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Why do I trade Forex

  • #1
  • First Post: Nov 27, 2006 9:42pm Nov 27, 2006 9:42pm
Is it because it's fun ?

Is it because it seems easy, just a simple click and I can make thousands of Euros =P?

Is it because I actually am specialised in Forex trading and I love analysis?

Is it because I think that it's the only possible investment for me ( scared of equities, derivatives, options...) ?

etc...

I was wondering why people trade forex here, personnaly I think it is the easiest way to make a lot of money, fast, and simple =).

What about the ff guys =)

happy trading
  • #2
  • Nov 27, 2006 9:58pm Nov 27, 2006 9:58pm
Is it because ..... I'm a masochist....:
Same Whore .... Different Dress
  • #3
  • Nov 27, 2006 10:04pm Nov 27, 2006 10:04pm
I TRADE BECAUSE MY PSP IS BROKEN http://www.forexfactory.com/forexfor...ons/icon10.gif
THEY CAN TAKE MY MONEY BUT THE CAN NEVER TAKE AWAY MY DREAMS.....ZZZZZZZZZZ
  • #4
  • Nov 27, 2006 10:07pm Nov 27, 2006 10:07pm
It's the easiest to get into with small margin. Also, I am stupid enough to believe in something as magical as technical analysis. Stock traders I know thinks I'm dumb for following moving averages or crosses of this and that indicators.

I was fasicinated with the fact that I can make my hourly salary in just a few minutes. That's why I stuck to trading forex.
  • #5
  • Nov 27, 2006 10:14pm Nov 27, 2006 10:14pm
With all honesty, how successful have you guys been trading Forex since the beginning?

Me: Lost a lot of money, and am slowly trying to gain it back.
  • #6
  • Nov 27, 2006 10:23pm Nov 27, 2006 10:23pm
I trade because everytime I look at the charts, it is a new challenge. I love it. I am a very in tune with patterns, so I enjoy picking them out of the charts. I also love to learn, and I know I can learn something new everyday about forex.

The knowledge comes now. The money will come later.

andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
  • #7
  • Nov 27, 2006 10:56pm Nov 27, 2006 10:56pm
Quoting biwy

Is it because it seems easy, just a simple click and I can make thousands of Euros =P?

Ohh boy... I wish that was true for me
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #8
  • Nov 28, 2006 1:34am Nov 28, 2006 1:34am
Why do I trade Forex? Because I am ABSOLUTELY CONVINCED that this is the best "business" in the world.

There are:
1. no rent of offices (that is, NO dealing with Realtors, Lawyers, and government departments...man, what a pain in the ass). Also no office fit-out costs

2. no staff, (man, unless you have had large numbers of staff depending on YOU for their paypacket each week, you cannot know what a huge pain in the ass it is. They ALL want you to solve their problems)

3. No inventory or stock to buy. No shrinkage (theft of stock) and no "slow moving" items. No massive amount of funds tied up in inventory

4. You can "borrow" as much as you want (by increasing your leverage), WHENEVER you want. (Try running a big business and going to the bank for a short term loan for $10 mill...it will take a month minimum). I am trading $10-12 mill all the time and I get it instantly through the brokers by the use of leverage.

5. If the business becomes a hassle for whatever reason, you can shut it down (that is, close all positions) instantly...and re-open (initiate new positions) whenever YOU want to re-open your "business."

6. You can "scale" your business to whatever size YOU want simply by increasing/decreasing your positions.

7. Absolutely minimal paperwork. Simply send your 12 month summary Profit and Loss Statement to your Financial Accountant for tax payment purposes.

8. You can trade from anywhere in the world. My wife and I travel most of the year. (take your laptop or PDA or whatever else they will come up with and trade while sipping a nice drink as close by as your local cafe or as far as some open air cafe in some remote little town in beautiful Italy while you watch a bocce match at the park.)

I could keep telling you more of the benefits of this business, but suffice to say...this is the best "business" in the world. I run a multi-multimillion dollar business from my laptop.<!-- / message --><!-- sig -->
  • #9
  • Nov 28, 2006 1:59am Nov 28, 2006 1:59am
I trade forex for this only reason:

1. Forex tradings is like opening an ordinary business but living it 400 times faster. Maybe Bill Gates took 25 years to become a billionare; one can become in 5 years. This is like a fluctuation on time-space binary... is like living at light-speed... everybody becomes older... while you have only lived 5 minutes. In other words: IT IS PURE THEORETICAL PHYSICS!!!
  • #10
  • Nov 28, 2006 7:55am Nov 28, 2006 7:55am
Quoting jacko
Why do I trade Forex? Because I am ABSOLUTELY CONVINCED that this is the best "business" in the world.

