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 greenthumb
Green Poppy Thumb
Registered: 07/30/11
Posts: 133
Loc: Up in the mountains
Last seen: 1 year, 7 months
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 Good Way to Make Some Money 
#14975682 - 08/25/11 12:20 PM (1 year, 8 months ago) |
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I have recently been playing around with the Forex Market. For those
of you who don't know what that is, its like the stock market, but
you're trading currency. O and A is a company that you can trade out
of and its totally free to do! All you have to do is set up a free
account, and decide if you want to start a practice account first
(that way you can get the hang of it), and you can start your real
account at anytime no charge...Depending on the method you use: For
example, I used my bank to make a direct wire transfer into my forex
account. o and a didn't charge me anything, but my bank had a wire
transfer fee of $15. They will also accept paypal. They will pay you
whenever you want them to and you can start making money on it right
away!
I usually trade the EUR/USD (European dollar against the us
dollar) its the one that moves the most. You can make money when it
goes up or down. The catch is, you have to guess which way its gonna
go to make your money, but there are forex analysts out there that
post on the internet which way the market will go and usually they're
right. The best part about it is, you can start with $1 or put
$10,000 in it, they don't care! You have to show them proof of you
before your account gets setup, and that takes about 5 days, but all
in all, its the best way that I've found to make some easy money. I
started out with just $95, and right now I'm trading off of $1236!
Here's the link to get you started-->O and A Trading
Hope this helps someone!
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Gorlax
Botanical Researcher
Registered: 05/06/08
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Re: Good Way to Make Some Money [Re: greenthumb]
#14979154 - 08/25/11 11:43 PM (1 year, 8 months ago) |
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risk vs. benefit?
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Mr. Bojangles
Breathe In
Registered: 04/08/08
Posts: 1,534
Loc: The Dirty
Last seen: 20 days, 9 hours
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Re: Good Way to Make Some Money [Re: Gorlax]
#14981446 - 08/26/11 01:08 PM (1 year, 8 months ago) |
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Risky depending how much you decide to leverage. But you can also use the forex market to hedge your current portfolio. More leverage increases profits if you're right, but also increases losses if you're wrong. Forex is sweet cuz you can trade 24 hours a day 
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"It is dangerous to be right in matters on which the established authorities are wrong."
-Fracois Marie Voltaire
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greenthumb
Green Poppy Thumb
Registered: 07/30/11
Posts: 133
Loc: Up in the mountains
Last seen: 1 year, 7 months
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Yeah, its risky, but if you count risking like $100 worth it or not
until you get the hang of it. One thing I have found that helps me is
For example: Yesterday I put all $1200 into the EUR/USD (Selling-
meaning I guessed that it would drop) it actually went UP and I was
losing money, but remember, you don't actually lose or gain until you
get out of it. What I do is pick my "buy" or "sell" and DON'T put a
stop loss on it. This morning when I woke up I had made $150! I didn't
panic when I saw that it was up, I just let the market come back down
and then got out of it. The best place to get in is either really
high or really low...duh. I just made a "sell" trade at 1.45 right
before they shut it down for the weekend. More than likely, when it
opens up on monday it wil drop...but if it don't, I'm not worried,
because I never take it out until I make money.
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 Irradiated_Feces
doomedgeneration
Registered: 07/12/03
Posts: 4,277
Loc: Great White North
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Re: Good Way to Make Some Money [Re: greenthumb]
#14984455 - 08/27/11 12:10 AM (1 year, 8 months ago) |
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EUR/USD has been good this week shorting it at high 44's and closing position at high 43's/low 44's. Been bouncing consistently off those levels. Don't ever underestimate the speed of the markets though, I always put in stop losses even if they are really generous. The whole eurozone is pretty risky right now.
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greenthumb
Green Poppy Thumb
Registered: 07/30/11
Posts: 133
Loc: Up in the mountains
Last seen: 1 year, 7 months
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I just hate putting in a stop loss where I could possibly end up losing 150 pips! Even if I have to wait a day or two, it usually ends up where I want it. I can definitely say that I am no fast trader...sometimes I don't get out of something because I'm losing. Sometimes it takes a couple of days but it usually ends up where I want it. I just hate putting those stops on it. That's almost telling Forex that you are willing to lose that much money with them!
