Hi,
I just want to know from you guppies…whether you know what all this forex business is about and if anyone of you has had experience trading currencies… because i would like you to share your experience with me.. i am an active foreign currency trader and can give advice to new traders or those people who want to try this business as these days there are many opportunities to avail.
Well. Euro is a hot cake these days, but I think it is nearing the peak so I'm not sure whether it would be a good advice to buy it now. You should have done that a few months ago.
However I think that compared to the Pakistani Rupee the Euro will still show some increase and might go above the 70 Rupees mark. Currently it's around 68.
yes i have been concentrating on euro since december 2002 :) its my favourite currency but i dont recommend you to buy it.. it touched its mark of $1.1935 yesterday.. its 4 year high against the dollar.. and now gone back to $1.1750 ... i see it around $1.1400 within the coming weeks.. there were rumors in the market that it would go to $1.2000.. but does'nt look like anymore.. and yes in december 2002 euro in Pak was for Rs60 and now Rs 68.50...
[QUOTE]
*Originally posted by Umer: *
Well. Euro is a hot cake these days, but I think it is nearing the peak so I'm not sure whether it would be a good advice to buy it now. You should have done that a few months ago.
However I think that compared to the Pakistani Rupee the Euro will still show some increase and might go above the 70 Rupees mark. Currently it's around 68.
[/QUOTE]
There are many brokerage houses in Karachi but most of them want a minimum investment of $10,000.. recently i found a place where with the minimum account size of $1000, you can open a MINI margin trading account and buy or sell a contract of worth 100,000 euros, 12.5 miliion yen, $125,000 swiss francs and £625,000.
Here's an example:-
I open a margin trading account of $1000 with ABC company
I Buy 5 contracts of Euro ( $50 per contract * 5 contracts= $250 utilized)
I Bought 5 Euro contracts at the price = $1.1750
If market moves from 1.1750 to $1.1790, i will gain 40 Points from the market.
Each tiny point has a value of $ 1. therefore : 40 points = $40
I plan to take out profit, settle/ Sell my 5 euro contracts at $1.1790.
Therefore, I would make from 5 contracts * 40points = $200
Company Comission per contract is $10
So, for 5 contracts or LOTS , i have to give 10 * 5 contracts= $50
My Overall profit would be = $150
Account size now : $1150
On daily basis a currency moves between 80- 120 points. I think it is safer to take 30 - 40 points from the market and exit before it s too late.
Euro moved from $1.1935 to $1.1701 today. Wow , imagine if you sold euro contracts yesterday and baught them today.Almost 235 points move in a single day.
I was heavily trading stocks til Mar 2000. That's when everything took a nose dive. I was lucky to get out in time. I have been on the side lines since then only playing with my 401K rollover accounts by buying little bit here n there.
I am very much interested in trading currencies now. I would like to learn more and then actively start trading. What would you recommend?
Very interesting....my dad deals with FOREX trading all day(it's wht he does)....never heard of MINI margin trading...but i guess it's just an account which involves a lower amount of investment..
I was gonna start trading too last summer....but never got the time...this summer after the exams is gonna be it...
Trading in stocks is too much of a hassle ...currencies are alot easier...and chances of profits are alot higher....
Hi..
where are you from?...
Ive traded S&P DJiA and Nasdaq but its more fun trading currencies..specially i recommend you to buy euro at the level $1.1700
with a Stop limit of $1.1670.. and you will get a good ride on the upper side.. around 200 points.. at this time i would like you to concentrate on EURO ..
go to www.dailyfx.com
you will get some idea
[QUOTE]
*Originally posted by funguy: *
I was heavily trading stocks til Mar 2000. That's when everything took a nose dive. I was lucky to get out in time. I have been on the side lines since then only playing with my 401K rollover accounts by buying little bit here n there.
I am very much interested in trading currencies now. I would like to learn more and then actively start trading. What would you recommend?
[/QUOTE]
mini trading account requires $1000 only and the per point value of each point is $1 . In a normal trading account of $10,000 , the per point value is $10. Mini accounts are best for new comers who want to gain experience in FOREX trading or for those who dont want to loose too much money.
whats the name of your dad's company?
[QUOTE]
*Originally posted by The new COOLDUDE: *
Very interesting....my dad deals with FOREX trading all day(it's wht he does)....never heard of MINI margin trading...but i guess it's just an account which involves a lower amount of investment..
I was gonna start trading too last summer....but never got the time...this summer after the exams is gonna be it...
Trading in stocks is too much of a hassle ...currencies are alot easier...and chances of profits are alot higher....
[/QUOTE]
I used to play with these currencies .. For the last time it was i think March 2001...
Anyhow... its a good business... BUT... it has a high risk.
Before starting the buisness U should how to minimize ur loss.. thats the key to the bizness... If U are Lucky.. U will get the increase in wat U buy.. BUT if U are not.. then.. U will have to Minimize Ur loss by techniques...
I am using here very simple language.. In currency busuness.. there is no Buying First... U can Sell first and U can Buy First.. Depends on the currency mood, U are dealing with.
U shoul atlest see the Candle graphs of the currency before trying one.
If U are the begeener.. Dont go for e.g YEN... Go for some currency that is not more Changing..
I know.. that the Fluctuating currency have good margine of Profit.. but at the same time it has the loss..
I dont know fo sure right now.. BUT.. Yen was the dangerous one. It had always big Jumps on booth sides :)
And.. there are some companies where.. u can start Ur accounts the $5000 as well. :)
I dont know.. anyone below $5000
So.. the bottom line is... Dont Jump in this bizness before U get proper training. And when U come to the biz... Be careful...
Good Luck to All
good topic CB ... i jsut read this article on chowk .. very informative
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