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:
“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.
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.
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...
There’s a nice Euro bubble forming, and it’s gonna kill them like the Yen bubble did in the 90’s..
Forex is dominated by traders with more money than you can imagine, and currency moves aren’t always logical. Stay away.
Don’t worry. The usual suspects will be around shortly to tell us how great the worthless dollar is.
But Jim Cramer PROMISED me that a 50bp rate cut would strengthen the dollar.
You mean, he lied?