Are you from FCMX why do you need to multicast this question in several forums http://www.elitetrader.com/vb/showthread.php?s=&threadid=30914
Daytrading in general, (although still difficult from a psychological perspective), is easier when intraday moves are larger. With the US dollar tanking, there have been some seriously large intraday moves in currencies. Like everything else, soon enough this market will change and the true traders will adjust accordingly and the pikers will lose their shirts. Till then Pike away.
http://quote.bloomberg.com/apps/news?pid=10000103&sid=aQDUT7oXSk2s&refer=us This just goes to show that the forex industry is being more heavily regulated now (since December 2003) making it a safer place for self-directed traders to trade forex. ___ Five Currency Traders Plead Guilty in Foreign Exchange Case March 22 (Bloomberg) -- Five former currency traders admitted they defrauded investors out of $6.8 million, the first guilty pleas in a government probe of the $1.2 trillion-a-day foreign exchange market, prosecutors said. The five are all former officers of Walter, Scott, Lev & Associates, a now-defunct foreign currency ``boiler room,'' interim U.S. Attorney David Kelley in Manhattan said. They admitted using money from investors to pay their own credit card bills and the firm's expenses. ``WSL operated as a classic boiler room, in which WSL sales brokers used high pressure sales tactics to induce potential clients to invest in the forex market,'' Kelley said. Of $21 million entrusted to the firm from late 1998 to early 2002, about $6.8 million was ``simply stolen,'' he said. The guilty pleas are the first stemming from an 18-month undercover probe federal investigators dubbed Operation Wooden Nickel. Forty-seven defendants were arrested in November, including traders at J.P. Morgan Chase & Co., UBS AG and other Wall Street firms. As part of the undercover operation, agents infiltrated another alleged boiler room in the World Financial Center in New York. The agents captured hundreds of hours of video and audio recordings of defendants allegedly scheming to deceive unsuspecting customers and steal millions of dollars, prosecutors said. The five who pleaded guilty to conspiracy and mail fraud were scheduled to go to trial in two weeks. They are Michael Ross, 31; Maxim Yampolsky, 28; Michael Korobov, 28; Edward Sapienza, 30; and Frank Schavone, 39. Schavone lives in Queens, New York. The others reside in Manhattan. ___ It should be noted here that the ones who lost their money are not self-directed daytraders. They simply are the fat cats who gave their money over to guys to manage for them. And I would imagine that that type stuff doesn't only apply to forex. Regards, to
If you like Upgrades, Downgrades, Coverage Initiated, Coverage Resumed, Coverage Reiterated, Coverage Dropped. Then you wont like currency trading.
It's more about chosing the lesser evil. About having some "edge", however small it may be. In the currency "game", there barely is any for the average little guy after he's done paying the spread. Also, in the scheme of things at least trading in stocks contributes to investment in enterprises and adds liquidity for investors. In currencies, the same "trading" adds no value to anything. It's another racket for brokers to milk.
i read somewhere that the average balance in a currencies account is somewhere in the hundreds. that is $600, not $600,000. :eek: so, its pretty obvious why all these 'daytraders' are going to currencies....same reason why they go to futures...its vegas for most of them, that's all....
The racket is in equities IMO. Have you never heard of (Purchasing Power Parity) (Supply and Demand for Capital) Did you no you can earn high interest on your long positions in the spot market, and profit from market movment.