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Irradiated_Feces
doomedgeneration
Registered: 07/12/03
Posts: 4,277
Loc: Great White North
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Re: Good Way to Make Some Money [Re: greenthumb]
#14984623 - 08/27/11 12:53 AM (1 year, 8 months ago) |
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Just wait till you get over-leveraged and blow out your account, then you'll wish you put in those damn stop losses. don't ask me how i know.
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greenthumb
Green Poppy Thumb
Registered: 07/30/11
Posts: 133
Loc: Up in the mountains
Last seen: 1 year, 7 months
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Lol! Ouch...I hate to ask! Usually I don't put everything in at once just around 100 but the other day I went for about 1200 and lucked up pretty good. It did take me awhile to get the hang of it.
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cole2684
Gamer
Registered: 02/17/10
Posts: 367
Last seen: 9 months, 5 days
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Re: Good Way to Make Some Money [Re: greenthumb]
#14990806 - 08/28/11 01:12 PM (1 year, 8 months ago) |
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So do you sign up for an OandA account or do you sign up for a FX trade account?
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I'm a man who really enjoys his taffy.
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qmarkball
Mr. Mopar Guy
Registered: 07/26/11
Posts: 256
Last seen: 3 months, 17 days
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Quote:
Irradiated_Feces said:
Just wait till you get over-leveraged and blow out your account, then you'll wish you put in those damn stop losses. don't ask me how i know.
Can you explain how this works, i read it and i didnt understand...leverage that is.
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Mr. Bojangles
Breathe In
Registered: 04/08/08
Posts: 1,534
Loc: The Dirty
Last seen: 20 days, 9 hours
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Re: Good Way to Make Some Money [Re: qmarkball]
#14993372 - 08/28/11 10:12 PM (1 year, 8 months ago) |
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Quote:
qmarkball said:
Quote:
Irradiated_Feces said:
Just wait till you get over-leveraged and blow out your account, then you'll wish you put in those damn stop losses. don't ask me how i know.
Can you explain how this works, i read it and i didnt understand...leverage that is.
Think of leverage as a loan. In forex you'll commonly see places show leverage as a ratio, which means you have the opportunity to trade positions that are more than the capital you have. 1:50 leverage means 50 times your captial, 1:100 leverage means 100 times your captial, etc. If you open an account with $10,000, then the 1:100 leverage can be used to trade a position worth $1 M. If you win on that position, you make a lot of money. If you lose on that position that you over-leveraged...you've just blown your account.
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"It is dangerous to be right in matters on which the established authorities are wrong."
-Fracois Marie Voltaire
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greenthumb
Green Poppy Thumb
Registered: 07/30/11
Posts: 133
Loc: Up in the mountains
Last seen: 1 year, 7 months
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Re: Good Way to Make Some Money [Re: cole2684]
#14993412 - 08/28/11 10:18 PM (1 year, 8 months ago) |
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Quote:
cole2684 said:
So do you sign up for an OandA account or do you sign up for a FX trade account?
You can sign up for either one, they both have a free mock trading account so you can get the hang of it. I would do the o and a account because they don't limit you to how much money you can put in. Fx trade wanted me to put in 2000 dollars and I wasn't gonna do that. As far as understanding leverage, don't worry about it. Just go in, do your homework on the currency you want to trade (I prefer the eur/usd), and read their forecast for that day. And then buy or sell it...to get out of the trade, just do the opposite of what you did to get in it...example: if I buy eur/usd thinking it's gonna go up and it does, then to get my money I would have to click sell.
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Zerglingrush09
Stranger
Registered: 07/11/11
Posts: 170
Loc: New york 
Last seen: 10 months, 5 days
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This is called day trading, you have to reasearch on your companys and what theyre planning on doing very thouroughly. During the day the market will fluctuate and end on a closing point. You watch the market and buy and sell as it fluctuates hoping to make a earning. My grandfather was a long term investor with a portfolio, our neighbor was a day trader. The differance? Theres some what a bigger risk in day trading.
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You annoy me, so fuck ya couch. I only use fungus for medicanal purposes, honest miss officer lady. Lets play make believe, your a pile of straw and I'm a mushroom, let me sporelate all in ya =D
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Zerglingrush09
Stranger
Registered: 07/11/11
Posts: 170
Loc: New york
Last seen: 10 months, 5 days
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So what should i trade in green im quite intrested i was thinking of long term but it seems you made quite the profit have you ever cashed in?
