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Do you think forex trading is a good sideline?

 
Anonymous Coward
User ID: 71049843
Canada
12/25/2015 08:54 PM
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Do you think forex trading is a good sideline?
Hi I am thinking of venturing into forex trading, anyone of you have info about it?
BodilessModerator
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12/25/2015 08:57 PM

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Re: Do you think forex trading is a good sideline?
Well considering it is rigged all to hell, the major banks are completely duplicit, make billion of dollars and interest off the trades, while only paying a few millions out in fines years later.

NO

Like buying paper gold--total scam. These days. Completely oversold, IMO. I wouldn't get sucked into that ponzi scheme, lol. Saddletramp IMO would be able to give you the best advice on it tho--PM him.
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Anonymous Coward
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12/25/2015 09:01 PM
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Re: Do you think forex trading is a good sideline?
Not with retail off exchange fx its a total scam.
Currency futures through a broker who is not a broker/dealer is fair but still very hard and requires large capital.
You would be better to learn simple stock investing and or trading meaning not just buying stocks and holding but short selling in a crash.
Anonymous Coward (OP)
User ID: 71049843
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12/25/2015 09:03 PM
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Re: Do you think forex trading is a good sideline?
Well considering it is rigged all to hell, the major banks are completely duplicit, make billion of dollars and interest off the trades, while only paying a few millions out in fines years later.

NO

Like buying paper gold--total scam. These days. Completely oversold, IMO. I wouldn't get sucked into that ponzi scheme, lol. Saddletramp IMO would be able to give you the best advice on it tho--PM him.
 Quoting: Bodiless


Thanks, I couldn't send pm's though bc I'm on a free account


Its just that forex trading seems promising
Evil_Twin

User ID: 23761243
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12/25/2015 09:06 PM

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Re: Do you think forex trading is a good sideline?
Are you prepared to sit up at 4am and monitor the foreign markets when they come online?

If not, you will lose big.
Anonymous Coward
User ID: 71088974
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12/25/2015 09:06 PM
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Re: Do you think forex trading is a good sideline?
I you're not sure to the point you're asking people on here, you're going to lose your ass, don't do it.
Anonymous Coward
User ID: 71088974
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12/25/2015 09:08 PM
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Re: Do you think forex trading is a good sideline?
Educate yourself about currencies so you can answer other people's questions, then you might not get slaughtered.
Anonymous Coward
User ID: 69231646
United States
12/25/2015 09:15 PM
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Re: Do you think forex trading is a good sideline?
You will get crushed. Something that would logically make a currency move one way causes it to move in the opposite direction. There will be huge spikes to put you in margin call only to have it reverse 12 hours later. They call this a "clean sweep" when they do it. It is complete rigatoni. STAY AWAY.
Anonymous Coward
User ID: 69231646
United States
12/25/2015 09:17 PM
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Re: Do you think forex trading is a good sideline?
You will get crushed. Something that would logically make a currency move one way causes it to move in the opposite direction. There will be huge spikes to put you in margin call only to have it reverse 12 hours later. They call this a "clean sweep" when they do it. It is complete rigatoni. STAY AWAY.
 Quoting: Anonymous Coward 69231646

I know a guy that lost over $500,000. No, it wasn't me. Please don't get involved in that scam.
Anonymous Coward
User ID: 69231646
United States
12/25/2015 09:19 PM
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Re: Do you think forex trading is a good sideline?
Some guy in China will fart and the Bank of this or that will do something out of the blue, and you will get destroyed. Of course if you work for the bank of this or that there is good money to be made, otherwise fk those scumbags.
Anonymous Coward
User ID: 69231646
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12/25/2015 09:21 PM
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Re: Do you think forex trading is a good sideline?
I hope I have made myself clear.
Anonymous Coward (OP)
User ID: 71049843
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12/25/2015 09:21 PM
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Re: Do you think forex trading is a good sideline?
Okay, I will just think of something else to do
TrumpsMildlyRetardedC​at

User ID: 70860147
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12/25/2015 09:23 PM
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Re: Do you think forex trading is a good sideline?
Don't listen to the naysayers, pm me if you need direction.

Yes I do Forex and dabble in other things and do well, but you have to be smart.
Anonymous Coward
User ID: 71096286
Australia
12/25/2015 09:24 PM
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Re: Do you think forex trading is a good sideline?
Educate yourself about currencies so you can answer other people's questions, then you might not get slaughtered.
 Quoting: Anonymous Coward 71088974


You will still get slaughtered by a retail off exchange broker dealer.
They will spread you into loss so they keep your account funds.
Anonymous Coward
User ID: 71096286
Australia
12/25/2015 09:25 PM
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Re: Do you think forex trading is a good sideline?
Okay, I will just think of something else to do
 Quoting: cottoncandy


Very good idea do not take advice from people selling things in relation to FX they will just rip you off they are all scammers.
Anonymous Coward
User ID: 69231646
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12/25/2015 09:25 PM
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Re: Do you think forex trading is a good sideline?
The other twisted part of it is that it is a 24 hour market and can completely fuck with your sleep patterns. It is no good.
Anonymous Coward
User ID: 7524968
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12/25/2015 09:29 PM
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Re: Do you think forex trading is a good sideline?
If you want a good sideline try trading Bitcoin. You need to get to know the market but it is 24/7 with some good volatility. You can trade on BTC-e for .1%. Check it out.
hibodharma

User ID: 70297793
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12/25/2015 09:47 PM
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Re: Do you think forex trading is a good sideline?
NO dont do it,

I know another guy who lives off trading but hes a selfish cheap guy who hoards $$. It takes years to learn trading and you lose $$ to make mistakes in order to learn.

I inherited some money but have debts and stuff
Everything is Energy
hibodharma

User ID: 70297793
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12/25/2015 09:49 PM
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Re: Do you think forex trading is a good sideline?
Okay, I will just think of something else to do
 Quoting: cottoncandy



A few years ago it would have been great to buy medical marijuana stocks because they are getting better and better now until its legalized and then sales will go through the roof!! But its too late now, u need foresight and ability to predict trends.


Maybe buy stock in a tattoo removal business that will be popular in the future when people change their minds... Lol
Everything is Energy
Anonymous Coward
User ID: 71083444
United States
12/25/2015 09:53 PM
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Re: Do you think forex trading is a good sideline?
Well considering it is rigged all to hell, the major banks are completely duplicit, make billion of dollars and interest off the trades, while only paying a few millions out in fines years later.

NO

Like buying paper gold--total scam. These days. Completely oversold, IMO. I wouldn't get sucked into that ponzi scheme, lol. Saddletramp IMO would be able to give you the best advice on it tho--PM him.
 Quoting: Bodiless


Thanks, I couldn't send pm's though bc I'm on a free account


Its just that forex trading seems promising
 Quoting: cottoncandy


you cant day trade the market, its rigged
Anonymous Coward
User ID: 63535874
United States
12/25/2015 10:40 PM
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Re: Do you think forex trading is a good sideline?
some things to be wary of:


micro lots
mini lots
pip spread
how the broker's "desk" works do they work for you OR do they work against you
is scalping allowed (this is very important if you decide on "day trading" aka playing the moment on news.

understand front back the term puts and calls
how reliable is the trading platform the brokers uses, today most use the same.

again beware of the micro mini accounts

I'm being very open ended on what i have just typed (as well as basic).

the free "fake" money accounts are not truly running real-time.

your staring into a true rabbit hole. Oh the art of reading a candlestick chart.





GLP