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Currency trading is for real, but how many of you took advantage of it? I'd guess the answer is not many. I can understand that, change is difficult. Trying to get your hands around something new is challenging some times. But, for those of you who are playing in currency, how's your track record? I might venture a guess, not as well as you'd like.
Although the currency markets move some 100 "pips" a day (the smallest increment of change) it's often hard to pick the right direction for short term trading. If you are really good at it, there are positives. The trends tend to stay in place longer, the technical's tend to give true readings. Although there are no market makers to jack you around, there are however silly things that can go on with spreads.
But still it's trading and trades can go against you. Now, on the other hand, what would have happened if you stepped back from day to day scalping and looked at the overall big picture? Remember we predicted that the dollar would fall, and quite a ways? Where would you be if instead of trying to chip away for 8 pips a day, you'd have held the Euro long for the last month? You'd be rich, literally.
What's my point? Just this, the forex market is very easy to get into. You can open a 'mini" account for just 500 dollars. Even if all you did was buy one "lot" a month ago, you could have enjoyed a tremendous return. Think of it like this. If you buy a thousand shares of XYZ and it falls just a dollar, you are out a grand. This is common and no one thinks twice about it, you all know that indeed you will take losses. But yet taking 500 dollars and making a "macro" bet on currencies seems too dangerous to people. See my point?
I'm not preaching that you should al turn into rabid currency traders. But, when the macro trends are as clear as they have been lately, missing the opportunity to make a major score on a tiny investment, just doesn't make sense. Consider currency trading folks, I didn't talk about it to show how bright we are, I did it because I knew there was opportunity there. I just hope a lot of you took advantage of it!
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