Forex Guide answers:

If it is too confusing, then you shouldn’t be investing in gold. You’ll never be able to do what you think you can do. First there is the spot price that a dealer will pay, then there is a markup price plus shipping that you will pay for the gold. Then when you want to sell the gold, the dealer will offer you a discount price to buy your gold.

Depending on from who you purchase your gold and type of gold (bars, coins, collector coins, etc.), you will likely have a round trip surcharge of 10%-70%. If you don’t understand the different costs, you will likely be very sorry that you ever purchased gold.

Forex Guide answers:

Yes, that is illegal. It’s a form of “kiting”. It’s also speculative so you could end up losing the money and then have nothing to pay off your debt. Investment should only be done with discretionary money!

EDIT:

You are still “playing the float”; borrowing money to use during the grace period. This is commonly referred to as “Check Kiting” but it’s the same principle.
Http://en.wikipedia.org/wiki/Check_kiting

Forex Guide answers:

Maybe business studies

Forex Guide answers:

ETrade is expensive and has many hidden fees.
Scottrade is “OK”, but better for a semi experianced trader.
Forex: Apples and oranges, Forex is an asset class (currency).

You’re asking the wrong questions. Looking for a broker is the last thing you should be doing. In order to pick a broker you need to know your requirements. What order types are important to you? Is fundemental analyis important or is technical analysis? What about a charting package? Do you need conditional orders.. If so what types?
(and many more such questions)….. It would be a mess to chose a broker and then find out they don’t do what you need.

So…. The answer is simple & smart;
Learn stock investing…. At least the basics. Take 6-12 months or more. I guarantee you… It will save you from making typical mistakes like;
Buying stocks because they’re “cheap”.
Buying stocks under $5.
Not using stops.
Not using limit orders.
Etc……………………..

Good luck.

Forex Guide answers:

1. Would you recommend etrade, scottrade, or forex, and why?
I use TD Ameritrade. Cheap commissions and lots of services.

2. How much (estimate) does it cost to buy or sell on any of the three;
a. Is it a fixed price or it depends on how much you’re trading
$9.99 per trade no matter the number of shares or cost of the stock.
B. Is it on percentage or …?
See above.

3. Is it cheaper to use these online brokerage or to use a financial investment office, is it cheaper?
Discount online brokers are the cheapest way to go, but you get no advice.

4. Do you buy stocks only with check, bank account if you’re buying online or can you use credit cards or debit cards?
Linked to my checking account and I keep some funds with the brokerage.

Forex Guide answers:

I can only help you with Liberty Reserve question because I use this payment system, but I am not a forex trader, so with forex parts of your question other members will help.
To send money from your bank to Liberty Reserve, you need an exchanger. Try eforexgold exchanger, e-forexgold.com
You just fill in the buy form on their site, they give their bank details, you send money to them and they fund your Liberty Reserve accnt.

Forex Guide answers:

Hi,

Any good broker like fxcm.com has a contact us section which you can use. They will answer to all of your queries. Before opening a live trading account make sure you hone your trading skills on a practice account and learn the basics and dangers of forex trading. To learn more go to

http://www.forex-margin.net

All the best

Forex Guide answers:

Forex Trading is trading currencies from different countries against each other. Forex is acronym of Foreign Exchange.

How Does Forex Trading Work?
Forex trading is typically done through a broker or market maker. As a forex trader you can choose a currency pair that you expect to change in value and place a trade accordingly. For example, if you had purchased 1,000 Euros in January of 2005, it would have cost you around $1,200 USD. Throughout 2005 the Euro’s value vs. The U.S. Dollar’s value increased. At the end of the year 1,000 Euros was worth $1,300 U.S. Dollars. If you had chosen to end your trade at that point, you would have a $100 gain.

Forex trades can be placed through a broker or market maker. Orders can be placed with just a few clicks and the broker then passes the order along to a partner in the Interbank Market to fill your position. When you close your trade, the broker closes the position on the Interbank Market and credits your account with the loss or gain. This can all happen literally within a few seconds.
India has a rather strict foreign currency exchange policy – even though many liberalization measures have been taken recently, it’s still an economically isolated, or highly protected country. Indian currency – rupee, is highly regulated by the national banking authority – Reserve Bank of India, and so Indian citizens still cannot freely exchange rupee to other currencies, they have to prove their need and there are annual limits for different needs (more). Even popular money transfer systems such as Western Union – which is spread worldwide and available to everyone, are forbidden in India – residents can only receive money, but not send.

