OT: Currency trading....
 

Anyone here in the business or have some good guys to deal with?

I trade currency when i go to canada, its really not that hard, you give them a hundred bucks, they give you back $140, what a deal....

Not sure, I have a friend tha ttold me he invested $10k and has been getting a $2k-$3k return, am i being fed a line or can this be true? I am just looking for something new to make a few extra bucks...Let me know:)

Then you come back to the states after a night at the strip club, trade your money back and say, WHAT THE F**K!!!:eek:

Look out! Many "currency trading firms" are crooks and bucket shops. I had to laugh when the entire senior management team of a Korean bank was hauled off by the FBI.

Fact: you CANNOT offer margined currency contracts to the general public without being registered with the Commodity Futures trading Commission or CFTC.

If it is Citibank or Merrill Lynch offering to open an account for you to trade spot, forward or futures contracts, not to worry. But, it is also illegal for any broker to make statements of profits without saying "past performance is not necessarily indicative of future results."

If you have some time on your hands, buy a seat on the FINEX exchange for about 7K and stand on the NYC floor to trade FINEX U.S. dollar index and other futures/options FX contracts.

Hey, I used to trade about half a billion dollars a day in currencies, ran my own trading firm and was ranked number 11 in the 1989 U.S. real money trading championship, futures division. Now I tell college students my war stories. <gg>

I see the commercials all the time and know of several guys that have called me and been selling cars the next month...My local guys are trying to talk me out of it and are not very willing to put me in touch with the right people.

Are they protecting me, or afraid I will see better returns and close my accts with them?

Since Monday one of my guys has been forgetting each day or running out of time yadda yadda yadda.

I'll trade ya 200 dimes for 200 nickles.. your getting alot more volume of silver so it is a hell of a deal on your part. (well it works every time with the 5 year old next door)

oh yea.. if this deal goes through I am going to need to borrow $10 from someone:rolleyes:

What about offshore banks? I have been looking around and found in the Dominican Republic a $100,000 CD for 30 days can return up to 10%. Some say it is safe, others say no.

Trading currencies, options, futures, spots, commodities is a HIGH RISK business. YES money has been made. Lots of it. YES MONEY HAS BEEN LOST. EVEN MORE OF IT! You really have to know what you are doing and be on top of it. Finding someone who truly has your best interest in mind is of the utmost importance. Also, in my opinion, money you trade on any of the above should be money you can lose and not be upset, mad, or lose any sleep over. Keeping in mind that options are the only caviat to the aforementioned when structured appropriately.

Good morning Shane, your up early today.

from what i know of currency trading, ou relaly need to know your **** and have huge set of balls.

its high risk and you need to move signiican;t amount of money to make profits. YOu re generally exploiting very very small differences in price but if you are trading enough $ the small raise or drop can net some good returns.

a friend of mine is doign bond arbitraige (spelling???) out in cali and making pretty good returns. They exploit the historical gap trading between the 5 and 10 year treasury notes. Its fully model based trading and he's been claiming that te risks score (i forget teh name of teh scale) i slower tan teh sp500 (if say you were trading a tracking stock of it)

he's making decent money for people. I think you gotta start out with 25k though

Shane is right, if you are prepared to lose 100% of your money, trade long call and put options on futures contracts.

If you are willing to lose 5 or 10 times the original amount you started with, trade futures or any of the bucket shops margined contracts. Also, in the case of the bucket shops, be prepared for a large man to show up at your house with a lead pipe, requesting you sign your house over to him due to your market loss.

If you hedge your legit futures contracts with options, the above horror story likely won't happen, but it is for sophisticated investors only and any mistakes will bite, badly.

Start off by doing some homework. Many (most?) investment books are garbage, but there are several good ones for people interested in high risk speculation.

Read Market Wizards, interviews with top traders I & II.
By Jack Schwager.

The Futures Game, Who Wins, Who Loses and Why. Teweles and Jones.

Take online currency futures classes offered by the Chicago Mercantile Exchange www.cme.com & read Technical Analysis of Stock Trends by Edwards and Magee. John Murphy's technical analysis books are also good.

Then there are intensive multiple day classes offered by firms through the NYIF designed to prepare MBAs and prfessionals for a career in the markets. Expect to pay dearly for these.

A great place to start exploring currency trading is at www.tradersgame.com It is free and very good.

Thanks for all the suggestions CBR, I am going to explore them all:)

I have learned more in since I posted this than I have all week by trying to use the pro's that I know...Thanks guys

No RISK, No REWARD. Weigh your options and only gamble with what you can afford to throw away. I believe it is more luck than skill, but you should understand the basics to make your best "guess", Good Luck!

