Reasons to be a Forex trader

[peat]

I don't know why anybody in their right mind would want to be a forex trader.

Forex never closes.

the reason I chose forex is because it is a 24 hour market which allows you to trade outside of the day job, AND because I wanted to give myself the hardest challenge so that when I succeed I will be able to cut it in any market anytime - this goal is also why I chose to become a purely technical trader.

For instance the perfection of the market due to massive liquidity. Few gaps mean almost guaranteed stop losses.

What other things are there positive about forex. So many i reckon.



Discuss

[shasta]

For instance the perfection of the market due to massive liquidity. Few gaps mean almost guaranteed stop losses.

What other things are there positive about forex. So many i reckon.

What are the negatives?

Discuss

Insomnia?

You FX traders are a rare/strange breed - i admire you for tackling one of the hardest aspects of the financial markets

[AMR]

Pros:

Very low commissions
Good range of technical analysis programmes
No gapping
Trends very well (according to several books I read)
As much or as little leverage as you want with minimal cost
Able to hedge your own expenditure
24 hour markets mean you can place orders after work

Cons:

Some FX brokers are dodgy
High short term volatility means it is harder to place decent stop losses
24 hour markets mean you have to rely on limit orders or scripts a fair bit

[Dr_Who]

I am still learning about the Forex market. Most of the movement does not make nay fundamental sense. You just have to go with the trend. Abit like PAris Hilton fan club.

[arco]

Insomnia?

You FX traders are a rare/strange breed - i admire you for tackling one of the hardest aspects of the financial markets

Interesting remark Shasta. I personally find FX is the easiest.

.

[arco]

I am still learning about the Forex market. Most of the movement does not make nay fundamental sense. You just have to go with the trend. Abit like PAris Hilton fan club.

Although there are fundamental issues that obviously have a bearing
on currencies, for short term trading TA is better suited to FX in my opinion.

I didnt realise you were a member of the PAris Hilton fan club

[shasta]

Interesting remark Shasta. I personally find FX is the easiest.

.

I've never dabbled in it, perhaps thats why i assume it's hard.

The fundamental stuff comes naturally to me, so i guess i stick to what i know!