"What's the catch? Why aren't more traders involved in currencies?" ___ AT, perhaps part of the reason is that equities/bonds/futures/mutual funds have been around for decades, whereas forex is a relatively new instrument to trade for retail small cap traders. There are indications that more and more traders are beginning to trade fx. I traded stocks / NASDAQ end of 1999 for 3 months - in comparison I would never trade anything else but currencies now. also, forex may be the most complex instrument there is to trade successfully. Best regards, Sam
Cable: Heh, yeah, successfully trading moves like today separate the men from the boys. A better friend than stop losses is positioning yourself on the right side of the trade. Cheers! Sam
Sam... I have been trading equities for about 4 or 5 years now. If I wanted to transition into currencies what do you think would be the best way to go about the learning process?
Why? (I'm ignorant when it comes to this subject. Just trying to find out more info from the people who know whats up)
I used to be a CTA...and I interviewed for a job as the "other side of the trade"..... You would not believe the insane amount of money to be made especially at those 5-10 pip spread companies. Hint: When a bank calls what do you think they buy the inventory for? The quoted price? No...you trade against it to fill the banks order There are no standardized quotes.....nothing to keep them honest Just recently the NFA has started to clean them up....but years to go... Michael B. P.S. Does Oanda still have that funky withdrawel policy? Why would anybody restrict withdrawels? (I still think Oanda is the best though) P.S.S. As long as the Forex brokers advertise NO COMMISSION...or FREE TRADES...and try to fool the public...they will be regarded as a circus...
Yeah, I asked my stockbroker buddy a few years ago what he was holding. He laughed and said "Nothing, that's a scam for suckers! You know that!" The only time he got in was when the market was exploding and he would just buy every internet stock, hold it for a week, then take his 50% return and dump it.... Being a broker is a sure thing. Making a guaranteed 2 or 3 pips times x thousand trades a day beats the heck out of MY risk:return ratio, that's for sure. I wish there was better rules in place to govern the industry... I'm always a LITTLE bit worried that OANDA or whoever will just disappear with my money some day, but you gotta trust someone some time I guess.
Michael: I got a withdrawl the other day, happened like clock work - and within usual mailing time I got the check. I think their policy is one free check a month then $15 for each one after that. gsr
Mike Brown: That's a statement of utter ignorance. The entire world trades currencies. Without forex the world would stop cold. Think about it. Sam