Does anybody here trade Forex/FX?

Discussion in 'The Howard Stern Show' started by h89fvh8dfha8hfv9a0, Jan 14, 2013.

  1. h89fvh8dfha8hfv9a0

    h89fvh8dfha8hfv9a0 Xavier's water boy Banned User

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    I set up a practice account last week to try it out and so far I'm up only about $15 on a $50,000 starting balance (fake money of course).

    In real life, I'd be starting with only like $5,000. Is it even worth it with such little investment (in your experience)?

    It seems like the reward is so minor that you would need tens of thousands of $$ just to make a dent.
     
  2. chuk

    chuk Well-Known Member

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    $5,000 is not nearly enough.
     
  3. RumBalls

    RumBalls The original RumBalls, est. Jan 16, 2012

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    $5,000 is plenty to get started but I recommend you practice more and are very careful when you do it for real. You can lose that money real quick.

    There are good websites for learning forex.
     
  4. chuk

    chuk Well-Known Member

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    I strongly disagree.
     
  5. h89fvh8dfha8hfv9a0

    h89fvh8dfha8hfv9a0 Xavier's water boy Banned User

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    Ha ha...

    I could see doing okay with a smaller investment if you are very, very savvy and very, very patient -- like making a few cents at a time. Just not sure if it is worth it.

    Thanks guys, much appreciated.
     
  6. the Artie Chair

    the Artie Chair New Member Banned User

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    scrape all of your pennies together and go buy AAPL ​at $500/ share
     
  7. h89fvh8dfha8hfv9a0

    h89fvh8dfha8hfv9a0 Xavier's water boy Banned User

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    Is that because it just dropped below 500 for the first time in a year and you expect it to go back up?
     
  8. the Artie Chair

    the Artie Chair New Member Banned User

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    Without going into specifics why... it will be over $600 by the end of 2013
     
  9. Kool

    Kool Well-Known Member Banned User

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    remember it's just legal gambling.
     
  10. BudBudha

    BudBudha Male Underwear Model

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  11. NotMyBro

    NotMyBro VIP Extreme Gold

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    Take $1000 of that 5k you plan on investing and take a course from someone who knows their shit or take a well-reviewed online course. At the very least, read 2-3 best-rated books on Forex before putting in a single $.

    Taking $5k and dumping it into Forex when you don't have at least a year of experience is silly.
     
  12. chuk

    chuk Well-Known Member

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    Paper trade for a year with 50k.
     
  13. h89fvh8dfha8hfv9a0

    h89fvh8dfha8hfv9a0 Xavier's water boy Banned User

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    Oh of course... I'm pretty conservative with cash. I don't expect to go live until I learn all I can and feel comfortable.

    I'm just trying to guage if it is even worth it for me to put months of training into something when my initial investment is so low.

    Much appreciate everyone's time.
     
  14. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    you should look at a simulator and get a feel for how the market really fluctuates. its not as bad as it was before the Euro, but you still need to realize just what you're getting into.
     
  15. wnbc

    wnbc New Member

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    I read the churn rate on forex accounts is 80%. Kiss that money goodbye.
     
  16. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    i would have thought that is a very conservative estimate.
     
  17. h89fvh8dfha8hfv9a0

    h89fvh8dfha8hfv9a0 Xavier's water boy Banned User

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    Absolutely. Working on a practice program I downloaded right now. Also researching and watching videos.

    Hey, I'm up .03% in four days! :c
     
  18. Hamptons

    Hamptons Well-Known Member

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    If you want 3-5 year returnstry peer to peer loaning at a site like lendingclub you can earn upwards of 10% back on your money, I just started it a month ago with a small investment already got my first payments

    you basically lend people money with $25 vouchers and group up with other people and then lendingclub approves the loan based off of the persons, finance, credit score and pre-screening
     
  19. Dead Air Dave

    Dead Air Dave Well-Known Member

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    I'm in risk at a Bulge Bracket IB and would suggest sticking with ETFs. Horrible time to get into retail investing TBH unless you're wicked smaht.
     
  20. skylarbrie

    skylarbrie VIP Extreme Gold

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    i be trading Forex, i be losing my rent money, dem joos don't be giving real time quotes or graphs