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How to make money on Forex??

Discussion in 'General Investing Discussion' started by Beck, 3rd Jun, 2009.

  1. Beck

    Beck New Member

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    Hi Guys,

    I am a newbie to Forex and found this course by Thomas Strigano promising some big things. I also found some very genuine reviews of it and was wondering if anyone out there has used this system or know anything about it.

    The course is offered at ForexConfidanteRiches

    any comments would be appreciated as I would like to make the right decision

    :confused:

    Beck
     
  2. Tropo

    Tropo Well-Known Member

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    “Look, I've cracked the code.”

    Is he talking about Holy Grail code ?? :confused:

    "I learned everything there was to know about forex from the old-timers and took it to a whole new frontier.”

    What means that he learnt nothing. That is why he is trying to sell his product. :rolleyes:
     
  3. Chris C

    Chris C Well-Known Member

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    LMAO! The old, "those that can't, teach..."

    I imagine it is particularly relevant to FOREX trading.

    ;)
     
  4. Tropo

    Tropo Well-Known Member

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    No...It’s relevant to any market.
    Anybody who thinks that ‘cracked the code’ and/or know everything cannot be taken seriously (IMHO).:rolleyes:
     
  5. Chris C

    Chris C Well-Known Member

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    You could take them seriosly as good marketers potentially...

    :D
     
  6. Beck

    Beck New Member

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    .... so who do I learn from? who can be trusted and why?:confused:
     
  7. Tropo

    Tropo Well-Known Member

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    I would ONLY consider learning from pro trader who is trading for a living for at least 10~15 years, with a proven track record.
     
  8. C3PO

    C3PO Well-Known Member

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    Learning from a professional trader isn't always practical. But it is true that you should be cautious/suspicious about websites promoting trading systems like the one you are looking at. The reality is that there is no perfect trading system, no holy grail. Successful trading is about discipline, patience and risk management.

    What I would suggest is that you do some reading first. The following books will help you get started and there are many others, perhaps others on the forum can make some constructive suggestions:

    - Reminiscences of a Stock Operator, Edwin LeFevre
    - Trading for a Living, Dr Alexander Elder
    - The Candlestick Course, Steve Nison
    - Chart Trading, Daryl Guppy

    I have made these suggestions on the basis that the site/course you are looking at appears to have a technical aspect to it.

    But don't be afraid to just get in and do some trading yourself, if you have funds available that you're prepared to lose. The only way you will truly learn is from your own experience. So when you do some reading, do so with the intention of developing a trading plan to execute in FOREX.
     
  9. JudgeDreadz

    JudgeDreadz Well-Known Member

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    hey guys, i thought this would be the perfect thread to ask the question -

    "how do you actually trade on forex?"

    Is it as simple as just buying foreign currency and then converting it back to local dollars at a favourable time?

    do you need a special licence to do so?

    are you taxed for your gains?
     
  10. AsxBroker

    AsxBroker Well-Known Member

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    In Australia the ATO sets the rules on how you are taxed
     
  11. Tropo

    Tropo Well-Known Member

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    Some basic info is here:
    Investopedia Special Feature - Forex Trading Guide
    Break Into Forex In 12 Steps
     
  12. JudgeDreadz

    JudgeDreadz Well-Known Member

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    oh wow...thanks for that...i am so naive. i didn't realise you needed a broker to trade forex. i thought it was just like changing your $AU to $foreign like you do at the airport...