However, because of the globalization there is a definite need to open the economy, so Reserve Bank of India has been softening rules and regulations in recent years.

One of the important changes in regards to Forex trading is that in year 2008 Reserve Bank of India has finally allowed currency futures trading. Speculative trading became a permissible operation too – since it became impossible to ask for a proof of a hedging need.
We at Forex4you are happy that one of the biggest and the most perspective country in the world is finally joining the world of opportunities of Forex trading market!
More details are available on the official website of RBI – here.
Note that Indian brokers are only allowed to provide USD/INR pair at the moment. Since we’re located outside India, in British Virgin Islands, we do provide customers with many more pairs, many of which are much more interesting for traders because of their nature. Rupee, being a highly regulated currency, is not as volatile as other currencies and doesn’t allow as much analysis since movements depend on RBI decisions and not on market events.
Our another advantage over brokers registered inside India is that we don’t have any fees or minimum transactions/deposits. Services are much more affordable at our company!
How You Make Money Trading Forex
In the FX market, you buy or sell currencies. Placing a trade in the foreign exchange market is simple: the mechanics of a trade are very similar to those found in other markets (like the stock market), so if you have any experience in trading, you should be able to pick it up pretty quickly.
The object of Forex trading is to exchange one currency for another in the expectation that the price will change, so that the currency you bought will increase in value compared to the one you sold.
An exchange rate is simply the ratio of one currency valued against another currency. For example, the USD/CHF exchange rate indicates how many U.S. Dollars can purchase one Swiss franc, or how many Swiss francs you need to buy one U.S. Dollar.

How to Read an FX Quote

Currencies are always quoted in pairs, such as GBP/USD or USD/JPY. The reason they are quoted in pairs is because in every foreign exchange transaction you are simultaneously buying one currency and selling another. Here is an example of a foreign exchange rate for the British pound versus the U.S. Dollar:

GBP/USD = 1.7500

The first listed currency to the left of the slash (“/”) is known as the base currency (in this example, the British pound), while the second one on the right is called the counter or quote currency (in this example, the U.S. Dollar).

When buying, the exchange rate tells you how much you have to pay in units of the quote currency to buy one unit of the base currency. In the example above, you have to pay 1.7500 U.S. Dollar to buy 1 British pound.

When selling, the exchange rate tells you how many units of the quote currency you get for selling one unit of the base currency. In the example above, you will receive 1.7500 U.S. Dollars when you sell 1 British pound.
YOU SHOULD DEMO TRADE FOR AT LEAST 6 MONTHS BEFORE YOU EVEN THINK ABOUT PUTTING REAL MONEY ON THE LINE.

Forex Guide answers:

Lesson learned dude. With regards to legality, I guess there is no law on that considering it is virtual. However, you can ask your broker. Some offers a sort of rebates to those losing traders. . I heard that from my uncle. He is into trading too

Forex Guide answers:

The first thing that people who will be wealthy in the future learn is budgeting. This means delayed gratification. That means that the skills that would put you into being a successful forex trader, discipline and delayed gratification do not meld well with your desire for a Lamborghini. Your lack of study focus and ability also means you lack discipline. Since you can’t master basic stuff at the high school level you will never master such nuance based issues as are present in the forex or stock market.

If you come from modest roots, you have to learn such skills if you ever hope to be wealthy. I know it is possible to go from noggin head idiot to successful millionaire, but it will take discipline. A skill you apparently lack and are unwilling to develop at this time .

Before you waste your seed corn on investments you might consider using a “simulated” portfolio on Yahoo finance where you can test your skills and measure your competence. The market will be choppy for the next 6 months…give it a try and see if you would have made money or lost your fortune.

Forex Guide answers:

Usually, trade forex in a currency pair containing your base currency.
This will minimize exchange rate loss.

Forex Guide answers:

Dont hesitate to submit your proofs to forex brokers.. You can get some but if it doesnot get ask for those proofs they may be scam sitess..DOn’t use them and lose your money.

Forex Guide answers:

Its never a wise move, to fund risky investments with short-term debt financing this will simply double your risk exposure. Rather use alternative sources of funding. Obtain advise from your financial adviser thereto.

