I am trying to find ways of making some extra money after hours and Forex is something that looks promising as I can trade after I come home from work in the evening.

So, I opened a demo account with forex.com and got familiar with the s/w interface and the trading terminologies etc. I then opened a real mini account(gives higher leverage), with minimum deposit of USD 250. I was mainly focusing on USD/JPY as they start trading in Japan after 5PM EST. I was trying to follow the charts and the free tool with forex.com(Nostradamus compass) http://www.forex.com/forex_user_guide_11_2.html

I lost some money and then recovered and made couple hundred dollars and got more greedy and lost all the money.

I understand that it takes a lot of dicipline and patience to be a forex trader and have to do a lots and lots of reading and understanding the charts. Honestly I don't have time to do a lot of reading to understand the charts and signals and I am looking for any s/w or cheaper subscription based services that can give signals on when to buy and when to sell.

Are there any Desis here who are actively trading Forex and using such s/w or services that could give signals? If so, kindly share your knowledge and experience.

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Indian IT Guys Rules........

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I understand that it takes a lot of dicipline and patience to be a forex trader and have to do a lots and lots of reading and understanding the charts. Honestly I don't have time to do a lot of reading to understand the charts and signals and I am looking for any s/w or cheaper subscription based services that can give signals on when to buy and when to sell.
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Youve said it clearly, Trading is a high return game if you know how to play it. for a few to make these high returns there needs to many who loose a lot of money..

Trading is a no sum game, meaning even the best trader has the same advnatage as you on each trade, his success in earlier trader is no guarentee for the next one.

trading takes commitment, discipline and a lot of hard work for many years and also loosing a good sum of money during those years before you can succeed.. till then your past experince of making some money and loosing all that you made and more will repeat itself many times..

The signals, calls that so many provide for a fee on the internet, will not make you any money if you dont understand the game of trading, even if the best in the game like tudor james were to tell you his calls.. you will not succeed till u understnad the phsycology of trading and build the discipline needed....

My intention is not to paint a dark picture, but that is the truth.... while it seems glamorous, it is very very difficult to make money consistently in this game..

I have spent 4 yrs in this game and still consider myself a novice, who is willing to spend 8 hrs a day infront of a screen watching the market and more time to read and build a system to trade....

If your not willing to give it your best, remember the market is always right and always wins..

Cheers

Anand

Guys do you know what news is affecting the Canadian dollar to become stronger compared to US $, other than recent news of lower bond rates and lower un-employment rate that came out a week back ?

This movement is making unfavourable to move any funds from US to Canada.

Quote:

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Originally posted by Anand24

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I understand that it takes a lot of dicipline and patience to be a forex trader and have to do a lots and lots of reading and understanding the charts. Honestly I don't have time to do a lot of reading to understand the charts and signals and I am looking for any s/w or cheaper subscription based services that can give signals on when to buy and when to sell.
------------------------------------------------------------

Youve said it clearly, Trading is a high return game if you know how to play it. for a few to make these high returns there needs to many who loose a lot of money..

Trading is a no sum game, meaning even the best trader has the same advnatage as you on each trade, his success in earlier trader is no guarentee for the next one.

trading takes commitment, discipline and a lot of hard work for many years and also loosing a good sum of money during those years before you can succeed.. till then your past experince of making some money and loosing all that you made and more will repeat itself many times..

The signals, calls that so many provide for a fee on the internet, will not make you any money if you dont understand the game of trading, even if the best in the game like tudor james were to tell you his calls.. you will not succeed till u understnad the phsycology of trading and build the discipline needed....

My intention is not to paint a dark picture, but that is the truth.... while it seems glamorous, it is very very difficult to make money consistently in this game..

I have spent 4 yrs in this game and still consider myself a novice, who is willing to spend 8 hrs a day infront of a screen watching the market and more time to read and build a system to trade....

If your not willing to give it your best, remember the market is always right and always wins..

Cheers

Anand

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CAD is not going strong against USD
but actually the USD is loosing it's value in worldwide market ........so every courruncy against USD is going strong.......

20th march 2007 ....see the forex chart .......US share market up on that day but the USD loss against all currency very badly...........EVEN INR goes to 43.50 that day ........

ABOUT FOREX MARKET TREADING
read this http://www.osc.gov.on.ca/Investor/Alert/ia_20040415_forex.jsp

Ontario Securities Commission Investor Alert - April 2004

If you're playing the FOREX market, make sure you can handle the risk