Forex trading

• olala

  18 Jul 06, 00:29

  Any expereinced traders here who knows the basic procedure for trading currencies?
  I decided that E-trading wuld b alot easier and more reliable instead of trading maually at $ changer
  
  i need to know the initial sum required and so on
• casino_king

  18 Jul 06, 00:37

  Originally posted by olala:

  Any expereinced traders here who knows the basic procedure for trading currencies?
  I decided that E-trading wuld b alot easier and more reliable instead of trading maually at $ changer
  
  i need to know the initial sum required and so on

  Forget it lah... worse than casino... your chances of losing is much higher and greater. In fact I would say that you are sure to lose and that there is a danger that you will lose everything you own if you are not careful.
  
  If you do not believe me then try saxobank; they let you try realtime trading with "fake" money.
  
  Every time you "bankrupt" you can always re start.
  
  Try for at least 3 months of consistently winning before you use you own money.
• stellazio

  18 Jul 06, 00:38

  yea the risk and danger is very high. its not a market for inexperienced people, as currencies fluctuates alot.
• olala

  18 Jul 06, 00:39

  but the % loss for a 15k wuldnt b too much wat..unless we're talkings abt hundred of mills
• casino_king

  18 Jul 06, 00:44

  15K? You might lose it in one day... maybe a few hours...
• olala

  18 Jul 06, 00:48

  Originally posted by casino_king:

  15K? You might lose it in one day... maybe a few hours...

  so how...?
  making me worry
• stellazio

  18 Jul 06, 00:50

  Originally posted by olala:

  so how...?
  making me worry

  dun invest. forex is not for the inexperienced.
• SexyChin

  18 Jul 06, 01:05

  Originally posted by casino_king:

  15K? You might lose it in one day... maybe a few hours...

  If you lose money, the most is that you just have a few k less in your pockets.
  
  There is little possibility for a value of foreign currency to drop to 0 in a day right?
  
  Anyway, if there is spare cash, why not just invest in something rather than keep in the bank? Interest rates in banks are pathethic.
  
  
• MooKu

  18 Jul 06, 01:41

  Why don't you put your money in a foreign currency fixed deposit in a bank? They earn rates higher than the board rates - around 3-5% depending on currency.
  
  You get to earn interest and you can put your money there till you want to change it back to SGD.
  
  But banks levy a penalty charge if you withdraw your FCFD prematurely. I'm not sure if all do, but UOB does.
• spencer99

  18 Jul 06, 01:48

  Originally posted by SexyChin:

  If you lose money, the most is that you just have a few k less in your pockets.
  
  There is little possibility for a value of foreign currency to drop to 0 in a day right?
  
  Anyway, if there is spare cash, why not just invest in something rather than keep in the bank? Interest rates in banks are pathethic.
  
  

  Do you understand "leverage"?? Basically when you do currency trading, when u put in USD10,000, you are effectively buying USD200,000 of currency... that is called leverage, that is why it is lucrative, if you USD1 buy USD1 of currency, earn what???
  
  so your USD1 will buy/sell many many times.
  
  What ist he impact of this? your gains and losses are magnified many many times. you can very easily lose your capital/equity.
  
  
• olala

  18 Jul 06, 13:37

  YES I KNOW...BUT I WANNA KNOW IF I WILL INCURSS LOSSES EXCEEDING MY CAPITAL?
• RaTtY8l

  18 Jul 06, 13:44

  Originally posted by casino_king:

  Forget it lah... worse than casino... your chances of losing is much higher and greater. In fact I would say that you are sure to lose and that there is a danger that you will lose everything you own if you are not careful.
  
  If you do not believe me then try saxobank; they let you try realtime trading with "fake" money.
  
  Every time you "bankrupt" you can always re start.
  
  Try for at least 3 months of consistently winning before you use you own money.

  o0 where to d/l tis "game me no real money but if got fake money to play den v good
• spencer99

  20 Jul 06, 08:50

  Originally posted by olala:

  YES I KNOW...BUT I WANNA KNOW IF I WILL INCURSS LOSSES EXCEEDING MY CAPITAL?

  potentially yes.... also u will be tempted to put in more and more capital.
  
  also you might be extended credit... which is like borrowing money.. and if u "lose" that borrewed moeny, you will be in debt..
  
  good luck.
  
  btw, if forex trading is so easy. why are there so many people going to work every day.
  
  and what makes u so special that you can beat other people in this game....
  
  I am not saying I can.. because i can't and i know i can't and i know most ppl cannot.