Hey, Newbie got some questions | Forex Factory

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  • #1
  • First Post: Nov 12, 2006 10:47am Nov 12, 2006 10:47am
Hey,

My names Tom im an ex-poker player but ive recently quit with the future of poker not looking too bright. Im also looking for something more stable than just poker (forex) for a way to earn money. I have a few questions if anyone here would be kind enough to answear.

(numbered for simplicity)

1. Whats the future of forex? like any real threats?

2. Im not looking for a get rich quick scheme but something that with alot of time and patience dedicated to can earn money. So im woundering if there is scope to make alot! of money in forex or are there limitations? ie do many private traders make thousands weekly?

3. Are there any famous rich forex traders?


Thanks

Ps. I know people on forums generally dont like those sort of questions and prefer things to be more open ended but im just looking for clean cut answears i can think about.

Best Regards
Tom
  • #2
  • Nov 12, 2006 1:20pm Nov 12, 2006 1:20pm
Quoting tom.hunter
Hey,

My names Tom im an ex-poker player but ive recently quit with the future of poker not looking too bright. Im also looking for something more stable than just poker (forex) for a way to earn money. I have a few questions if anyone here would be kind enough to answear.

(numbered for simplicity)

1. Whats the future of forex? like any real threats?

2. Im not looking for a get rich quick scheme but something that with alot of time and patience dedicated to can earn money. So im woundering if there is scope to make alot! of money in forex or are there limitations? ie do many private traders make thousands weekly?

3. Are there any famous rich forex traders?


Thanks

Ps. I know people on forums generally dont like those sort of questions and prefer things to be more open ended but im just looking for clean cut answears i can think about.

Best Regards
Tom
1. I think world wars would definitely send the forex market (or any other financial markets down the toilet) Other than that, the market is global so specific conflicts in parts of the world would not affect this market too much.

2. to make money in forex you need the 'edge'. the same edge that casinos have. this edge is also called trading systems. Design a trading system that is logical and fits your personality. Stick to it and you'll make money in no time. But every system has 'uniqueness' to them, so each one will make money on various levels.

3. yes. Some are more in the spotlight than others
  • #3
  • Nov 12, 2006 1:42pm Nov 12, 2006 1:42pm
1. I think world wars would definitely send the forex market (or any other financial markets down the toilet) Other than that, the market is global so specific conflicts in parts of the world would not affect this market too much.


This makes no sense. While one currency is dropping the other would be rising. So even in the case of WW3 you could still trade and find a way to make profits.
  • #4
  • Nov 12, 2006 2:14pm Nov 12, 2006 2:14pm
Quoting Rolandlc33
1. I think world wars would definitely send the forex market (or any other financial markets down the toilet) Other than that, the market is global so specific conflicts in parts of the world would not affect this market too much.


This makes no sense. While one currency is dropping the other would be rising. So even in the case of WW3 you could still trade and find a way to make profits.
online forex trading wasn't available in ww2, so we wouldn't know if online brokers would've shut down their system in case of world war. Sure you can 'theoratically' trade. but what brokers would allow you to do that when everybody is fearing for their lives
  • #5
  • Nov 12, 2006 2:57pm Nov 12, 2006 2:57pm
Quoting hilmy83
online forex trading wasn't available in ww2, so we wouldn't know if online brokers would've shut down their system in case of world war. Sure you can 'theoratically' trade. but what brokers would allow you to do that when everybody is fearing for their lives
And when the Currency you wish to Trade may be worth more if used to keep the Fire going that is keeping you from freezing to death.
  • #6
  • Nov 12, 2006 7:12pm Nov 12, 2006 7:12pm
In a WW situation, I suspect :-


a) The Internet will close down to prevent it being used by spys and the like
b) You'll have more important things to worry about that money.

Don't see it going the same was as Gambling sites just have, which I guess is where you where making it's money, but life is a gamble, going to have to suck it and see.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #7
  • Nov 12, 2006 11:09pm Nov 12, 2006 11:09pm
actually, wasnt the internet designed specifically for the reason of a world war or major catastrophic event? so that communication could be kept even if one area was totally knocked out. the way it is setup, even if you take out one entire section, the rest is totally functional...thats why it was designed as a web and not a linear system.

I may be wrong, but thats how i remember reading about it.
  • #8
  • Nov 12, 2006 11:37pm Nov 12, 2006 11:37pm
Quoting Rolandlc33
1. I think world wars would definitely send the forex market (or any other financial markets down the toilet) Other than that, the market is global so specific conflicts in parts of the world would not affect this market too much.


This makes no sense. While one currency is dropping the other would be rising. So even in the case of WW3 you could still trade and find a way to make profits.
would you? war is never good for any economy in terms of stability and in a world war, every economy in the world becomes risky. And by the way, many people agree that the next world war, WW3, will be the destruction of everything. you'll be far more preoccupied trying to feed your family and stay alive then trying to connect to the internet if there even is one. The online forex market as we know it is a product of the industrialized world. If that industralized world ever dissapears then so will the forex market.
  • #9
  • Nov 12, 2006 11:39pm Nov 12, 2006 11:39pm
Quoting sdot
actually, wasnt the internet designed specifically for the reason of a world war or major catastrophic event? so that communication could be kept even if one area was totally knocked out. the way it is setup, even if you take out one entire section, the rest is totally functional...thats why it was designed as a web and not a linear system.

I may be wrong, but thats how i remember reading about it.
"the internet" wouldn't go down but your access to it probably would
  • #10
  • Nov 13, 2006 12:48am Nov 13, 2006 12:48am
The future of forex is very bright IMO. It's a 24 hour market and you can start off with a tiny account. ~2 trillion traded a day and growing.
How you act is more important than how you feel.
  • #11
  • Nov 13, 2006 2:10am Nov 13, 2006 2:10am
Quoting aicccia
would you? war is never good for any economy in terms of stability and in a world war, every economy in the world becomes risky. And by the way, many people agree that the next world war, WW3, will be the destruction of everything. you'll be far more preoccupied trying to feed your family and stay alive then trying to connect to the internet if there even is one. The online forex market as we know it is a product of the industrialized world. If that industralized world ever dissapears then so will the forex market.
aicccia,

When asked what kind of weapons World War III would be fought with, Einstein responded, “I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.”

So if WWIII breaks out, I don't hold out much hope for WWW (the internet).
  • #12
  • Nov 13, 2006 2:39am Nov 13, 2006 2:39am
The idea of a single world currency pops up on occasion. Though this will probably not happen in our lifetimes the world is changing rapidly. The creation of Currency Zones is probably where we are headed. The Yen Zone, Dollar Zone and the existing Euro Zone. China will be a kicker, not sure where they may fit. Imagine just 3 or 4 pairs to trade.
In trading, there is no bullshit. You either make money or you don't.
  • #13
  • Last Post: Nov 13, 2006 2:57pm Nov 13, 2006 2:57pm
Quoting jacko
aicccia,

When asked what kind of weapons World War III would be fought with, Einstein responded, “I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.”

So if WWIII breaks out, I don't hold out much hope for WWW (the internet).
thats my point
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