any other market, only much bigger and far more volatile. It can only go in 3 directions; up, down and sideways. The first 2 offer profit opportunities the last offers a timeout. You don't have to always have a trade open. The most learning you are going to do is here, and other forums, as well as on your own account.
We need more information before we can advise you any further.
Thanks a lot for the info. I will look into all the advices you have given me. Good luck on your trades. Have a great week. P.S. if there are any other comments or info you would like to add, please do so. I will highly appreciate it. Thanks again.
" if there are any other comments or info you would like to add, please do so"
1. Open an Oanda demo account and trade it until you're completely familiar with entry and exit execution. No better bargin on the web.
2. Determine a strategy, time frame for your trades. ie: will you be a scalper (few seconds or minutes), momentum trader (follow trends in the market); swing trader (look to determine turning points in the market); news trader (take advantage of wild price swings due to financial news); etc
3. Set stops loss and profit target orders; have reasons for them; honour them.