FOREX Newbie Question

Discussion in 'Forex' started by bluesky, Jan 25, 2004.

  1. bluesky


    I attended the Financial Forum in Toronto, Canada. On the FOREX presentation, the speaker was presenting trading FOREX is lower risk and more profitable than trading stock.

    I have absolutely no experience in FOREX and don't know if trading in FOREX is any easier than stocks. By the presentation, it seems that way.

    The speaker, Najam Mahmmod used $10K as example, making an average 30 PIPS per week, factor in some trade would go against your plan, you would get $ 1,000,000 at the end of the 5th year.

    I don't know how much the Speaker charge for his full 3 days course?

    Any suggestions/comments are appreciated.
  2. Save your money and run the other way . . . fast :)
  3. staq


    I have been trading Forex currencies for almost a year. I do also trade stocks and futures. I think Forex currencies do have a lot of advantages; however, it does not matter what you are trading this business is difficult. And it is my opinion NOT to pay large sums of money to attend siminars. I would check out the message boards and read as much as possible.

  4. chaos



    LOL, I attended the same seminar. I was hoping to learn something new about trading forex but, unfortunately, it turned out to be purely a sales exercise.

    My suggestion to you would be to give Najam wide berth. Even if he has something to offer (and most trading 'educators' will impart at least a few tiny nuggets of learning to newbies), I really was turned off by his presentation. If he had tried to get us to stand up and raise our hands in the air one more time, I think I would have gone up to the front of the room and clocked him!

    IMHO, you'd be advised to shop around, if you're serious about taking a trading course.

    As for this:

    "On the FOREX presentation, the speaker was presenting trading FOREX is lower risk and more profitable than trading stock."

    To be honest, I don't recall Najam saying this, but he was selling so hard I wouldn't put it past him. In any case, don't believe it. Due to the opportunity to trade with up to 50:1 margin, forex trading can be highly profitable, but margin is a double edged sword and can cause you to go bust just as easily as it can make you rich.


  5. chaos


    It was a free seminar so I guess we got what we paid for.

  6. bluesky



    Thanks for the comments.

    Najam did not say "Trading FOREX is lower risk and more profitable than trading stocks" literally. But by way of giving example (Thousands of stocks to choose from, risking of $ $117,000 (1,000 @ 117/share) in nortel stock to make $ 3,000 profit, maximum loss in FOREX on 1 lot is $ 800.00 but the profit was $ 3,000 or $ 4,000 in the example that he presented)

    I didn't stay until the end, did he mention how much he would charge for the 3-days course?
  7. Hello Bluesky.

    If the the speaker is only making "30 PIPS per week", suggest you stay well away from him.

    3000 pips profit per week trading fx with a $10K Account Margin is realistic.

    You'll obtain a great deal of information reading thru all the posts in this forum. You can also read the several forums at the forex specific MoneyTec, and visiting the many online fx brokers sites will provide another source of educational material – start at fxcm.

    Trading fx isn't easier than trading any other financial instrument, save in the comparison with stocks, one is able to Sell/Short fx currency pairs as in futures trading. Wallace.
  8. I'm in Vancouver and might check him out when the FF comes here in Feb. But anyways, I will wager a guess that his 3 day course is in the range of $1500 to $3000USD.

    If you want to learn about FX, just research the web. Also, go to other free 2hr seminars in your area. You will pick up some nuggets here and there. Write them down in a note pad is my suggestion.

    I will bet you that in 3 days he is going to teach you HIS method of trading which may or may not work for you. So his results of 30 pips per week might work for him, but not for you.

    Take your $1500USD and open an account with Oanda and just start trading $10,000 mini lots (or less if you're risk adverse).

    Trading is trading, cept I found FX trends more than stock.
  9. chaos


    Wallace, I want some of whatever you're smoking. But seriously, I'll give you the benefit of the doubt. "3000" must be a typo, right?


  10. 30 big figures in 1 WEEK? sure you didn't mean 300 pips in a week?
    #10     Jan 26, 2004