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FOREX Trading?

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Old 01-21-2009, 02:21 PM   #1
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FOREX Trading?

I went to a seminar a few years ago for FOREX trading. Basically it's currency trading through the Internet. I was wondering if anyone had the scoop on it? They wanted 2k to sign up. It seems to me that a layman can't trade currency? I'm no expert on the matter so I thought I'd put it out there. FOREX is very popular now but it seems too good to be true?
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Old 01-21-2009, 02:41 PM   #2
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Re: FOREX Trading?

This is - I don't want to say scam because a very select few can make a killing doing this - but it is intended to prey upon the layperson's desire for easy money in a down economy.

For 99.9% of people, you would be purely speculating on currency fluctuations. In other words, it's a complete gamble, such as I bet $1000 that the Euro will go up. There's a chance you'll win, but a chance you'll lose. And even if you do win, you still have to make back $2 grand before you even start pulling a profit.

There are people capable of arbitraging currencies, thereby reducing the risk and taking the gamble out of the equation, but you need to be LIGHTNING quick with your transactions (ie have the BEST technology) and need to execute them in large quantities (ie have very deep pockets).

Stay away, it's too good to be true.
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Old 01-21-2009, 03:15 PM   #3
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Re: FOREX Trading?

Thanks Schneed.
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Old 01-21-2009, 03:18 PM   #4
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Re: FOREX Trading?

What Schneed10 said....high risk, lots of cash required to see any meaningful returns. You're probably better off trading in penny stocks.
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Old 01-21-2009, 04:00 PM   #5
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Re: FOREX Trading?

right now is a great time to invest. follow the CANSLIM method for picking, but keep in mind the weak economy will have fewer "cup with handle" charts and pick strong performers who are leaders in their fields or doing things others arent doing. I bought Ford for 1.12 on Nov 20th and sold it a few weeks later for 3.63. I basically tripled my money, and i was planning on waiting it out long term, but with a 52 week high of around 6 bucks, I decided to pull out and re-invest after they didn't get the bailout money.

Etrade is a pretty useful tool. IBD helps, but its like information overload sometimes. I'd stay away from currency markets because it's too much to keep up with.
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