There are:
1. no rent of offices (that is, NO dealing with Realtors, Lawyers, and government departments...man, what a pain in the ass). Also no office fit-out costs

2. no staff, (man, unless you have had large numbers of staff depending on YOU for their paypacket each week, you cannot know what a huge pain in the ass it is. They ALL want you to solve their problems)

3. No inventory or stock to buy. No shrinkage (theft of stock) and no "slow moving" items. No massive amount of funds tied up in inventory

4. You can "borrow" as much as you want (by increasing your leverage), WHENEVER you want. (Try running a big business and going to the bank for a short term loan for $10 mill...it will take a month minimum). I am trading $10-12 mill all the time and I get it instantly through the brokers by the use of leverage.

5. If the business becomes a hassle for whatever reason, you can shut it down (that is, close all positions) instantly...and re-open (initiate new positions) whenever YOU want to re-open your "business."

6. You can "scale" your business to whatever size YOU want simply by increasing/decreasing your positions.

7. Absolutely minimal paperwork. Simply send your 12 month summary Profit and Loss Statement to your Financial Accountant for tax payment purposes.

8. You can trade from anywhere in the world. My wife and I travel most of the year. (take your laptop or PDA or whatever else they will come up with and trade while sipping a nice drink as close by as your local cafe or as far as some open air cafe in some remote little town in beautiful Italy while you watch a bocce match at the park.)

I could keep telling you more of the benefits of this business, but suffice to say...this is the best "business" in the world. I run a multi-multimillion dollar business from my laptop.<!-- / message --><!-- sig -->



And did I mention that it was exciting and fun????
  • #11
  • Nov 28, 2006 8:31am Nov 28, 2006 8:31am
Quoting falcon232
With all honesty, how successful have you guys been trading Forex since the beginning?

Me: Lost a lot of money, and am slowly trying to gain it back.
I made a lot of money actually, in one year. When I began I lost, but then I learnt little by little, time is an ally not an ennemy. Leverage is my like my lover/ennemy, if I use him too much, he usually get me . So i usually use him just a little, little, little, and when I see a good opportunity, I put the max ( or nearly ).

As Jacko ( i like his posts they are always really clear) said, Forex is like owning your own business.

I have custommers, and I go to the office whenever i want, if I have other things to do I dont go, and if the weather is too crapy, I work from home =)

Happy trading!!!
  • #12
  • Nov 28, 2006 2:25pm Nov 28, 2006 2:25pm
i trade forex cause i want to retire by 30...
  • #13
  • Nov 28, 2006 5:28pm Nov 28, 2006 5:28pm
Quoting jacko
Why do I trade Forex? Because I am ABSOLUTELY CONVINCED that this is the best "business" in the world.

There are:
1. no rent of offices (that is, NO dealing with Realtors, Lawyers, and government departments...man, what a pain in the ass). Also no office fit-out costs

2. no staff, (man, unless you have had large numbers of staff depending on YOU for their paypacket each week, you cannot know what a huge pain in the ass it is. They ALL want you to solve their problems)

etc.
<!-- / message --><!-- sig -->
I definitely agree with you Jacko.....

Manda
  • #14
  • Nov 28, 2006 5:56pm Nov 28, 2006 5:56pm
Because of all the years I spent going all over in the military and then truck driving, I'd have to say, for now, I trade the Forex for one simple reason; my wife deserves everything this business can offer and so much more!! She stuck thru the hard times and now, it's her turn!!

Oh and, to spoil the grand kids just that much more!!
  • #15
  • Nov 28, 2006 6:01pm Nov 28, 2006 6:01pm
For the chicks?
  • #16
  • Nov 28, 2006 6:45pm Nov 28, 2006 6:45pm
Quoting twinchell
For the chicks?
  • #17
  • Nov 28, 2006 6:56pm Nov 28, 2006 6:56pm
Huh?
  • #18
  • Nov 28, 2006 7:44pm Nov 28, 2006 7:44pm
no, he meant pips

I think


well, maybe the chicks too... I mean heck... look at the car !!!
  • #19
  • Nov 28, 2006 10:00pm Nov 28, 2006 10:00pm
Quoting jacko
Why do I trade Forex? Because I am ABSOLUTELY CONVINCED that this is the best "business" in the world.

