Why do you Trade Forex? | Forex Factory

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Why do you trade FOREX? 32 replies

Who do you use to trade the forex?? 1 Reason Why?? 11 replies

Why do you Trade Forex?

  • #1
  • First Post: Dec 1, 2011 2:35pm Dec 1, 2011 2:35pm
Hello folks! Let's have a nice warm discussion, shall we?

Why you choose to be a forex trader in the first place?

You may use money as your reason but if you have a slightly deeper reason that would be very nice to share :-)

Me, it's because of 3 things: I feel forex is unique, I feel talented in it, and I can be my own boss there ;-)

As I studied English Literature in university, most of my colleagues become teachers/lecturers or government staffs. I don't want to be the same, my passion is to have a unique profession, different than my university colleagues.

I feel talented because when I had a forex crash course as a new marketing staff of a local broker here, somehow I learned quite easily while all of my new coworkers got themselves a hard time. Didn't take long for me to quit, marketing staff = not cool; independent forex entrepreneur = very cool.

How's your story, mate, care to share? =)
The tone of your words reflects the quality and result of your trading ;-)
  • #2
  • Dec 1, 2011 6:07pm Dec 1, 2011 6:07pm
Intersting idea for discussion. Hope many people will chime in.

Have a feeling alot are in it to make money, and make it fast. Probably why there is such a high failure rate. I learned a long time ago I wont become rich trading a 5k account.

Right now Im trading mostly as a hobby. I have a job, enough saved for a decent retirement. I dont "need" to trade, but I do because I enjoy it. I like testing out the various systems here on FF, at least the ones that suit my time frame of trading. Helped me alot in learning what does and doesnt work for me. One day I hope to have more time and a bigger account. If I can remain profitable and make a little money on the side, all the better.
  • #3
  • Dec 1, 2011 9:18pm Dec 1, 2011 9:18pm
Quoting thorn
Right now Im trading mostly as a hobby. I have a job, enough saved for a decent retirement. I dont "need" to trade, but I do because I enjoy it. I like testing out the various systems here on FF, at least the ones that suit my time frame of trading. Helped me alot in learning what does and doesnt work for me. One day I hope to have more time and a bigger account. If I can remain profitable and make a little money on the side, all the better.
Very nice. Not long ago, a thought came to me and told me a quite similar idea: if I want to be a really successful forex trader, I should put my heart in it, meaning that I should not aim for financial result in the first place but for the joy in doing it and thus then result shall follow automatically =)
The tone of your words reflects the quality and result of your trading ;-)
  • #4
  • Dec 2, 2011 3:35am Dec 2, 2011 3:35am
Money, money, money

I went to uni after a gap year to study biochemical engineering which was fascinating and sometimes I do wish I had continued down that road, but in my gap year I found trading and three years into my degree I decided to pack it all in and go make some money for a trading account. I have always wanted to make the world a better place and I realised a long time ago that no matter how much I wish it were not the case, money makes the world go round. I am not a genius and would probably never have made a breakthrough cancer treatment or something so I figured my best chance at making a real difference was to get as much money as possible. And trading has by far the highest potential salary in the world (you are only limited by available liquidity and your own psychological barriers). Turns out I love to trade also which I would never have thought would be the case.
  • #5
  • Dec 2, 2011 6:32am Dec 2, 2011 6:32am
To get girls.
  • #6
  • Dec 2, 2011 6:47am Dec 2, 2011 6:47am
Smaller and flexible lot size.
  • #7
  • Dec 2, 2011 7:08am Dec 2, 2011 7:08am
Hi! First sorry for my english i´m from uruguay(speak spanish). I´m a math teacher. When i was young I used to work 10 hours a day in a company and after that working day I was going to study for 5 hours more in university. It was hard but it was great too. You know, I was studying for changing the world.
Now I´m a bit old and tired of teachers low salary and of course I realise that cannot change anything. A man is considered important and successful if he has got money. In Uruguay teachers are poor people. But the worst is that people believes our work it´s not important becuase it´s not productive. It´s a pity. You know garbage collector earns more than a teacher here? Something similar happens with medical doctors, lawyers, etc. That is the reason we are third world. I love my country. Good people here but it hurts a bit what I explained.
Well, no more complaints. I´m not a trader yet. I´m in demo. I was looking for money and found fx. Now, I don´t look for money only. It´s more than that. It´s to win a poker game the monster. If one day cannot trade I'm in a bad mood. It´s the adrenalin I think. Great drug. Never thought that this is going to happen. Cannot explain myself better, the truth is it´s not only for money.
Ahh, I´m a bit old for get girls too. I need a lipo and hair ink first. Good luck
Regards
  • #8
  • Dec 2, 2011 7:21am Dec 2, 2011 7:21am
hey isaac..... i can blame my forex trading on a couple of internet friends that left high level jobs with metastock and went to work for ibfx.....

