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Additional Details
I was thinking of investing in A... |
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Dawood | Is trading Forex basically legal gambling? |
I'm a college student who won a chunky settlement and have been using it to pay for my living expenses. However, sick of seeing my bank account slowly deminish, I've been searching for a way to make enough money to pay for gas, beer money and sushi that only consist of me sitting at my computer for an hour or two a few days a week. I came across Forex trading and have been researching it thouroughly. After reading daily journals of traders it seems almost all of them barely break even in the long run. I feel they might as well be playing online poker. Is it worth it? Any other ideas? Is futures trading any better? |
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Paul U
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Well first of all I don't know of any successful Forex traders that post their journals. They are quite happy to make a nice return on their investment without having to toot their horn
There are some conservative strategies to invest in the forex market that many people consider too boring and evidently not complicated enough. It seems there is a breed of players entering the Forex market the same way they would belly up to a roulette wheel in Las Vegas.
I ran an analysis a couple of weeks ago that you may find interesting. First of all it is important to note that this is based on historical prices and is not necessarily representative of future results. But it is interesting.
Let's say that you opened a conservative hedge trade on the 1st of any month this year.with $10,000 and used a conservative margin of 10% You just let the account sit and didn't touch it what would it have looked like on 7/20/2007 (the day I ran the analysis).
If you opened your account on
Jan 1st = $13,161 on 7/20/2007
Feb 1st = $13,645
Mar 1st = $11,924
Apr 1st = $12,045
May 1st = $10,473
Jun 1st = $10,530
None of these accounts would have ever been close to a margin call and the Jan and Feb accounts would seem to have faired quite well through the China correction during late Feb / early Mar.
So I guess the morale of the story is that it is not the Forex market that is the problem. It is the human elements of greed, fear, lack of knowledge and lack of a conservative investment strategy.
It's not what you do it's how you do it!
Good luck with your decision process.
Paul |
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Harv R
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Both these investments are for experienced and very wealthy investors with no concern that they will go with out beer money if they lost everything.
Commodity trading requires you to put up an amount in reserve account. You make your purchases and you are only paying a fractional amount if the item goes up you make some short term profit. If it goes down it can deplete your deposit and you will have to come up with more cash.
Big investors control the markets you can't win and you would be better playing poker, or craps. |
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dan
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It's about as risky as playing online poker. Think of it this way: Large companies and fat cats have tons of experience trading foreign currency. They risk millions of dollars just to make a few thousand in any given day. They have tons of customized computer programs that help them do this.
Now, given that, and also given that on every trade there is a winner and a loser....which do you think you would be? When I invest money, I stick with what I know. Stocks with solid fundamentals and mutual funds. FOREX is scarier than trading commodities or options. It is a very high risk, very high reward scenario. |
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Scott J
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Ha Ha, it sure feels like gambling sometimes, however, the difference is you can beat the house consistently if you have the right strategy. There are countless techniques for trading the Forex, but unlike say blackjack, where you can grind away day after day in a casino to make some scraps to maybe win 51% of the time, a good forex trader can win some 70-80% of their trades (only good ones) so like gambling, you are going to lose, but unlike gambling, you can beat the house. http://www.ezfx4u.com or http://www.easyforexsignals.info are good places to start. |
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Trading F
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http://tradingforexonline.info/ provides information about forex trading, online forex trading forex trading software, forex trading system,forex currency trading. |
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Thin Kaboudit
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You are an astute student. So long as you keep paying attention you'll do very well!
Yes, "FOREX" trading is just gambling. And if you study it honestly & without bias, trading Futures & Options isn't much less of a gamble. The thing to remember when someone has/claims to have a "consistent record of profits" is that if you put enough people in a room, and they all keep tossing coins, it would be highly UNusual if one of them did not toss "heads" almost every time! Does that mean they know something special? Of course not.
The broader stock market has something far sounder than "guessing" underpinning it; people continue to invest in it so long as they believe that "tomorrow will come". While that may not ALWAYS be true, it's certainly a better "bet" than how a fall in the Thai Baht might impact the Venezualan Bolivar!
Think about this: The "Dogs of the Dow" strategy (investing equal dollar amounts in the ten lowest price/highest yiel components of the Dow 30) has returned an AVERAGE of 17.7% annualized since 1973. For all intents & purposes, that's a "no-risk" investment. Of course the Dow could collapse, but of what use would a million pounds sterling be then? The US economy is inextricably linked with the world economy; if it collapses, the world collapses.
Buy equal dollar amounts of the ten highest-yielding Dow components and just hold them for thirteen months to avoid short-term gains taxes. Sell, repeat, grow wealthy! |
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John C
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Of course trading forex is legal. How do you think all world countries make their money? If it wasn't legal WW3 would become. And of course it is much better to trade in forex instead of playing poker. The most important thing is to stay neutral when in day trading. Get some ideas from here:
http://www.forexadvice.eu/successful-day-traders-stay-neutral/
Hope this answers your question. Have a nice day. |
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Jonathan S
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Yes if you day trade. Do not day trade!!! Look into freedomrocks. If you guys only knew how much we are making in this everyone on this site would be investing. I am so confident about this product and when you see how it works you will tell all your friends. Don't believe me or anyone though. Try it out and listen in on the conference calls, ask questions, hear testimonies, then make your decision. www.demofreedomrocks.com. Not trying to sound arrogant but If you sign up you will thank me later.
Live Conference call tonight at 6pm pacific. 212-812-8200 pin 33207435 |
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