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You annoy me, so fuck ya couch. I only use fungus for medicanal purposes, honest miss officer lady. Lets play make believe, your a pile of straw and I'm a mushroom, let me sporelate all in ya =D
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Jekyll
Stranger
Registered: 08/06/11
Posts: 35
Last seen: 6 months, 28 days
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I wouldn't get into forex unless you're fairly advanced.
I wouldn't say its a "good way to make some money" unless you have money to blow
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Zerglingrush09
Stranger
Registered: 07/11/11
Posts: 170
Loc: New york
Last seen: 10 months, 5 days
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Re: Good Way to Make Some Money [Re: Jekyll]
#14993522 - 08/28/11 10:39 PM (1 year, 8 months ago) |
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do you use it? I already signed up, im watching the eur/usd graph right now planing on putting 5 on it and seeing if i can make a profit off that
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You annoy me, so fuck ya couch. I only use fungus for medicanal purposes, honest miss officer lady. Lets play make believe, your a pile of straw and I'm a mushroom, let me sporelate all in ya =D
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Mr. Bojangles
Breathe In
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Posts: 1,534
Loc: The Dirty
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Re: Good Way to Make Some Money [Re: Jekyll]
#14993614 - 08/28/11 11:00 PM (1 year, 8 months ago) |
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Quote:
As far as understanding leverage, don't worry about it. Just go in, do your homework on the currency you want to trade (I prefer the eur/usd), and read their forecast for that day.
Definitely understand it...understand as much about forex as you can before you go live. Paper trade for as long as possible...losing theoretical money is much easier than losing real money. Try to act like you're trading real money though, it makes the transition from a paper to live account much less emotional. There's tons upon tons of educational material on the internet, for free...utilize it.
Quote:
I wouldn't say its a "good way to make some money" unless you have money to blow
Depends...stop losses, a little education, and smaller leverages will help you protect your investment. Of course I am of the camp that you shouldn't play with money that you can't afford to lose.
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"It is dangerous to be right in matters on which the established authorities are wrong."
-Fracois Marie Voltaire
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Zerglingrush09
Stranger
Registered: 07/11/11
Posts: 170
Loc: New york
Last seen: 10 months, 5 days
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I have some money to play with its and im practicing right now, scouting how high and low eur/usd goes and making a plan when to actually stick some money in it
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You annoy me, so fuck ya couch. I only use fungus for medicanal purposes, honest miss officer lady. Lets play make believe, your a pile of straw and I'm a mushroom, let me sporelate all in ya =D
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geokills
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Registered: 05/08/01
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 Re: Good Way to Make Some Money [Re: greenthumb]
#14993974 - 08/29/11 12:15 AM (1 year, 8 months ago) |
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Quote:
remember, you don't actually lose or gain until you get out of it.
What I do is pick my "buy" or "sell" and DON'T put a stop loss on it.
I am happy that you have been seeing some success in your trading activity greenthumb, but must note that in particular the advice quoted above is rather reckless. In my experience, it is important to view unrealized losses as losses nevertheless. Just because there are no tax implications until you close a position, does not mean that you haven't lost money on the trade if it is going against you. After all, there is no guarantee that an investment that has turned against you will ultimately come back to make you whole again. That type of belief is what can at best cost you time (and thus opportunity cost) while you sit around waiting on hope for your trade to work itself out. At worst, it can cost you time and all of your money. This is particularly relevant if you are trading on margin (which seems typical for Forex accounts), as your broker can force the sale of your positions once your losses have become significant enough that they are afraid you won't be able to pay them back.
- Never believe that you are smarter than the market.
- Don't mistake good fortune or luck for experience and wisdom.
- Remember that discipline trumps conviction.
- Plan your trade, and trade your plan.
- Your first loss is your best loss. In other words, when you know your trade isn't working out the way you had intended, close it out and move on. This will save you both time and mental anguish.
Good luck, I hope that you thrive!
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┼ ··∙ long live the shroomery ∙·· ┼
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menelaus
Ghost
Registered: 07/24/11
Posts: 107
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Re: Good Way to Make Some Money [Re: greenthumb]
#14994323 - 08/29/11 01:35 AM (1 year, 8 months ago) |
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Quote:
greenthumb said:
I just hate putting in a stop loss where I could possibly end up losing 150 pips! Even if I have to wait a day or two, it usually ends up where I want it.
Listen to Geokills. You're account is destined for destruction if you keep trading without any risk:reward strategy. Good luck, you're going to need it with the gambling you're doing.
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