their move intrigued me enough to look at forex.....

actually my preference is oex options, and will always be...... but still trade forex all day long..... ea's only.....

//---
//---

goal is using forex to buy

this

and

this

to build

this

on

this.....


it's takin longer than originally planned......h
to trade and code, keep both simple... no call to impress....h
  • #9
  • Dec 2, 2011 1:10pm Dec 2, 2011 1:10pm
Interesting story folks! Keep 'em coming' :-)
The tone of your words reflects the quality and result of your trading ;-)
  • #10
  • Dec 2, 2011 1:14pm Dec 2, 2011 1:14pm
Quoting isaacyassar
Hello folks! Let's have a nice warm discussion, shall we?

Why you choose to be a forex trader in the first place?
leverage. liquidity. predictability.
  • #11
  • Dec 2, 2011 1:18pm Dec 2, 2011 1:18pm
Liquidity, easy to learn and trade, high volume (although that's been diminished quite a bit over the last 2 years)
Make your losses in demo. Earn your profits live.
  • #12
  • Dec 2, 2011 2:16pm Dec 2, 2011 2:16pm
Hayseed, well done.

I got into trading to supplement the income from my business, and my current goal is to build a substantial retirement and be able to have the option to close my business or at least go part-time, as soon as possible - I'm in my early 40s and I might be able to hit it by 50.

I don't see trading as being productive with my life, but when I imagine what I can do to be a Producer, in the Ayn Randian sense, with my earnings I'm inspired.
  • #13
  • Dec 2, 2011 4:28pm Dec 2, 2011 4:28pm
I have betted on sports for exactly 10 years. However, it has been very hard to make withdraw from sportsbooks to bank acc in my country. The government set strict rules for banks and they rarely accept money transfers from sportsbooks. I got tired of thinkin about the banks, law and the stupid bookmakers and wanted to start a similar job/hobby and of course more legally. I think I already beat the psychology of managing an account. Leverage is the most important reason of chosing forex instead of other markets. I believe and KNOW that if you have a system for chosing your bets and if you have a money management strategy, you can earn money even if you play roulette, blackjack or forex. And this is called trade (professional gambling) instead of gambling.

**By the way this is my first post here. I hope i will be useful for the FF society in the future with my strategies and comments. Greetings from Turkey**

Good Luck

RH
  • #14
  • Dec 2, 2011 8:52pm Dec 2, 2011 8:52pm
you may lose a little money in forex is better than losing your WHOLE job and with another 5 recessions down the road FX is the only route in a recession.
Find your Favourite Pattern
  • #15
  • Dec 3, 2011 12:54am Dec 3, 2011 12:54am
Quoting isaacyassar
Hello folks! Let's have a nice warm discussion, shall we?

Why you choose to be a forex trader in the first place?

