Question by ZchDnlp: I'm considering opening an account for currency trading, who should I go with? I have experience trading securities and I'm ready to open an account so I can do some forex trading. What are the fees involved with forex trading and who's the cheapest? Best answer for I'm considering opening an account for currency trading, who should I go with?:
Answer by OPM
Currency trading in the US is completely outside regulation, except futures and options. It is not illegal for a FOREX trader to offer a price away from the market to trigger margin calls to make extra profit and it is done. Either pick an English FOREX trader, which you cannot do over the net, or go to E-trade and open a global account. I am pretty sure you will not be able to day trade currencies, but you will be able to daytrade foreign securities. A pattern daytrader gets less leverage than a FOREX firm gives, but you get legal regulation.
Answer by Hambone
I'd recommend NOT trading currency. You are almost guaranteed to lose money. Your broker will make sure you make money on the first trade, then every other trade will be at the whim of the market. Put your money in small-cap stocks before currency, unless of course you have an edge over some of the most highly paid and connected people in the world.
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Setting Trades for Range and Volatility-Laced Market Conditions. By John Kicklighter, Sr. Currency Strategist ... It's about matching trading approach to market conditions; and at this point, volatile range/congestion (along with false breakouts and ... Setting Trades for Range and Volatility-Laced Market Conditions
If you are looking for a way to make money very easily and with very small effort on your part, then you should believe about a currency trading account with some thing like Forex or the Foreign Exchange. When you have a Forex account for trading you are able to easily make money just form purchasing and promoting various currencies.
Forex is the Foreign Exchange and you can easily make money by purchasing or promoting shares in a particular currency versus another one. You can select to function with US Dollar and Yen, or any other currency pair you like. This can then give you good solid amounts of cash coming into your account if you make the right options.
If you looked online, you will find a lot of individuals talking about how hard it’s to function with forex, however it truly is not that hard. What you want to look at it is your fear of numbers.
Almost everyone in the world are afraid of numbers, but what they forget is the fact that they function with numbers on a daily basis.This is a very beneficial relationship and when you open a currency trading account you will quickly see your bank balance getting bigger and bigger. Naturally you will find times when you will lose money, but because currencies in no way shed their value completely you’ll never go broke. You may shed some money one month, but you are able to very easily make it back the following month.
The trick to trading having a forex trading account is the fact that you have to believe of the numbers you are trading with as cash.
Do not think of them as numbers, it will make trading so much simpler, unless naturally you shed a great deal of that cash, but then again, you have to know when to pull your numbers out and when to insert them into an additional currency.
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