Forex Guide answers:

I was on the same kind of situation 2 years, back!
And I took ICICI with me, i never regreted that!

Forex Guide answers:

Use your visa debit at the cash machines in the US. Cheapest exchange rate, safe, and best way to go.

FOREX charges big commissions versus an ATM, and in the US, you can find ATM machines that do not charge service fees.

Forex Guide answers:

No. Just as you wouldn’t find an ATM in any other foreign country dispensing Thai Baht.

Forex Guide answers:

Most brokers will ask you to deposit around $300 or more minimal to open a micro account.

1) 8000+ free Forex strats: http://comefollowme.zulutrade.com/Performance.aspx (bookmark it)
2) FXCM’s form to use above strategies: http://www.fxcm.com/zulutrade-fss-lod.jsp
(or http://www.fxcm.co.uk/zulutrade-lod-form.jsp for the UK)
3) An alternative, broker + strategies: http://www.etoro.com/B66_A29675_TClick.aspx
4) The largest Forex forum, is: http://www.forexfactory.com (bookmark it)

Forex Guide answers:

Hi, here is exactly info. Which you search:http://financecreditforex.blogspot.com/

Forex Guide answers:

Hi there,

I think they are required for the proof of address. And you are not rerquired to provide copies of credit card but they need credit card/bank bills or utility bills for address verification.

If they are asking copies of credit card, then this is wrong and you can even deny them.

Regards

Forex Guide answers:

Good question Mark. More people should be concerned with the aount of time and the hoops you need to jump through to get your hard earned money out of your account.

Take a look at InterbankFX. They have a debit or credit card that you can use to easily access money from your account. I think it is an awesome idea and I am not sure why more brokers don’t use it. (Unless they like earning off the float of your money….hmmmm).

Let me know if you would like to learn how to earn preferential institutonal rates in your trades with InterbankFX.

Paul
pupp52@yahoo.com

Forex Guide answers:

Since, forex trading market conditions change periodically you can’t determine its fluctuations so you need understand the basic ways and strategies that must be implemented to accomplish successful winning trades. If you need to know more about forex trading, you can make use of http://www.how-to-tradeforex.com/

Forex Guide answers:

1.EUR/USD – Euro/U.S. Dollar
2.GBP/USD – Great British Pound/U.S. Dollar
3.USD/CHF –- U.S. Dollar/Swiss Franc
4.USD/JPY –- U.S. Dollar/Japanese Yen
5.USD/CAD –- U.S. Dollar/Canadian Dollar
6.AUD/USD – Australian Dollar/U.S. Dollar
7.EUR/GBP – Euro/Great British Pound
8.EUR/JPY – Euro/Japanese Yen
9.EUR/CHF – Euro/Swiss Franc
10.GBP/CHF – Great British Pound/Swiss Franc
11.GBP/JPY – Great British Pound/Japanese Yen
12.CHF/JPY – Swiss Franc/Japanese Yen
13.NZD/USD – New Zealand Dollar/US Dollar
14.EUR/CAD – Euro/Canadian Dollar
15.AUD/CAD – Australian Dollar/Canadian Dollar
16.AUD/JPY – Australian Dollar/Japanese Yen
17.EUR/AUD – Euro/Australian Dollar

NOTE: Of the above 17 currency pairs, six of them are deemed the “major currency pairs” in the FOREX market because they account for about 80 percent of FOREX transactions:

1.EUR/USD – Euro/U.S. Dollar
2.GBP/USD – Great British Pound/U.S. Dollar
3.USD/CHF –- U.S. Dollar/Swiss Franc
4.USD/JPY –- U.S. Dollar/Japanese Yen
5.USD/CAD –- U.S. Dollar/Canadian Dollar
6.AUD/USD – Australian Dollar/U.S. Dollar
As you can see, there is a currency on the left and one on the right. The one on the left is referred to as the base, and the one listed on the right is known as the cross. The format, once again, is as follows. BASE/CROSS, or EUR/USD. The EUR is the BASE and the USD is the CROSS.