I have been donating about $15k a month to the casino so I figure why not be more constructive with the funds. This is the first Sat that I did'nt go in a few months. Maybe I just need a new hobby for the winter months:D

and your worrying about springing for a new outerlimits?:D

105 i;ll mak eyoau deal,

ou stop gambling, give me 5k a month and first class plane ticket to cali, i'll fly out there, kick you in the nuts and we'll call it even!

Hey Puder, you're not the first one to offer me that deal;)

I go once and take $500 with me and leave with $7k-$9k, next week take $2500-$4k and leave with ZERO:eek:

I have just been going out of habit lately, other people inviteme and I can't say NO!!! I am just use to being a hardass all week that on the weekends I am a pushover:)

Ok, here are a couple more suggestions: Lind-Waldock.com permits you to open a sample brokerage account online and place "paper futures and options trades" for a month or so. You can find out if your account balance at the end of that period indicates whether you should stick to Vegas or not.

Good luck!

If you are going to get into ANY kind of investing, you have to do your homework. Before I invest in a company or buy stock or sell, I do quite a bit of homework. Farming most of my life, I've always been up on the market keeping a close watchful eye on what is happening and what is going on in the rest of the world. I rarely ever listen to advice from my broker about moving money around, because it takes money out of his pocket.

This year had I listened to the analysts and my broker, I would have sold my soybeans @ $6.53 a bushel. I choose not too and the market went up and I sold them @ $7.41 a bushel. I had 20,000 bushel. Almost a $20,000 loss.

Just do your homework and if you make money or lose money, its on you. :)

battle cry i had no idea you were a soybean farmer!!!! :D

I'll make you a better deal. Give me the money, I won't kick you in the nuts, we can party and run the chit out of our boat and use whats left on LADIES!:D :p :eureka:

Is "pepsi" cheaper there too?

105mph...just keep donating that 15K a month to the casinos. I hope there here in Nevada. Helps keep our taxes low. Thanks

105 give me a call and i will send you some info on a firm i use. 443-794-8552 matt

puder,

We farm corn, white corn, soybeans, and wheat. Some years we grow oats, but not that often. About 1000 acres of corn, 1000 soybeans, and 500 acres of white corn. Only about 50 acres of wheat. Right dead center in Illinois about 20miles south of Springfield. Cash rent most ground.

Check out www.interactivebrokers.com
They will allow you to open a trading account, if
you can pass their test.
Very cheap commissions and a nice trading platform.
At least keeping your commissions low may help contain some of your losses.
Risk what you are willing to lose.
Contain your losses and let the profits run!

And your freind... is he getting a 20-30% return in a day, week, month, or year??? big difference.

I trade stocks and like to make 3%-7% in a few days.

battel cry you're relalya farmer???

i was ind of kidding i thoug ou were trading comodities not actually growing and selling them. Thats pretty damn cool!

i got the answer
 

GOLD

BattleCry, I drove by you going to Gaylord MI a few weeks or so back. Does all that corn go into the gasoline as ethanol? For about 6 hours I saw nothing but fields in so. Illinois....I keep thinking tha teach time I go to the casino I will actually bring more back. I can count the cards pretty well but when I start paying attention to other things I lose interests and just want to play:)

DYI

http://story.news.yahoo.com/news?tmp...rex_arrests_dc

Peconic,
I thought the same thing this morning when I saw the NEWS!!!

105mph_38_2003,

No, not all of the corn is produced for ethanol. There is SOOOOOOOO Many things that corn and soybeans are used for. Just 35 miles West of me is Decatur, IL. Home of A.E. Staley, and Archer Daniels Midland Company A.K.A.=Supermarket for the World. They are able to extract everything out of corn and soybeans. Its amazing how much they can do. White corn is mostly used to make tortilla chips and tortillas. Its worth about $0.25 more a bushel that No.2 Yellow Corn(regular corn).

puder,

Yes, I do farm. I also manager security of three nightclubs. And buy and sell Real Estate. Farming keeps me grounded and lets me write-off my truck.;)

Cool another Farmer!

Who else on this forum is a farmer?

I am. NW Indiana. Boatfreak28 is, just South of Indianapolis. Steve AKA Rampage Still dows a little. In Michigan

I say just trade comodities. great way to loose more than you invest.

My dad is a farmer in Western central Ohio / Eastern central Indiana. (around Richmond) Raises about 1500 acres of corn,1000 acres soybeans, 100 wheat...oh yeah and about 30,000 hogs a year...equal to about 150,000 # a week.