Forex trading $$$

    • RDKNAUF91
      RDKNAUF91
      Bronze
      Joined: 20.07.2010 Posts: 219
      Hi recently I'am thinking about forex.Probably will try it out myself.The problem is not enough $$$ yet

      I read somewhere that it is easier to master forex than online poker.
      Friend told me that with 3'000$ deposit it easy and with almoust no risk to make 400$ a month(You still probably need to read some book our get some courses). Don't know is it true but he make pretty nice living.

      Probably here is someone who is try it ,our makes living out of it ,our know someone :)

      While back there was rumors that PS may start teach trading.

      No way I'am only one interested in it :s_love:

      [Edited by HollyMichelle]
  • 28 replies
    • Saka000
      Saka000
      Bronze
      Joined: 21.07.2010 Posts: 136
      Hi bro,
      I am also interested in learning forex trading as well.I know that it has nice connections with online poker in general but since i do not know where to start to learn forex i do not play it such as PokerStrategy.com for poker. :) :s_biggrin:
    • RDKNAUF91
      RDKNAUF91
      Bronze
      Joined: 20.07.2010 Posts: 219
      Originally posted by Saka000
      Hi bro,
      I am also interested in learning forex trading as well.I know that it has nice connections with online poker in general but since i do not know where to start to learn forex i do not play it such as PokerStrategy.com for poker. :) :s_biggrin:


      Hi bro ;)

      Yeah poker and trading has a lot of similarities like emotional control ,discipline e.t.c
      I don't know where you from but in almoust every city has some place where they teach forex basic strategies :) I'am from Latvia/Riga and even we have introduction course for free and practical lessons with mentors for 40$.
      And also there is a lot of books available http://greenmtn.hubpages.com/hub/Top-10-Trading-Books-Every-Serious-Trader-Should-Have these are English but I 'am sure you can get decent books in any language ;)

      Let's hope here is someone who knows this stuff better :)
    • Jackalof
      Jackalof
      Bronze
      Joined: 08.06.2008 Posts: 1,462
      Friend told me that with 3'000$ deposit it easy and with almoust no risk to make 400$ a month


      You really believe in that? :f_p:

      P.S. Have master degree in Forex, sick hard.
    • RDKNAUF91
      RDKNAUF91
      Bronze
      Joined: 20.07.2010 Posts: 219
      Originally posted by Jackalof
      Friend told me that with 3'000$ deposit it easy and with almoust no risk to make 400$ a month


      You really believe in that? :f_p:

      P.S. Have master degree in Forex, sick hard.
      I just know that he makes the living of it ,and he sad that.Don't know how much and how offten he trades . :)

      Whats the master degree in Forex? :D

      If you would say what requires more effort Poker our Forex if you deposit like $5000 and whant to make living?
    • MatejM47
      MatejM47
      Black
      Joined: 21.01.2010 Posts: 1,193
      Well mastering forex isnt easier then mastering poker. The second problem with forex is you need a huge roll to grind out significant money in the end of the month.

      If your frind makes 400$ a month out of 3k roll then he has 12% monthly ROI. That means he would need a 40k roll to make 5k a month which is what you can grind out playing NL100.

      NL100 is easier to beat then getting 40k roll and master forex.
    • Buhas
      Buhas
      Bronze
      Joined: 17.07.2007 Posts: 533
      Very interesting...

      One question, can you play poker and forex, learning, grindding at the same time? can you be a good player on poker and forex?

      Let's say, i spend 40h/week on poker, if i start spending 30h on poker and 10h on forex it gonna be more profitable? In short term? and long term?
    • andreibalint
      andreibalint
      Bronze
      Joined: 11.04.2009 Posts: 872
      Hey guys, this is what i think (my bachelor's thesis was called the rentability of trades on the forex market):

      - trading/investing is generally infinately more difficult than playing poker and there's a million reasons for that. Keep in mind that the "fish" in forex are the central banks, financial analysts, George Soros :D , etc.. It's like you're thrown into nosebleed stakes from the beggining.

      And you generally have no clue who does what and there are a lot of people acting in the same time.. It's not turn based where player X with a funny avatar folds and then player Y...

      - there is no such thing as no risk. you might have a position which gives you interest but you risk the exchange rate to go against you. And if you really like risk you can have it.

