I think more penny stock traders should look into currency trading. Look at the resemblance: - The pace is the same, volatile and momentum packed - High profit potential in short time spans - High loss potential in short time spans - Little money needed upfront for big gains - Technical analysis is your best friend - You're familiar with breaking down a penny into many numbers beyond the decimal Now here are the important benefits of Forex over penny stocks: - A handful of currency pairs to watch instead of trying to keep up with hundreds of stocks - Liquidity so you are able to sell many units (shares) at a time without issue - Legitimate for the most part unless you somehow start trading some weird currency no one has ever heard of - You can buy/sell as many times a day as you'd like without a $25,000 deposit - You'll have less DD to do when you stick with the major currency pairs - Your commission is the spread itself in most cases - Pump and dumps do not exist - Extremely difficult to manipulate the price in someone's favor, be it an individual or an institution - Market is open around the clock Sounds good so far? Well there are also drawbacks: - Unpredictable movement - Use of leverage - Get rich quick mentality The above three things will have you losing every penny you invest in Forex if you are not prepared. Don't put a single dollar into an account unless you have weeks of training on a demo account and have built up a solid understanding of technical analysis. You will need to establish a general trading system that brings you steady profit weekly to actually make money in the long run. I haven't been on here for a while but when I was I used to trade penny stocks religiously for a few years straight. Then somehow I just got out of the game probably because I got tired of losing money. Just recently I have discovered Forex and am happy to be back in the financial world and community. For me its not about catching that ten bagger any more, but rather catching the waves leading up to the big move. I'm sure I left out a bunch of stuff but I just wanted to start a thread so people get an interest for currency trading. It has got me excited the same way penny stocks did the first time I bought and sold them for those unheard of percentages.
What software would you suggest for training and demo account? Also, software for monitoring penny stocks? Mine has a lag.
Has anybody heard of bitcoin arbitrage, I'm interested in doing this, apparently there are some big profits to be made. But anyway, back to forex, I used etoro and made £20 in a couple of days. There must be some king of automated forex arbitrage software that I could use to make some decent profit.
I'm new to investing I wouldn't know what to invest in but I want to learn more about investing so hopefully I can make some money.
When I research about FOREX, I always end up looking at a forex-related website owned by someone from GREECE or some very far and islolated islands in the pacific.. I wonder why?
Can you recommend a good source for \learning more about these, this looks like what I want when I start thinking about getting into the stock market but I know nothing about any of it and reading stuff online always seems to come from people wanting me to send my money their way. I don’t trust information that is relayed with the intent to get me to spend so I would welcome some advice as to where I could go to learn the basics .
Frequent trading is riskier than more traditional investing and is also very costly to the smaller investor. Frequent trading transaction costs can quickly whittle down $100k or less in a short period of time. Be careful.
I had enough of their online presentations that say its easy to do forex. I once tried to register get myself a demo account... I could not understand how it is, the mechanics, etc. I thought it is just like the stock market... so the ending I decided to pass.
Just to play devil's advocate, let me tell you why you shouldn't play forex. Regulation on the forex markets is making baby steps but by and large, the forex market is still heavily regulated. There is too much insider-knowledge being abused in that market that the retail investor really has no chance to make it big there. Plus, leverage is so high that for the retail investor who's using his/her own money, he/she could get his/her acct wiped out in minutes. The forex markets is not a playground for the novice to dabble in.
