FOREX Trading

[4K3OGH]

Anyone dabble in FOREX trading? I found a broker that has developed their own system for Forex trading. Does anyone dabble? Seems high risk, but with that comes high reward.

Looking for some personal experiences.

[Dean2]

FOREX trading is roulette with worse odds and a poorer payout. If you get into it, assume the money you start with is already lost.

[4K3OGH]

Originally Posted by Dean2

FOREX trading is roulette with worse odds and a poorer payout. If you get into it, assume the money you start with is already lost.

Thats kind of part of the fun though! I treat my stock trading the same way. The only money I put in is money that I am okay with losing.

From what I gather you have the ability to put stop losses in as well. So basically if you're about to lose your initial itll automatically pull you out- not a guarantee, but a somewhat viable option.

As far as returns- Ive talked to folks that have had months with a 100-200% ROI- again not typical but when its with money that you can afford to lose, then its fun!

Obviously I wouldnt recommend that anyone replace their mutual funds with stocks or FOREX but the way I see it is is its a way to potentially supplement my RRSP contributions or worst case scenario Ive blown money on stupider stuff in the past.

[Trochu]

Originally Posted by 4K3OGH

Thats kind of part of the fun though! I treat my stock trading the same way. The only money I put in is money that I am okay with losing.

From what I gather you have the ability to put stop losses in as well. So basically if you're about to lose your initial itll automatically pull you out- not a guarantee, but a somewhat viable option.

As far as returns- Ive talked to folks that have had months with a 100-200% ROI- again not typical but when its with money that you can afford to lose, then its fun!

Obviously I wouldnt recommend that anyone replace their mutual funds with stocks or FOREX but the way I see it is is its a way to potentially supplement my RRSP contributions or worst case scenario Ive blown money on stupider stuff in the past.

Sounds like gambling, not investing, which is fine, if that's something you're in to. I for one, definitely do not invest money I am "okay with losing". If I feel like gambling, I'll go to the casino.

[4K3OGH]

Originally Posted by Trochu

Sounds like gambling, not investing, which is fine, if that's something you're in to. I for one, definitely do not invest money I am "okay with losing". If I feel like gambling, I'll go to the casino.

To each their own for sure! Some of my favourite threads on here are when people are discussing their investment strategies. Some people are comfortable with risk, others not so much. All comes down to your personal situation.

I personally am okay with some risk, but thats only because I have a very diverse portfolio. I have my "steady" mutual funds, high yielding stocks, some higher risk stocks which have that part of my portfolio up over 140% in the last year- and potentially some Forex in the future.

The market can be a pretty exciting thing right now-depending on what part of your life youre at right now- there has been some massive movers in both directions lately. Depending on your comfort for risk theres definitely some money to be had!

[vinny]

Originally Posted by 4K3OGH

Anyone dabble in FOREX trading? I found a broker that has developed their own system for Forex trading. Does anyone dabble? Seems high risk, but with that comes high reward.

Looking for some personal experiences.

No. But I get approximately 100 people a day asking to follow me on instagram that are supposedly “forex traders”. That right there is enough to make me run the other direction!

[ganderblaster]

Been following those promoting Forex trading for a few months. They have been pretty quiet lately as far as crypto goes.
I know a few day traders trading on foreign currencies and converting the gains to crypto that were doing very well following the algorithms of either Forex or a system like Forex. I don’t have the stomach for it. I think long term Ethereum crypto may do well if the Bank of Canada doesn’t create its own crypto currency like China did. Visa has invested a lot into Ethereum and you can get an Ethereum Visa card that does the crypto to CAD conversion. Not sure the details on what they charge to convert though or anything