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Forex trading

  • 03-12-2008 4:05am
    #1
    skaterdude
    Closed Accounts Posts: 111 ✭✭


    Can anyone tell me a bit about forex trading?
    i saw someone on this forum talk about it before and about how great it is?
    as far as i know its betting on the stock market, eg bet 5euros per cent a share goes up or down? is this correct?


Comments

  • #2
    Idu
    Registered Users, Registered Users 2 Posts: 1,152 ✭✭✭Idu


    Forex trading is Foreign Exchange Trading. I think what you're thinking of is Futures Trading


  • #3
    techguy
    Registered Users, Registered Users 2 Posts: 2,236 ✭✭✭techguy


    FOREX is trading currencies and this is very risky and best left the pro!

    What you are talking about is Spread Betting..This is where you see the price of a stock and decide if it going up or going down:

    If you decide it is going up then you BUY the stock and sell later to make a profit.If the price falls you lose!

    If you decide the stock is going down then you SELL the stock and buy it back later to make a profit.If the price goes up you lose!

    Losses and Gains are amplified because it is a leveraged product..it is possible to lose more than you initial deposit into the trading account if things go horribly wrong!

    To me and you this is just as risky as FOREX because its so easy to lose your money.


  • #4
    skaterdude
    Closed Accounts Posts: 111 ✭✭skaterdude


    Ya spread betting thats it,
    what if i think a stock will go down in price but i dont own that stock can i still bet on it going down in price?

    Is there anyone on here that has tried this that can give me some advice?

    how much does it cost and who is good to go with?
    if i bet 5 euros per cent the price goes up and it goes down 2 cents will i lose 10 euros or will i lose more?


  • #5
    strmin
    Registered Users, Registered Users 2 Posts: 315 ✭✭strmin


    Signup for virtual account and you will see how it works.
    You can try http://www.worldspreads.ie/ or http://www.gftuk.com/


  • #6
    Danimalito
    Closed Accounts Posts: 66 ✭✭Danimalito


    FX trading is risky due to its volatility, you can lose lots of money very quickly. FX spread bet trades are quoted in fractions of a cent, e.g. the FX EUR/GBP rate at the moment is quoted at 0.8712 - 0.8714

    e.g. if you buy for €1 a point, and the rate goes down to 0.8700, you lose €14

    I'd advice you to start with the demo platforms , then small bets on low volatily equities, commodities (NOT oil!!) and maybe major indicies like the FTSE100.


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