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OT: Currency trading....

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Old 11-14-2003, 12:37 PM
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Default OT: Currency trading....

Anyone here in the business or have some good guys to deal with?
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Old 11-14-2003, 12:46 PM
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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....
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Old 11-14-2003, 07:43 PM
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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
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Old 11-14-2003, 08:42 PM
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Quote:
Originally posted by hugetime1
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....

Then you come back to the states after a night at the strip club, trade your money back and say, WHAT THE F**K!!!
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Old 11-14-2003, 08:59 PM
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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>

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Old 11-15-2003, 02:46 AM
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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.
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Old 11-15-2003, 03:23 AM
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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)
 
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Old 11-15-2003, 03:25 AM
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oh yea.. if this deal goes through I am going to need to borrow $10 from someone
 
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Old 11-15-2003, 07:23 AM
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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.
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Old 11-15-2003, 07:36 AM
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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.
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