There are:
1. no rent of offices (that is, NO dealing with Realtors, Lawyers, and government departments...man, what a pain in the ass). Also no office fit-out costs

2. no staff, (man, unless you have had large numbers of staff depending on YOU for their paypacket each week, you cannot know what a huge pain in the ass it is. They ALL want you to solve their problems)

3. No inventory or stock to buy. No shrinkage (theft of stock) and no "slow moving" items. No massive amount of funds tied up in inventory

4. You can "borrow" as much as you want (by increasing your leverage), WHENEVER you want. (Try running a big business and going to the bank for a short term loan for $10 mill...it will take a month minimum). I am trading $10-12 mill all the time and I get it instantly through the brokers by the use of leverage.

5. If the business becomes a hassle for whatever reason, you can shut it down (that is, close all positions) instantly...and re-open (initiate new positions) whenever YOU want to re-open your "business."

6. You can "scale" your business to whatever size YOU want simply by increasing/decreasing your positions.

7. Absolutely minimal paperwork. Simply send your 12 month summary Profit and Loss Statement to your Financial Accountant for tax payment purposes.

8. You can trade from anywhere in the world. My wife and I travel most of the year. (take your laptop or PDA or whatever else they will come up with and trade while sipping a nice drink as close by as your local cafe or as far as some open air cafe in some remote little town in beautiful Italy while you watch a bocce match at the park.)

I could keep telling you more of the benefits of this business, but suffice to say...this is the best "business" in the world. I run a multi-multimillion dollar business from my laptop.<!-- / message --><!-- sig -->

Jacko,

Sounds good to me. I am just starting but I can see the benefits. But what are the disadvantages?
  • #20
  • Nov 29, 2006 2:24am Nov 29, 2006 2:24am
Quoting newbietrader101
Jacko,

Sounds good to me. I am just starting but I can see the benefits. But what are the disadvantages?
Hi Newbietrader101,

Hmmm...what are the disadvantages of this "business" of trading Forex?

For me there are none. I am old (early 50s), retired, financially well-off and experienced (20+years) in trading shares property and commodities. I have also had much experience in business (haing sold two businesses for substantial amounts of money) Even though I trade large volumes, the financial risk at the margin is relatively small. Also, I have had extraordinarily good luck in this market and have made a significant sum of money in the last twelve months ( so I am now playing with the Forex casino's money).

For you, the situation may be different. You are probably young, working, keen to make a lot of money and inexperienced. That is a dangerous combination.

Most young traders here all suffer from the basic same problems.
1.There is a tendency for newbies to "PANIC" when the market goes a little against them This is due to:
a. Probably scared to lose money
b. Probably undercapitalised
c. New to industry....therefore probably uncertain about your own abilities
d. Unsure that the trend lines, 50% Fib line and "round numbers" are as reliable as they are in practice.
e. Probably inexperienced in business and investment from a practical aspect
f. Probably unsure who to talk to for guidance

2. The second problem is that they are all looking for the "Holy Grail" There is no "mechanical system" that is a "Holy Grail"...I have been watching the contortions of a trader here who is trying to prove that Elliott Wave is the answer... BS !
However, let me tell you a secret...there is a "Holy Grail". Every time you look in the mirror, you will see it. It is you.

3. The thing that kills new traders is the "wild punting" on everything that moves two ticks.

4. stop thinking that you have to "outsmart" the market.
You don't have to..this business is very easy if you leave your brain at the door....just follow the trend = follow the money =going with the flow = barking with the big dogs.
Stop thinking that "it can't be that easy".......it is!!!


5, you have to detach yourself emotionally from the money...that is the hard part...stop seeing it as money, and look at it as numbers.
Also, don't play with money you can't afford to lose...or alternatively, put the money aside and tell yourself that it is already lost. (You MUST detach yourself from the money

6. And remember, Leverage can make you a fortune...but leverage will kill you quicker than you think..!!


Finally, I am not saying anything different to what all the good trading books say...but it is amazing that every newbie wants to "take on" the market and then wonders which express freight train flattened them (and destroyed their trading accounts).
Most people are trading for the adrenaline rush rather than the boring concept of just maximising profits.
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