TERMINOLOGY:
•PIPS- Price Interest Point. This is the smallest unit price for any Foreign Currency.
•LOT- A lot of currency is one denomination for a trade (100K or mini account). This is similar to purchasing one stock or one contract in the futures market.
•LONG to buy
•SHORT to sell
•BID-The price at which you sell
•ASK-The price at which you buy

Price Interest Point – (PIP)
Profits are made in the FOREX by gaining PIPS. A pip is the last digit from the decimal point. This value is 1/100th of a cent. You may now be asking yourself, how do I make money off of 1/100th of a cent? The answer is leverage. The FOREX market is highly leveraged and should be respected. That said, it can also provide for a tremendous return on your investment. The average leverage in the FOREX is 100 to 1. Basically this indicates that for every dollar you invest in a trade you are controlling $100 of value.

Calculated PIP
Calculated PIP – shows the Price Interest Point (PIP) value for the selected currency pair based upon your trading account margin. For example, a standard 1 percent margin trading account controlling $100,000 in currency would show the EUR/USD with a PIP value of 10.
PIP VALUE-Fixed or Floating
FIXED- When the USD is the cross currency (right side of the pair), the PIP value is fixed at $10 in a 100k account.
FOATING- When the USD is the base currency (left side of the pair), the PIP value is based upon the exchange rate of the cross currency (i.e., USD/CAD.). Also, the PIP value is floating when the pair consists of foreign currencies (i.e., EUR/ GBP).

LOT
A lot is the normal unit of trading in the FOREX market. Trades are made in lot increments, similar to share increments in the stock market.
Standard (or 100k) FOREX account- has a 100:1 leverage ratio
1 LOT= $1,000 investment= ratio leveraged 100 to 1, which = $100,000 in buying power.
Mini FOREX account- has a 200:1 leverage ratio
1 LOT= $50 investment= ratio leveraged 200 to 1, which = $10,000 in buying power.

TRADING HOURS (EST)

•Trades 24 hours a day, 6 days a week. The market is open from Sunday at 5pm EST to Friday at 4pm EST.
On my time (CST), Forex trading begins Sunday evening in Sydney (open 5:00pm – 1:00am), and moves around the globe as the business day begins in each financial center, first to Tokyo (7:00pm – 4:00am), [then Europe (12:00am – 9:00am)], then London (2:00am – 11:00am), and finally Canada and New York (7:00am – 4:00pm).

Forex Guide answers:

Well, first you should NOT be looking to be opening a Forex account with $50. You say you’ve been trading a demo which is the right way to start, but one of the most important things when trading Forex is a properly funded account…ask any trader.

My advise to you would be to educate yourself further and keep trading the demo until you can properly fund your account. $50 in an account will be blown up in now time and will probably only discourage you from trading…not the goal here.

While your searching, another recomendation would be to check out FxRebates (www.FxRebates.com). They offer rebates on the commissions you pay while trading. The Broker’s don’t offer this in most cases. I know they work with about 10 brokers now and they could also help you choose a broker.

Best of luck to you in your trading…

Forex Guide answers:

I”d try to get a refund. The Federal government warns there are a lot of Forex frauds out there, and these Forex robots appear to be one type of these scams. If these robots really worked, there would be scads of articles about them in the Wall Street Journal and other financial publications talking about them. When I do a web search, I can not find a single reputable news article encouraging the use of Forex robots. The link below is a Federal website warning you about Forex fraud.

There are a lot of people on the Internet claiming they have done very well using Forex robots. These appear to be of two types. One is the outright liars. For instance, you might meet a person called “Zboy227″ who says “I made a lot of money using ScamRobot2000, go to their website at ScamRobot .com/Zboy227.” The “/Zboy227″ tells the website that Zboy227 has referred you. If you buy the product, Zboy227 gets a commission. He is only lying to you to get a commission.

There is a lot of luck in Forex. Sometimes you will run into people on the web who have tried a robot for a few days and have had some beginner’s luck with it. They start bragging about how well they have done. Later, they start to lose money, but they rarely get back on the web and talk about how much money they lost. People like to brag about their successes, but rarely talk about their losses. The result is that much of the feedback about these Forex robots is positive.

I may point out that websites that sell Forex robots admit there are a lot of scams out there. Of course they claim the other guy’s robot is a scam, but their robot works. If you do a web search on the words “forex robot” and “scam” you will find a lot of sites saying their competitors are scams.

I will admit I have not personally tested every robot out there, and I can not prove they are all scams. But I would be very hesitant to spend a lot of money on a robot without clear proof it really works.

Forex Guide answers:

RSI, MACD, Bollinger, Slow Stochastics, SAR, Elloitt Wave. There are a bunch, but thats a view I use