Forex Traders Package

[michael_ital]

Anybody heard of, seen or used this ?? Any feedback??

http://www.markettraders.com/

[gurey25]

not familiar with this particular product but,
forex trading is not for the light hearted.
Ive made quite a bundle and Lost allot as well.

you need to play a long term game.

[michael_ital]

im totally ignorant as to forex trading. care to elighten me briefly, as you seem to at least be familiar with it?

[gurey25]

Basically you are buying and selling differant currencies
according to your own strategy and predictions of movements in the market.

If you want to start you would have to read allot into it,
try out the course and use the demo trading before you actually do any real trading.

[michael_ital]

Gurey, so did you end up in the red or the black ?? And did you show at least some aptitude for it?

[gurey25]

Made shit loads of money and then lost even more, then made a little bit after that, i dont trade anymore.

basically im too conservative and like to play it safe,

thank god my fear of risk saved my ass when the Gulf stock markets crashed last september, i figured that if everybody is happy and making money then its time to get the hell out, sold everything and in 2 months
it was the biggest crash ever with 60% loss of market capitlization.

sometimes it pays to be paranoid.

[AbdiWahab252]

I used to do it in small sums and played 3 currencies:

USD to Kenya Shillings ($1 = 65 KES),

so $100 USD = 6,500 KES

Take that 6,500 KES turn into Tanzanian Shillings

Rate 1 KES = 12 TES so 6,500 KES = 78,000 TES

Convert my TES into USD: rate $1 USD = 650 TES

So my 78,000 TES = $120

I come out $20 ahead per $100 converted.

This works well but u have to factor the transactional costs of the exchanges (I would drive back and forth across the border).

Note: those rates were the black market rates and using the official rates would reduce the $ made.

[AbdiWahab252]

Mickey,,, to make the big $$ u have to be willing to gamble lots of money to make it worth while not to mention it should be treated like "roulette" money (disposableincome not $ for your day to day needs)

I'd keep an eye on the site's transactional costs. They want their cut of the action

[michael_ital]

Gurey

shit loads, huh?? was it a large investment originally??

Abdi

Studying the pips, I came to the same conclusion. that you need to invest a signifigant amount for it to really pay any dividends.

[*Nobleman*]

i have a freind who works as a financial currency broker in London and he was telling me that an intresting currency conversion was the US dollar converted into iraqi dinars.

pre sept 11th and any middle east war the iraqi dinar was a very strong currency and for every half dinar was worth a full US dollar. however now the rate is 1.00 USD= 1,474 dinars. big change rite.

so the point is that u buy say a million dinars for around 100 dollars, once iraq becomes stable say 10 years and the currency rate goes back to what it was pre iraq war then u will literally have a million dollars. however it obviously wont be as good as this but still u will make a large gain through small investment.

my freind was tellin me that any oil producing country such as Iraq is always likely to have a strong currency and thats why many city merchanst approach his firm and but millions of dinars daily.

[michael_ital]

that's interesting Nobleman. I'm gonna look into that.

[AbdiWahab252]

Mickey... Its a risky scam.

Iraq is going to implode in the next 3 years into Kurdistan, Shiastan and Sunnia.

So the currency will go the way of the Soviet Ruble, or the East German Mark

[michael_ital]

Abdi

you're probably right. But true to the MarketTraders mantra, DO THE RESEARCH!" So i'll check that out.