Forex Trading Class
Which areas in the USA has most people trading Forex? I can’t find any info on this anywhere!?
Just curious. I know for online stock trading, pretty much every area in the USA is covered. But Forex is such a high-risk arena and one that is FULL OF SCAMS, that I don’t think ordinary people would trade it.
My friend started a business startup that delivers live Forex quotes for free and asked if I’d join. Well, I want to know if the time and effort I put in will be worth it.
Which areas in the US has most people wanting to trade Forex? What type of people like to trade forex? I get the feeling it’s mostly hedge fund managers in NYC who do it…..rather than individual middle class people.
Very few retail traders can open a “real” forex account that can trade against bank trading desks. Probably need $2,000,000 minimum or so to do that, plus be able to convince them that you’re something big.
The “forex” accounts typically promoted on the Internet aren’t the same — with those, you’re actually trading against your own broker, who issues OTC securities to you. This puts you in the rather awkward position of being in diametric financial opposition to your broker. Guess what typically happens to such accounts, over time?
The CME (in Chicago, for what that’s worth) allows trading in currency futures. This is a real, open market. The downside is that it requires a lot more capital than “retail forex” (probably 20K minimum), and these are futures, so that adds a little complexity to things, for the uninitiated. And you will still likely lose all your money, quickly, anyway, unless you’ve got some real advantage over the market, or you just get really lucky. If I really wanted to learn about what moves forex markets, I’d start by heading to my local university library and browsing the Journal of Finance and similar publications; and even then, there’s no guarantees.
FYI, the main places for “real” forex trading are NYC, London, and various major cities throughout Asia (esp. Hong Kong, Singapore, Tokyo).
Forex Trading |Class #1 Forex Introduction | FXReturn.com
