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User Panel
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Posted: 3/27/2006 7:58:33 AM EDT
[#1]
Plenty of people make money doing currency trading. From the sound of your post, I doubt you would be one of them.
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Posted: 3/27/2006 7:59:36 AM EDT
[#2]
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Posted: 3/27/2006 8:01:25 AM EDT
[#3]
Oops.
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Posted: 3/27/2006 8:01:51 AM EDT
[#4]
Here's a neat little story you might enjoy.
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Posted: 3/27/2006 8:03:37 AM EDT
[#5]
I think banks and other financial institutions can do it because they have millions of dollars worth of currencies to play with.
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Posted: 3/27/2006 8:04:35 AM EDT
[#6]
Warren Buffet and George Soros are in the top 5 of richest people in the world from money trading, IIRC.
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Posted: 3/27/2006 8:05:46 AM EDT
[#7]
Buffet does some currency trading and hedging, but most of his money comes from other investments. |
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Posted: 3/27/2006 8:07:55 AM EDT
[#8]
 Edited to add: Where are these people when I have a used car for sale ? Me: I'll sell it for $3500 Him: No way Me: OK $3750 and not a penny more Him: Sold ! |
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Posted: 3/27/2006 8:12:17 AM EDT
[#9]
If you want to get into currencies, consider it a full time job.
www.fxcm.com/ You'll probably lose your ass trading commodities anyways. Most people do. I highly recommend a nice mutual fund instead. |
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Posted: 3/27/2006 8:14:07 AM EDT
[#10]
takes money to make money
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Posted: 3/27/2006 8:14:35 AM EDT
[#11]
Hell yes you can. Look into George Soros.
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Posted: 3/27/2006 8:15:39 AM EDT
[#12]
I just want to know!!
Say on monday that $100 is worth 1000 FP. I buy 100FP. On tuesday $100 is worth 500 FP. I trade in my 1000FP and get $200 back. Is this the BASIC way it works? |
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Posted: 3/27/2006 8:18:34 AM EDT
[#13]
Yup. Banks can and do make money this way beacuse they also have investments in real estate and other interests outside the US. See...eventually, the money will need to be converted into a currency you can use. Unless you have vested interests in countries other than the US, you aren't gonna make a dime. Buffett, Trump...all the moguls make dough this way because of investments in other countries...thereby making money for them AND their banks. |
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Posted: 3/27/2006 8:19:50 AM EDT
[#14]
You may want to look at your numbers again....
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Posted: 3/27/2006 8:20:52 AM EDT
[#15]
So what IF i had some insider info that this ONE COUNTRY that currently has a 1-1000 ratio to the dollar is about to restructure to try and help its economy and it will be something like 1-20 afterward...
Should I sink $1000 into the deal? |
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Posted: 3/27/2006 8:21:46 AM EDT
[#16]
fixed |
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Posted: 3/27/2006 8:26:10 AM EDT
[#17]
Stop asking Martha Stewart for investing advice! 
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Posted: 3/27/2006 8:26:30 AM EDT
[#18]
Lemme guess...ya wanna buy the Iraqi Dinar?
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Posted: 3/27/2006 8:29:13 AM EDT
[#19]
banks do
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Posted: 3/27/2006 8:33:28 AM EDT
[#20]
To hell with my car ! I wanna sell this guy EVERYTHING I own  azcopwannabee Stick w/ your goals to become a cop. Mathmatics does not appear to be one of your strong points  |
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Posted: 3/27/2006 8:34:36 AM EDT
[#21]
Speak for yourself, I beg to differ 
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Posted: 3/27/2006 9:31:21 AM EDT
[#22]
If your source is really that "inside" as to be credible, then probably your scheme would be illegal. I'm no expert, but you <probably> shouldn't be posting it. High reward = High risk Sorry I can't be of more help. |
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Posted: 3/27/2006 9:39:08 AM EDT
[#23]
Only if the loss of the $1000 will not be a big deal to you. There is a reason that stock and bond traders view commodity traders as reckless speculators... |
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Posted: 3/27/2006 9:44:10 AM EDT
[#24]
Check OANDA. They have a game you can play, real time, real systems, the real thing except its fake money. Give it a try, find out for real if you can make money doing currency trading.
I think you'l lbe disappointed with the results unless your playing with hundreds of thousands of dollars if not millions. Game That said, I heard of a guy who had a system that served him very well..... |
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Posted: 3/27/2006 9:46:39 AM EDT
[#25]
I would be quite stunned if you could cite a law against currency trading. When I was in Iraq I bought 3 million dinars. Why? In 1985 it was 1.00ID/3.35USD. In 1991 when the Iraqis could not legally sell their oil it was .30ID/USD. Now it is 1461.00ID/USD. When Iraq finally gets back to pumping oil the ID will suddenly have worth again. Even if it goes to a 1:1 exchange rate, my $2000.00 investment will have paid quite handsomely. And not much of a risk if you ask me. |
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Posted: 3/27/2006 10:12:24 AM EDT
[#26]
Even if you are successful with funny money, doesn't mean you are going to win when you start playing with real money. When real money is put on the line, the game changes completely because that is when emotion comes to play.
A typical losing mindset for many is to quickly take profits but hold onto losing positions forever in some delusion that the market has to come back their way.
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