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FOREX-Dollar falls vs euro as housing starts plunge
Reuters-UK ^ | 10-17-07 | Vivianne Rodrigues

Posted on 10/17/2007 8:01:28 AM PDT by ksen

NEW YORK, Oct 17 (Reuters) - The dollar fell broadly on Wednesday after a report showed housing starts dropped to their lowest level in 14 years in September, adding to concerns that the housing market may drag on the U.S. economy.

(Excerpt) Read more at investing.reuters.co.uk ...


TOPICS: Business/Economy
KEYWORDS: forex
Ok, I wanted to open up a discussion of forex trading so I found this article to post so it wouldn't be a vanity.

I have a friend (really!) who is thinking about getting into forex trading. I started doing a little research online about it because I got curious when he told me about it.

Just typing in "forex" into Google brings up millions of hits! This seems to be extremely popular. That also concerns me because it makes me think there are tons of scammers out there.

Anyone have any experience trading forex?

What are the places to definitely stay away from?

What are the reputable forex sites?

Thanks for any info you can give.

Mods - If this needs to be moved to another forum go ahead. :thumbsup:

1 posted on 10/17/2007 8:01:28 AM PDT by ksen
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To: ksen

“Forex” strikes me as being in the same category as “commodities” ... if you’re new at it, and not the wife of the Governor of Arkansas, you’re likely to lose your shirt.


2 posted on 10/17/2007 8:03:42 AM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Calpernia; cbkaty; Nervous Tick; ex-Texan; RockinRight; NVDave; Neidermeyer; Travis McGee; sbMKE; ..

Mortgage/Credit/Housing Issues Ping List

If you want on or off this list let me know.


3 posted on 10/17/2007 8:05:11 AM PDT by Hydroshock ("The Constitution should be taken like mountain whiskey -- undiluted and untaxed." - Sam Ervin)
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To: ksen

I have not traded forex. I have worked with forex traders in NYC on non-trading matters. If your friend is getting a job with forex traders in a large established institution, get to be a better friend with him. He could make more money in a year than you will likely make in a lifetime and will have lots of really cool toys. If your friend is going to forex trade on his own, he is likely to get killed. Dead. The traders there that I knew thought I was retarded because they would stream out numbers too fast for me to keep up with or understand what they were saying. I have been a successful blackjack card counter, so I am not particularly bad with numbers. I thought they were retarded (at first) because a few of them didn’t understand grammar or spelling. But they understood enough to, in one case, get an 8 figure bonus. Yah, 8 figure. Guys in one room generating that income. One small room.


4 posted on 10/17/2007 8:13:56 AM PDT by Greg F (Duncan Hunter is a good man.)
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To: ksen
Trading forex! So easy, even Japanese housewives are doing it!

You should do a FR title search on "forex", you'll find lots of good posts. Some of them might even be accurate or useful!

Free Republic is where I get all my economics news. I'm not going to trade forex, however...

5 posted on 10/17/2007 8:18:31 AM PDT by Nervous Tick
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To: ksen

There’s a nice Euro bubble forming, and it’s gonna kill them like the Yen bubble did in the 90’s..


6 posted on 10/17/2007 8:19:32 AM PDT by Tolsti
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To: ksen

Forex is dominated by traders with more money than you can imagine, and currency moves aren’t always logical. Stay away.


7 posted on 10/17/2007 8:23:42 AM PDT by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: ksen

Don’t worry. The usual suspects will be around shortly to tell us how great the worthless dollar is.


8 posted on 10/17/2007 8:33:50 AM PDT by mysterio
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To: Moonman62

For in and out trading, absolutely. But as a place to park your declining dollars for a while, possibly.


9 posted on 10/17/2007 8:59:17 AM PDT by Travis McGee (---www.EnemiesForeignAndDomestic.com---)
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To: Greg F
If your friend is getting a job with forex traders in a large established institution, get to be a better friend with him. He could make more money in a year than you will likely make in a lifetime and will have lots of really cool toys. If your friend is going to forex trade on his own, he is likely to get killed. Dead.

Truer words were never spoken. And if you don't believe him, just check out all the late-night infomercials promising Forex fortunes to housewives.

10 posted on 10/17/2007 9:11:13 AM PDT by montag813
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To: mysterio
Good thing I don't have any of these worthless dollars to have to worry about it!


11 posted on 10/17/2007 11:11:04 AM PDT by RockinRight (Can we start calling Fred "44" now, please?)
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To: mysterio
The usual suspects will be around shortly to tell us how great the worthless dollar is.

If they are worthless I'd be happy to take them off your hands.

12 posted on 10/17/2007 11:13:18 AM PDT by NeoCaveman (Cleveland Indians 2007, Fred Thompson 2008)
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To: ksen

But Jim Cramer PROMISED me that a 50bp rate cut would strengthen the dollar.

You mean, he lied?


13 posted on 10/17/2007 5:30:30 PM PDT by Freedom_Is_Not_Free
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To: NeoCaveman
If they are worthless I'd be happy to take them off your hands.

I'll trade you for Euros, 1:1. What do you say?
14 posted on 10/17/2007 5:35:25 PM PDT by mysterio
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To: mysterio
I'll trade you for Euros, 1:1. What do you say?

Why would I purchase them from you, I thought they were worthless?

15 posted on 10/18/2007 6:04:11 AM PDT by NeoCaveman (Cleveland Indians 2007, Fred Thompson 2008)
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