Advice on forex trading

Discussion in 'Growing and Managing a Business' started by madmax, Jan 31, 2012.

  1. madmax

    madmax
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    Hello there! Forex market has always been an uknown subject to me , but lately i've found an online trading platform called zulutrade that is offering free signals from pro traders around the world. What do you know about this platform?
     
  2. aman

    aman
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    In today’s trading market, many people assume that Forex Trading is one of the fine ways of making huge money. These people are influenced by various promotions and advertising who promote these Forex Trading companies.

    However, the scenario is opposite in real time. There are many people who lose huge money. The best way to overcome this issue is to start of individual trading with clear understanding of the scenario. This enhances you to be profitable. There is little information provided below:

    The information you get is always not clear. You need to have your own charts, statistics and precise information on the Forex Trading before you enter into this venture.
     
  3. madmax

    madmax
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    I do understand the risk , certainly trading for yourself and by yourself seems more safe option than the autotrading thing. But i dont have time to learn , and i'm not looking for winning millions , i just look to have an alternative way of earning some extra money without loosing much time.
     
  4. Sahil

    Sahil
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    As aman mentioned above you need to be very careful while doing Forex Trading. I have no experience with it but I've had many friends who've been doing Forex trading since years. Some of them have been very successful with it and some have failed. So, it is always good to do proper research before you get into it. And also a general advice from me would be to try learning as much as you can and then put in big money into it. Don't go in for huge money in the starting.
     
  5. Krisz Rokk

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    The most important question is: why do you want to do Forex? I'm asking you this because you should really pick the instrument that fits you best. With Forex you can gain a lot of money or lose a lot of money. Certainly if you trade on your own you should invest time and learn about it.
    I'm not familiar with zulutrade. I use CMC Markets for 5 years. It's a great free online platform you can access from everywhere in the world. They have CMC apps for iPhone / iPad. If you want to give it a try you can register for a demo-account.
     
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  6. madmax

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    The reason i want to start with forex is this idea of automated trading , the extra bucks somebody could earn without spending much time on it . I dont want it to become my main income , or fortune maker , just some extra earnings. Neither do i want to learn how to trade and get myself deep into the subject , just the basics would do. That's why i'm asking whether someone tried this platform and got any profit out of it.
     
  7. safia1230

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    great reply great and informative, such as the unemployment data for the us on friday which caused the dollar ot spike up as much as 2 percent in a matter of hours, what other important news dates hugely affect the forex market? (unemployment, interest rates etc)
     
  8. Krisz Rokk

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    Thanks safia. There are several important announcements to be considered. Here are some of them:
    * Non-Farm Payroll
    * Interest Rates
    * Inflation
    * GDP
    * CPI (Consumer Price Index)
    What currency pairs are you trading? What are your favourites?
     
  9. raghubodi

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    Forex Trading is trading currencies from different countries against each other. Forex is acronym of Foreign Exchange.

    For example, in Europe the currency in circulation is called the Euro (EUR) and in the United States the currency in circulation is called the US Dollar (USD). An example of a forex trade is to buy the Euro while simultaneously selling US Dollar. This is called going long on the EUR/USD.
     
  10. madmax

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    Those are great and very informative replies , but i was asking a different thing :p I was asking about a trading platform called zulutrade whether its a reliable one.
     
  11. Nikki0000

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    I use zulutrade for some time now. if you select well your signals, and limit your margin risk you can get quite a return - even on small investment. This is what I like about the system, no need to lock huge amount of money to trade and no need to be 24/7 hoocked to a pc and a cofee pot.
     
  12. madmax

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    Thx Nikki , that's exactly what i was looking for , a live user who is currently trading with zulu. So have you experienced any losses ? Are you getting the same results as you signal provider or they differ and if yes how much is the difference?
     
  13. Nikki0000

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    hello madmax,

    yes i have suffered losses - some small, others not so much, but I learnt from my mistakes to not be too greedy.
    I have not seen any discrepancies in the results - afterall you have to take into consideration your lots, your open trades, slippage if any.
    what aboutyou? did you open a demo yet? the demo is pretty good representation of real trading - you can test all the signals there ;)
     
  14. RevaxMedia

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    Forex trading is 90% luck - and why try and spam your product?
     
  15. MFeynmann

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    90% luck!?? trader should know technical analysis, fundamental analysis, a good part of mathematical economy and other important things. If you think that 90% is luck then it mean that you have 45% chance to make a good prediction about price (50% from 90%, price goes up or down) but in reality if you know the news, see the chart etc. you can rise your "win" probability to almost 90%. In forex market you must stay cool, emotions always disturb rational analysis.
     
  16. AshleyWhiteBusin

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    Quite true.

    Forex trading is all about regulation, willpower and determination. Leveraging your strength could be extravagant by organizing the appropriate Forex trading strategy. You may find hundreds and thousands of Forex trading strategies out there. All Forex trading strategies use a variety of indicators and combinations. These indicators and studies are just calculating support and resistance and trend in the Forex trading market.
     
  17. Nikki0000

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    very well stated mate! this is the main reason for which I am auto-trading...I do not think i will ever had the knowledge to trade manually, like ever. :confused:
     
  18. madmax

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    I do agree that 90% luck is an exaggeration , luck is certainly needed at some point but overall i think that the major factor which creates a great trader is the amount of available information he has about the market.
     
  19. Nikki0000

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    I agree - you could not have put it better. Emotions should be out of the way - thats why I combine and pure EAs zulutraders in my portfolio.
     
  20. rourkem

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    My advice here would be to only invest on cash where you could afford to lose. I learned this the hard way. [​IMG]
     

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