FXCM, a bit more serious - Ajarn Forum

likewise · 5th August 2007, 11:51

About 4 months ago I opened up a free demo account with FXCM (trading currencies). I started with 50K USD, went down to 38K and now I'm on 78K.

I've been thinking about opening one of their mini accounts and trying the real deal.

http://www.fxcm.com/

Anyone has any experience with this?

laoshi · 5th August 2007, 12:03

I trade.

It can be very scary. Virtual money is just that. Can you sit on a twelve grand loss of real money without waking up in the middle of the night in a cold sweat? What's happening in Japan? Is Wall Street headed for a crash? Will the sub prime mortgage fallout affect my trade? Should I long a carry trade on the Yen or is 250 Yen to the pound well over done?

That said, I do OK.

Get a mini account to start with. Don't trade massive amounts. Always use a stop loss and take profits regularly.

FXCM has a decent forum.

Tip: The Yen carry trade is closely fixed to Wall Street. The Dow falls the Yen rises.

August is summer, it's very volatile just now. Good for trading but not if you're on the flipside.

Good luck...

likewise · 5th August 2007, 12:42

Thanks, I'm doing some research on a few sites.

http://www.babypips.com/school/top_s..._business.html

This one seems helpful and the FXCM forum.
DO you use FXCM or another broker?

ajarnsomeday · 5th August 2007, 13:05

Quote:

Originally Posted by likewise

free demo account

I tried a free demo for an online casino, my account doubled in an hour! I'm sure a forex site would have a little more integrity than that though

How often have you been trading?

likewise · 5th August 2007, 13:08

I started about 4 months ago, and trade about 4 times per week. Got a few "long" as well.
So in my demo account I made 28K USD in 4 months time. Think I'll start a mini account with 10K USD.
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Currency trading and online casino is not really the same, is it?

laoshi · 5th August 2007, 13:21

Quote:

Originally Posted by likewise

Thanks, I'm doing some research on a few sites.

http://www.babypips.com/school/top_s..._business.html

This one seems helpful and the FXCM forum.
DO you use FXCM or another broker?

I use a UK based broker. Trade different markets, not only currencies. Indices, Gold, Crude, etc. etc...

In the midst of life we are in debt etcetera...

likewise · 5th August 2007, 13:27

Sounds good, I'll start with currencies. Don't know too much about it to be honest.

That babypips site seems to be helpful.

laoshi · 5th August 2007, 13:32

Take a look at fxstreet.com Good reading and they give the times for news releases. Most news that moves the market is American economy reports which are generally released at 8.30 am ET.

Don't get carried away, these markets can fuck you up in minutes.

Good luck...

ajarnsomeday · 5th August 2007, 14:24

^^ Meant no harm by that Likewise, I wish you the best. I just think there are too many factors outside your control to not consider it gambling, especially in the currency markets as there are very big players involved.

likewise · 6th August 2007, 13:04

no offence taken mate.

Sissy · 6th August 2007, 14:48

Likewise- how about shares in mining and oils I heard its not bad...I am thinking about trading myself.

likewise · 6th August 2007, 17:18

Will look into that as well.

Farangrakthai · 6th August 2007, 17:25

Quote:

Originally Posted by likewise

About 4 months ago I opened up a free demo account with FXCM (trading currencies). I started with 50K USD, went down to 38K and now I'm on 78K. I've been thinking about opening one of their mini accounts and trying the real deal.

don't do it! I've done forex a few times and remember that you are trading on margin, meaning that you put up 1$ and put $100 or more on the market and your profit/loss muliplies very fast. the big boys in new york, london and tokyo control the game and F#ck with each other, making money on and off, everyone else is very lucky if they make money in the long term. long term I'd suggest by gold as powers-that-be in America have decided to go with the AMERO in a few years and will crash the dollar and economy beforehand, according to conspiracy theories :-) but really check out AMERO
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and the carry trade that is making all the big boys alot of money is unwinding so watch the yen.

likewise · 6th August 2007, 17:44

Thanks, still looking into it haven't decided yet. Am a bit wary.

tafy68 · 8th August 2007, 12:28

im thinking about the forex market, like £500.. I will open a demo account first to get used to it