Is Fx trading the hardest instrument?

ForexPro · Dec 14, 2005

I have just starting trading fx, but it seems to be a lot more difficult than trading shares/commodities as the focus seems to shift from interest rate differentials to budget problems, it is hard to gauge.
I would like to hear from any seasoned traders of forex for their opinions and how long, if at all, it took to become profitable?

Thanks in Advance.

nzbryant · Dec 14, 2005

Hard as 24 hours a day

Kastro_316 · Dec 14, 2005

I feel you have a better chance to make very good money in forex, however, you also have a much better chance of losing it all.

Forex is like the ice age right now. Everyone is in it. Many will not survive and only the strong will live through it.

Ripley · Dec 14, 2005

Kastro, what do you think will happen to USD/CAD?

easyrider · Dec 14, 2005

Trading is trading. Its a question of learning whichever market you are trading better than most of your competitors. I havent traded currencies but I suspect that there is some FIERCE competion out there.

Kastro_316 · Dec 14, 2005

Quote from Ripley:

Kastro, what do you think will happen to USD/CAD?

I feel the downtrend is over. I am long right now, but my stops are tight.

uninvited_guest · Dec 14, 2005

Quote from Ripley:

.....what do you think will happen to USD/CAD?

The Canadian news is all over the CAD, one guy says USD/CAD at par within 24 months.

Kastro_316 · Dec 14, 2005

Quote from uninvited_guest:

The Canadian news is all over the CAD, one guy says USD/CAD at par within 24 months.

That would be bad news for us (Canadians). Our logging industry would undoutably suffer given that 50% of out logs are exported.

uninvited_guest · Dec 14, 2005

Quote from YeahIknow:

I have just starting trading fx, but it seems to be a lot more difficult than trading shares/commodities as the focus seems to shift from interest rate differentials to budget problems, it is hard to gauge.
I would like to hear from any seasoned traders of forex for their opinions and how long, if at all, it took to become profitable?

Thanks in Advance.

I think that Forex at 200:1 leverage is very similiar to buying ATM options. Forex might have a little more punch though.

You have to watch your stops in Forex though, very easy to get stopped out early.

Kastro_316 · Dec 14, 2005

Quote from uninvited_guest:

I think that Forex at 200:1 leverage is very similiar to buying ATM options. Forex might have a little more punch though.

You have to watch your stops in Forex though, very easy to get stopped out early.

That killed me in the beginning. Now one of the most important aspects of my risk management plan, is my stops