Forex Trading

[Tommy86]

hello fellow traders!

as the "old" members here know, i started out 2 years ago with pennystocks. i met doc when this site was still very small and noticed he really knows a lot! later i left pennies behind and changed to optiontrading, where i still am.

i want to continue trading options since i think they are really great for experienced traders. but while i was talking to doc lately he mentioned something new: FOREX.

i opened a demoaccount at ForexClub, thats the broker which was recommended by doc. i think forextrading is really really great.

what i like most:

• 24hr trading
• instant moneysettlement
• long and short
• quick trades (no longer than a hour normally)
• choose your risk by choosing higher or lower leverage

in other words, it is daytraders heaven! you can trade it purely on TA, thats what i am doing now.

does someone here has any experience in forextrading or wants to start trading it too?
give me your opinions!

expect a forexsection here soon

[calebmurphy]

I'm new here and new to trading, but I'm interested in option trading and have a little money to burn.  I would love to jump in.  My experience may be a problem though.  If you tell me what buttons you're pushing I'll catch on quick.  Just let me know if you don't think it's for me.  I don't want to be a burden.

[Tommy86]

hello calebmurphy, welcome to our forum! 

you are no burden at all! this forum is dedicated to traders, new ones same as old ones!
i really recommend you to start trading with (penny)stocks, not options or forex.

options are complicated, you have to think about many factors when choosing the one you buy:
strikeprice, expirationdate, underlying stock, open interest, possible premium... .
better start trading them after a year of experience with stocks.

forex is not a good idea for beginners too, cause you can lose your whole money in a matter of SECONDS!
additionally, you have to know about TA to trade them.

best thing you can do now is start trading pennystocks and learning TA, just follow the doc, he is the king here 
he has a challenge running, $1.000.000 in 16months, follow him!

after knowing about TA and having some experience in trading you can move on to options/forex and it will be much easier to understand them.

hope i could help, if you have more questions about options just go to the optionsboard and ask it in the topic option-chat.

[Dzielak51]

You know im going to be all over this Tommy.  Ive already looked into it.  Just dont have the time at the moment.  Send me a PM if you got any good links to check out.

[Tommy86]

i hope that youll join doc and me, dzielak!

if i find something usefull, ill send you a PM. right now i am papertrading with Rumus2 software by ForexClub.

[Tommy86]

Shorted EUR/USD at 1,3656€ (12:59:00 GMT) and covered at 1,3632€ (14:00:00 GMT).

24 Pips = 240€ in one hour  (using 100.000€ = 1000€ with 100 leverage)

could have made more on that trade, but imagine making 25 Pips every day:

5Days x 25Pips x 4Weeks = 400 Pips per month = 4000€

if i am disciplined enough i can make a living out of it

[Greg]

Shorted EUR/USD at 1,3656€ (12:59:00 GMT) and covered at 1,3632€ (14:00:00 GMT).

24 Pips = 240€ in one hour  (using 100.000€ = 1000€ with 100 leverage)

could have made more on that trade, but imagine making 25 Pips every day:

5Days x 25Pips x 4Weeks = 400 Pips per month = 4000€

if i am disciplined enough i can make a living out of it

"if i am disciplined enough i can make a living out of it"


YEA, BUT YOU DON'T GET ANY SLEEP...I'VE PLAYED FOREX AND LOVED IT UNTIL I COULDN'T SLEEP...LOL
"

[Tommy86]

lol 

you may be right, thats why you need to be disciplined. stop trading after achieving your daily goal and so on... .

[Greg]

lol 

you may be right, thats why you need to be disciplined. stop trading after achieving your daily goal and so on... .

Yea, right..Let me know how much sleep you'll get...

[Dzielak51]

Shorted EUR/USD at 1,3656€ (12:59:00 GMT) and covered at 1,3632€ (14:00:00 GMT).

24 Pips = 240€ in one hour  (using 100.000€ = 1000€ with 100 leverage)

could have made more on that trade, but imagine making 25 Pips every day:

5Days x 25Pips x 4Weeks = 400 Pips per month = 4000€

if i am disciplined enough i can make a living out of it

"if i am disciplined enough i can make a living out of it"


YEA, BUT YOU DON'T GET ANY SLEEP...I'VE PLAYED FOREX AND LOVED IT UNTIL I COULDN'T SLEEP...LOL
"

LOL, this stuff is like crack.....cant get enough of it

[Tommy86]

i agree, its really like an addiction, but to something good