FOREX and RonPaulAudio
I thought I would write a blog article, about a recent website development that has evolved through a community of traders of Forex (Foreign Exchange).
I have divided my time over the course of the last 5 years, devoted mainly to two things: RonPaulAudio and trading the currency market.
I write this as a topic to explore, for any fellow DPers faced with job loss and who must re-think how to make a living in the coming dilemma which will not end any time soon.
While I would agree it is somewhat ironic to capitalize on fiat currencies "race to the bottom", I have to confess, I get "some" kind of morbid pleasure, from extracting money from the fiat "system"..... a sort of "RobinHood" complex, I guess. ;)
The goal, for me, is to take profits from trading competing fiat currencies and buy Gold coin with it.
Go figure.... I'm not going to try and defend it on any philosophic basis.
It is what it is.
I have spent a tremendous amount of time between the Audio site, and learning to trade.... so, for what it's worth, I am going to point those interested, to a website for you to explore.... if you're looking at future possibilities for yourself.
If you're completely "green" to trading.... then you have quite a learning curve in front of you.
If you're experienced, then you may want to explore this further.
Where do I begin?
Let's start with Metatrader 4, a trading platform.
It's an open source software for traders. It is unique. It offers the source code, which allows the manipulation and development of 1000's of indicators by entrepreneur traders all over the world..... part traders, part computer geeks.... from Malaysia to Greece to Columbia to Montana.
It's entrepreneurial collaboration at it's best..... downloading, exchanging, 14K type code programming with one another.... in united efforts to technically trade the Foreign exchange market.
It is part Art, part Science.... what works for one doesn't always work for another...... greed and fear always play their significant part don't they?
There are dozens of Forums built around this software. One of these forums is Forex TSD.
You can explore it here: http://www.forex-tsd.com/
Like any forum.... you have serious members, noobies, contentious, predatory, misinformed, seeders, leechers... you get the point.
There is an "elite" section ($12) per month to help support the forum where the successful: post, match wits and share advice to those on the learning curve.... definitely worth exploring.
Rent-A-Signal: (It's free)
What I wanted to share in this blog to fellow DPers, is that the TSD administrator has developed something unique in the last several months and is worth looking at (if you're not busy and have spare computer time).
It is very entrepreneurial and has great potential imo.
It is called Rent-A-Signal, and is found here: http://www.rentasignal.co...
more is explained here:
http://www.forex-tsd.com/...
The basics are:
1. The MT4 Trading Platform is free and offered by many brokerages.
2. The linking software by Rent-A-Signal is free.
3. You can subscribe to signals offered by some individuals for free. (you can auto run these signals on your platform in Real Time to test.)
4. You can subscribe to signals offered by some individuals for monthly fee and auto-test these as well.
5. You can choose to test the signals on Demo (fake) accounts OR
6. You can choose to use the signals on a Real account with Real $$.
The site is simply coordinating the signals through their server for free.
Their "caveat" is that they charge nothing so they guarantee nothing.
They are offering a site (and software) that allows you to run someone else's trades on your own platform with your account. You can see the "scoreboard" to gauge each individual's success or failure.
Essentially, you have access, to the real time signals of individuals who have spent COUNTLESS HOURS, MONTHS AND YEARS, in trying to perfect their trading skills against "the beast" that is the Forex market. (heh heh)
You can choose whether this is "autorun" (hands off) or
manual (where you can monitor and decide on the fly to mimic an entry/exit or not.)
It's very cool in concept and I will be testing and analyzing this over the next several weeks.
Rather than take the time to explain all the nuance...... I'll just say explore it for yourself and perhaps it might be just what you're looking for.... and is my effort to help in Liberty.
Cheers!
Randy
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Currency to Gold/Silver and back.
I have never traded currencies for a profit/loss, however I have exchanged currencies when traveling.
I have had an account with this company for 8 years:
http://goldmoney.com/en/
... and if I was so inclined I feel I could make a good profit simply by buying Gold/Silver when they are trading low and selling for any one of the 6 currencies offered, when Gold/Silver reaches a high point....sell high.....low point buy. There is a fee when selling or buying but it might just compare with a FOREX brokers fee, or less, I don't know.
One other thing, this is a cash only { no margin } account.
Check it out.
No Margin? No Thanks.
Hi Beesting thanks for dropping by. :)
The main reason I trade the Forex is BECAUSE of margin (and leverage).
Depending on your confidence and skills and what Brokerage you use to transact your trades, you can choose leverages as high as 400:1 (and higher)
This is fairly unique to the Forex markets. I know..... it seems unreal.
But it's a fact. It is common to control a $100,000 block of currency with $500 ..... or $10,000 with $50.... a 200:1 ratio.
Imagine owning and having title to a $100,000 home with $500 for several minutes to several hours while you trade. Now imagine the value of the home can change price $200 every 5 minutes..... that's the forex.
It can go up..... or down to make your profit while you hold title.
Not for the timid.
You sell with a mouse click (or buy) and your profits/losses are immediately posted to your account.
You cannot under any circumstances lose MORE than what you have in your account. Under a doomsday scenario.... you are left with your margin..... your $50 or $500 residual back to your account.
Cheers!
A black swan could take more than your account
Have to disagree with you about losing only your account. Let's say you max out on a trade, say you trade non-farm payrolls, and it gaps far past your stop loss. You could end up owing more. Lesson is of course to NOT trade with max leverage!
Leverage is a great tool, don't get me wrong, but it must be respected.
Ha!
NFP can be hell.... thanks for pointing that out.
I'm never trading during news... it's a crap shoot with most platforms/brokerages so count me out. :) Learned my lesson long ago.
Do You Trade? (the FOREX)
As spudbox mentioned (thx :) ) those are good sites to those exploring the concept. As people may browse by this article... do you trade? If so... perhaps there might be some interest in forming a group of DP folks to create an online trading room
Trading with fellow DP'ers
I'd be interested in doing something like that. There are several services out there now where you can set up free trading chat rooms. I'd have to look at my links on my home machine.
I trade news events, do some long term stuff and have been getting into DIBS lately.
Best site for FOREX basics
Best site to learn the basics ...
www.babypips.com
Also good ...
www.forexfactory.com
as well as forex-tsd mentioned above.
???????
how mich money do you need to start with? is this a bot?
A bot?
Not exactly sure what you mean..... I'm not a bot and neither is the website I referenced..... u-u-u-mmm... I guess I can answer generically... anyone can download and play with all that I referenced for free..... no $$$.
If you want to open a Real Account with any Forex broker.... it's what you'd expect..... like opening a bank account..... other than that.... there's no difference between using these same tools in a virtual "account" with fake $$$ vs. opening a real account with real $$$. All brokerages offer Demo accounts with fake $$$ for you to practice with...
just an online/email address type signup.
The tools are the same..... it's what's called paper trading or practice.
When you develop confidence in whatever method you get comfortable with and are successful with.... you can try it out for "real" whenever you think you're ready. Hope that helps.
btw.... I have no personal gain or "interest" in any brokerages or the websites I posted.... I am just trying to expose people to think along the lines of self employment since jobs are becoming scarcer by the minute.
Cheers 2 All.