      - In my opinion i think 30% per YEAR trading forex is doable (not every year 30%, just the average), 50% is very good, 100% is probably luck and above 100% you're doing something wrong but you surely got lucky.

      RDKNAUF91, your friends made THIS MONTH 400$, ask him the next few months how he did.

      Now, what i didn't said is that trading forex (or any market for that matter) can be as easy or as hard as you make it. Poker has a fixed set of rules and there is an optimal play. Trading has no such thing, you have just a price going up or down and some info about it... you decide what to do with it or how hard will you make your life.

      Trading can be made easier then beating NL2. If you know what you're doing the simplest trading strategy, the moving average crossover (google it) can make you money. If you're interested i can tell you more about my findings.

      One question, can you play poker and forex, learning, grindding at the same time? can you be a good player on poker and forex?


      Yes you can. You can make trades that last a few seconds (you're probably burning money) or you can make trades that last a few months and just visit your platform a few times a week. Your choice.

      I can go on and on forever about trading and the forex market. Feel free to ask anything. Good luck!
    • Phgrinder
      Phgrinder
      Bronze
      Joined: 16.02.2009 Posts: 1,002
      Originally posted by andreibalint
      Hey guys, this is what i think (my bachelor's thesis was called the rentability of trades on the forex market):

      - trading/investing is generally infinately more difficult than playing poker and there's a million reasons for that. Keep in mind that the "fish" in forex are the central banks, financial analysts, George Soros :D , etc.. It's like you're thrown into nosebleed stakes from the beggining.

      And you generally have no clue who does what and there are a lot of people acting in the same time.. It's not turn based where player X with a funny avatar folds and then player Y...

      - there is no such thing as no risk. you might have a position which gives you interest but you risk the exchange rate to go against you. And if you really like risk you can have it.

      - In my opinion i think 30% per YEAR trading forex is doable (not every year 30%, just the average), 50% is very good, 100% is probably luck and above 100% you're doing something wrong but you surely got lucky.

      RDKNAUF91, your friends made THIS MONTH 400$, ask him the next few months how he did.

      Now, what i didn't said is that trading forex (or any market for that matter) can be as easy or as hard as you make it. Poker has a fixed set of rules and there is an optimal play. Trading has no such thing, you have just a price going up or down and some info about it... you decide what to do with it or how hard will you make your life.

      Trading can be made easier then beating NL2. If you know what you're doing the simplest trading strategy, the moving average crossover (google it) can make you money. If you're interested i can tell you more about my findings.

      One question, can you play poker and forex, learning, grindding at the same time? can you be a good player on poker and forex?


      Yes you can. You can make trades that last a few seconds (you're probably burning money) or you can make trades that last a few months and just visit your platform a few times a week. Your choice.

      I can go on and on forever about trading and the forex market. Feel free to ask anything. Good luck!
      i'd like to talk to you more about forex. o you have skype?
    • voddiletho08
      voddiletho08
      Basic
      Joined: 24.12.2011 Posts: 31
      Is there any forex on poker?
    • mineriva
      mineriva
      Bronze
      Joined: 30.04.2008 Posts: 913
      central banks dont "trade" forex in the same way you want to.

      There is a reason why big international banks, who can afford the best programers and analysts, with "insider info" (they are the entities who transfer the money) dont trade in the way you want to.

      IT IS SIMPLE GAMBLING AND IT IS SIMPLY IMPOSSIBLE TO HAVE ANY EGDE.
    • RDKNAUF91
      RDKNAUF91
      Bronze
      Joined: 20.07.2010 Posts: 219


      IT IS SIMPLE GAMBLING AND IT IS SIMPLY IMPOSSIBLE TO HAVE ANY EGDE.
      Why you think that? Because there is so much traders out there.

      @andreibalint so you would say it is harder to make money with forex?
      You mantioned basic strategy like (moving average crossover ). so it is possible to master some strategy and always go with it and make profits??
    • dreamer14
      dreamer14
      Bronze
      Joined: 29.08.2011 Posts: 462
      forex is same gambling as poker lol.
      obviously it's not gambling, cuz you have everything to control your risk and make some good strategy.
      watch ur words.

      Originally posted by mineriva
      central banks dont "trade" forex in the same way you want to.

