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O/T: Anybody day trade foreign currencies?

Discussion in 'Uncategorized Threads' started by scratcher, Jul 26, 2007.

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  1. scratcher

    scratcher TS Member

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    I'm wondering if any TS.com readers do any foreign currency trading on a regular basis; commonly called day trading. I have an interest in this but would like to talk to folks who are involved. Please write to above e-mail addy, drop the x's.

    Dick Gries
     
  2. Iowa

    Iowa TS Member

    Joined:
    Jan 29, 1998
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    Contracts are large. Risk is high. Pros dominate and most successful ones take long-term positions and ideas about a big long-term move. This is how George Soros made several fortunes. Warren Buffett took a large short position in the USD and held it for some time because he was so bearish on US politicians and policies.

    Not for amateurs.

    Hawkeye
     
  3. smsnyder

    smsnyder Well-Known Member

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    i was going to in china. but my son who lives there said once you put the money in its hard to get it back out. big money can be made in china but it seems only by big corporations. my son teaches economic's there at shang hi university.
     
  4. scratcher

    scratcher TS Member

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  5. halfmile

    halfmile Well-Known Member

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    Location:
    Green Bay Wisconsin
    Get a hold of Lind-Waldock and open an account. I think it has to be 5 Grand.

    you are purchasing futures contracts on whatever currencies you want.

    This is VERY hairy shit. The leverage that makes you rich can also wipe you out in a heartbeat. YOu know you're there when you wake up at 4 AM with chest pains, and close the position next morning.

    I suggest you go to the library and get a book first.

    HM
     
  6. buzzgun

    buzzgun Member

    Joined:
    Jan 29, 1998
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    Earl,

    Couldn't get your money out of China? Ah, you had the wrong kind of money...neat little game they run, ain't it?

    Didn't your son teach you about the rubber-ducky trick?
     
  7. Bisi

    Bisi TS Member

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    A friend of mine traded currency for a number of years, worked for one of the larger brokerage houses. Then he went out on his own. Made a damn fine living for several years, then he got ran over, and tried to play catch up. Committed suicide, left a wife and 3 kids. Saddest day of my life.

    Be careful, and have a backup plan.
     
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