You may use money as your reason but if you have a slightly deeper reason that would be very nice to share :-)

Me, it's because of 3 things: I feel forex is unique, I feel talented in it, and I can be my own boss there ;-)

As I studied English Literature in university, most of my colleagues become teachers/lecturers or government staffs. I don't want to be the same, my passion is to have...
1. You can be your own boss
2. You can trade from anywhere at anytime
3. It means you can live anywhere in the world
4. Number 1,2 and 3 leads you to 1 conclusion : gettin' your self to have a real life!
5. Forex as an investment which you can learn from zero and risking relatively small capital in the learning process if being compared to other investments
  • #16
  • Dec 3, 2011 1:06am Dec 3, 2011 1:06am
Quoting isaacyassar
Hello folks! Let's have a nice warm discussion, shall we?

Why you choose to be a forex trader in the first place?

You may use money as your reason but if you have a slightly deeper reason that would be very nice to share :-)

Me, it's because of 3 things: I feel forex is unique, I feel talented in it, and I can be my own boss there ;-)

As I studied English Literature in university, most of my colleagues become teachers/lecturers or government staffs. I don't want to be the same, my passion...

  1. money
  2. freedom
  3. class
  4. comforts
  5. independence
  6. competency
  7. world wide exposer
  8. challenge
  9. art
  10. uniqueness

Trade responsiblypatience is the key/Swing trader
  • #17
  • Dec 3, 2011 6:21am Dec 3, 2011 6:21am
Let's begin by talking about the advantageous of Forex.

 

  1. Ease of entry- In my opinion, this is the number one reason for the explosion of interest in Forex. The barriers to entry are much lower than the traditional financial markets. The SEC requires you to keep a minimum of $25,000.00 in your account to day trade the stock market. Futures brokers require traders to post margins and maintain minimum account sizes generally in the 1000's of dollars to gain access into their arena. Forex is much different. There are several FX dealers that will allow you to trade micro lots with as little as $1.00 in your account! The more traditional FX dealers offer mini lots with sometimes as much as 400/1 leverage allowing a $10,000.00 lot size to be controlled by as little as $40.00 in the account. Accounts can often be funded by credit cards and opened/traded the same day. Truly, anyone with the desire to trade can get a start in the Forex market.
  2. True 24-hour trading- The active Forex market basically follows the sun around the world. At anytime of the day or night, you can find an active pair to trade. The market is open 24-hours a day/ 5 1/2 days a week. Those with full time jobs are able to trade Forex after work, before work and on Sunday evening. This is a real advantage for many traders.
  3. Free trading software/analysis tools/quotes- Stock and futures traders are use to paying for their Technical Analysis software and quotes. In fact, some futures traders even pay for their order entry platform on a monthly basis. All of the major Forex dealers offer fantastic market analysis/order entry/news platforms at no cost to the trader. These tools generally cost $100.00 plus per month on the equity trading e with full access are also available at no cost.
  4. No Commissions- Traders merely pay the bid/ask spread to enter the market. This spread can be wide and is a significant cost of trading. However, it is the only "mark up" from the dealer, generally.

  • #18
  • Dec 3, 2011 7:55am Dec 3, 2011 7:55am
because
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and because
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  • #19
  • Dec 3, 2011 9:51am Dec 3, 2011 9:51am
Firstly, I LOVE IT and I love a good challenge and this is it. Secondly, I don't just do it for the money. I have a few live accounts that I trade regularly: 1) retirement acct, 2) one account for the kids and their future, 3) MY business account. If you can learn how to trade the FOREX successfully, the probabilities are endless.
May the pips be with you.

PP
  • #20
  • Dec 3, 2011 10:42am Dec 3, 2011 10:42am
Quoting isaacyassar
Hello folks! Let's have a nice warm discussion, shall we?

Why you choose to be a forex trader in the first place?
the best job in the world in regards to money. the returns on forex can be a lot greater than any other job in the world.
forex does not have gaps.
you can trade forex with 1000-5000 usd and make returns of xx%/month based on small price movements. on the stock market you cannot daytrade 1000 usd or even 5000.
forex for me represents a part of the american dream. start small and after that sky is the limit.
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