      There is a reason why big international banks, who can afford the best programers and analysts, with "insider info" (they are the entities who transfer the money) dont trade in the way you want to.

      IT IS SIMPLE GAMBLING AND IT IS SIMPLY IMPOSSIBLE TO HAVE ANY EGDE.
    • bmfbpi
      bmfbpi
      Bronze
      Joined: 16.09.2008 Posts: 590
      Originally posted by RDKNAUF91
      I read somewhere that it is easier to master forex than online poker.
      Friend told me that with 3'000$ deposit it easy and with almoust no risk to make 400$ a month(You still probably need to read some book our get some courses). [Edited by HollyMichelle]
      this is just stupid. No way is this possible without risk.
      I am so sick and tired of people claiming you can make $xxxx without risk and all that crap.

      IT TAKES RISK to make money. Otherwise everyone will be doing it.

      I have traded the forex market, and indeed you can make money, but again, as in poker, after a lot of hard work and discipline.

      I abandoned the forex market for a few years to concentrate on poker, however I will want to return to trading in 2-3 years.

      It's just that with poker, you can grow your bankroll faster than with forex. And it's profitable to trade the forex market only after you have more than 10k in your account, because we should NOT RISK MORE THAN 1% of your account on a single trade. Every respectable investment book tells you that. Few apply it though. Everyone wants easy money. There is no such thing as easy money.

      If anyone wants to discuss forex seriously(not the get rich quick wannabes) pm me, and we can chat
    • Damlqv
      Damlqv
      Bronze
      Joined: 25.05.2010 Posts: 235
      Added you in the comunity bmfbpi. would like to learn something about forex and then maybe get into it :)
    • Jackalof
      Jackalof
      Bronze
      Joined: 08.06.2008 Posts: 1,462
      Poker > Forex.
      Playing vs human being > playing vs machine (a.k.a. banks).
      Rake is much higher in Forex unless you make trades with huge stop loss/take profit.
    • bmfbpi
      bmfbpi
      Bronze
      Joined: 16.09.2008 Posts: 590
      Originally posted by Jackalof
      Poker > Forex.
      Playing vs human being > playing vs machine (a.k.a. banks).
      Rake is much higher in Forex unless you make trades with huge stop loss/take profit.
      bro, sorry but no way is Poker>Forex, and i love poker.
      you are not playing vs the banks in forex, you are playing against other traders. In order to play against the banks, you need millions in your account
    • Gabinr1
      Gabinr1
      Bronze
      Joined: 05.04.2009 Posts: 7,755
      How do you actually start trading? What are the steps?

      I'm asking about the practical steps, for a total beginner. Not what books he should read, but how do you actually do it? What software do you have to download and stuff.
    • bmfbpi
      bmfbpi
      Bronze
      Joined: 16.09.2008 Posts: 590
      Originally posted by Gabinr1
      How do you actually start trading? What are the steps?

      I'm asking about the practical steps, for a total beginner. Not what books he should read, but how do you actually do it? What software do you have to download and stuff.


      let's use as an example the stock market, because everyone is at least a bit familiar with how the stock market works.

      so, you have 10k set aside for investments.
      if you were trading the stock market, you would call your broker and tell him: " buy me 2000 shares of MSFT(Microsoft), 1000 shares of AMZN" for example, and the broker would buy you those shares at the market price(the price at which the stocks are trading)

      to trade the forex market you also need broker. a forex broker is a market maker(that means he quotes both a buy and a sell price and makes his profit on the bid-offer spread). a forex broker does not charge you comission (like for example when you buy 2000 shares of MSFT you also pay a comission of let's say $10 or whatever to the broker).

      how do they profit then ? as said from the bid-offer spread.
      when you trade the forex, you exchange one currency for another in the expectation that the price will change, so that the currency you bought will increase in value compared to the one you sold.

      In order to trade you need a client from the boker, just like for poker.

      If you guys have any other questions, please ask, I would be more than happy to help
    • ilrasso
      ilrasso
      Bronze
      Joined: 05.05.2010 Posts: 49
      Many forex sites has a play money version of their client . So its possible to see how it would go.

      Contrary to play money poker the play money forex is identical to real money version, so if u win at play money you would have won also in real cash.
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