Forex Digest

Hey,

Are there people in the world who day trade forex for a living? I've read so many articles bashing day trading as gambling and impossible to make money, but I also read some forex trader interview who just trade a few hours a day and make a good living. Is it true?
Anyone has experience?

I trade FX as well as stocks and I used to be a professional trader.

Succesful trading really has to do with emotional control and dscipline because its based on odds. The odds are usually not higher than 55:45 in your favor so expect to lose fairly often. It is extremely nerve wracking and it takes lots of money you can AFFORD to lose to do succesfully as a professional. Most likely at least 25K. It also takes years to learn and often with huge losses. You make the big money in usually only 20% of the time, the rest try not to get torn up in the markets. Its a good job for adrenaline junkies but its not for everyone.

Yes people say 90% of people fail to make it, however so do 90% of doctors and lawyers. Its about how much you want it and how hard you wanna work at it. But it most definitely IS possible.

2009-01-27 10:27:03 by Eric F

Examples of applying the ABCD pattern on the 5min chart of the GBP/JPY pair throughout the trading day (non-news).

I am going to turn 18 tomorrow and I've had a practice account for several months and have been experimenting with it all that time, trying different strategies and techniques and have found a way to keep on making small consistent profits. What I'd like to know is for when the time comes tomorrow to put in real money, what would be a recommended number of times I place a trade every day I trade forex to make small consistent profits? Good answers would be much appreciated. Thanks.

The amount of trades would depend on the type strategy your applying. Your amount of trades depends on the market itself and how many signals are generated by your strategy. Don't set a goal of how many trades you have to enter or how much you have to make every day, the market and its movements determine that for you. Setting a goal of how many trades or how much you have to make every day is setting yourself up for failure trying to reach that goal in a $ amount. Its better to focus on trading to be successful and becoming profitable at the end of the day,week,month,year instead of how much you will make. That will take care of itself if your consistently profitable.

2009-09-03 07:12:27 by William M

Hi, I'm looking for an automated system that will help me make profitable forex day trading. I have no idea what something like this can cost. Just doing research so I guess any answer will be valued.

There is a site at http://www.forextracergold.com that offers an automated system and can be used for day trading.

2008-08-03 11:44:16 by erikasoon

Mainly, is there a minimum amount of funds required in your account.
Like trading equities, there must be $25,000 in your account to day trade.
Does forex have any requirements, or special rules only pertaining to forex?
Any and all advice is welcome.
Thank you.

Are you sure you thought this through? Day trading & Forex? That's like throwing money out the window with one hand while playing craps with the other. The brokers will love you as long as your cash lasts. Verify what you read. Educate your self. Get diverse opinions.

2007-09-09 19:32:06 by guardrailjim

http://www.forex-day-trading.com are they an ok company to go with? aka a legitimate broker for forex trading? Any recommendations on brokers and why ?

There is enough risk inherent in forex trading without having to worry whether your broker is going to rip you off. The first step to take when choosing a broker is to check whether they are regulated. In the US this should be with both the NFA and CFTC. In the UK the FSA. Second is whether your money is protected. Fortunately, the regulations concerning this have recently changed. As from 21st December 2007 the NFA (National Futures Association) requirements concerning minimum capital came into effect and already four brokers have failed to meet the new criteria.

Briefly the new rules stipulate that brokers must have a minimum capitalization of $5m plus a percentage to cover client funds.

If your broker meets these two requirements the next question is whether your broker is an ECN or FCM dealing broker - ie will his dealing desk be playing against you? This will matter if you want to include scalping as part of your trading strategy.

This is just the beginning of your quest to find a broker which best suits you and the resource list below should help you find the answers you will need.

Good luck.

2008-01-14 02:16:48 by randywalton01