Korean Job Discussion Forums

citizen erased · Joined: 06 Apr 2008

I spend what basically amounts to too much time looking at this website because its job related. But ive seen one or two people on here who appeared to be currency traders. Might be good to know who else is into this. Ive got about two years experience, although the last 8 months Ive been out of the game. A hagwan can be distracting.

sojourner1 · Posted: Sat Jul 19, 2008 4:46 am Post subject:

We all international travelers are currency traders, but some are in it big time through a broker.

I did extensive research during college on FOREX FX trading and found the brokers are not worth the digital numbers they put as it's not regulated like stock brokerage and general banking are. You can open an account and be killed by fees or your money mysteriously disappears and you have no legal course of action. The advantage of FX is you can trade on margin where get more leverage, but higher risk.

Too many scams abound in FX brokerage, the ones you have an account with to electronically do trades and hold financial positions in like you would in stock trading. The difference is no protections exist so you're trusting someone you don't know down in Florida with your money who might be permanently offshoring it for his own good and you don't find out it's stolen until you try to withdraw only to find he's long gone out of the USA and had the website as a facade. Sorry to rain on your parade of a good idea of building wealth.

What sort of service do you use that is safe to have your money in? Are you doing it physically with no broker? You not only have the risk of losing should a currency go the opposite direction you anticipated, but also the brokerage might not be secure.

I think the old fashioned way is still the only way to do it which means buying and selling currency by banking in several countries and traveling. I feel if you have money to trade (and can afford to lose); travel and physically trade it as you see fit. Go on business if looking to do business. Currencies trading is one high science and it is a study that can be taken to the highest level humanly possible. Finance is said to be the worlds most researched topic.

citizen erased · Joined: 06 Apr 2008

sorry, im too drunk to read this but its not even close to being true.

youre a smart dude. look into it some more.

sojourner1 · Posted: Sat Jul 19, 2008 5:11 am Post subject:

Oh yes, there are too many rip offs in FX brokerage. Of course, if you're a high profile trader, you're not going to be messed around like the little guys. It's big fish eats little fish out there. If you're the average guy with less than $100,000 going on his own without a consultant or other partner, then you'll probably lose, but if you have a sizable amount of wealth with a good consultant, then you'd be set to makes lots of money.

The damndest thing is you could be educated and good at research, but never have a chance, because you don't have adequate wealth to start with as it takes money to make money in business career areas. No one is going to just give you a good job in this day and age, you got to create it using wealth you inherited or a stroke of luck and your ingenuity.

Again, what would you use to safely trade currencies if dealing with less than $100,000? I assume you are not dealing in large amounts if teaching English in Korea as this is a $30,000 a year job for those college graduates of modest means.

citizen erased · Joined: 06 Apr 2008

i was up 60% in my second year.

unfortunately hagwan money was greater than that 60%, so i am in the locus of racism and insecurity.

im too drunk to be posting intelligibly.

too bottles of rice wine and counting.

citizen erased · Joined: 06 Apr 2008

these were day-trades, by the way

its not like this was one or two lucky shots. we are talking about an average of probably 400 trades that year.

regicide · Joined: 01 Sep 2006 Location: United States

The spreads and interest on your short positions do amount to a significant amount of your capital. But, if you end up on the right side of a trade, you are going to up significantly- - like 50% to 100 % in a matter of days.

Also, there are numerous firms in New York that you can open an account with.

I had some good days and bad, but fear got the best of me. Not letting winners run their course for a profitable trade, and using stop losses needlessly and other classic mistakes.

Not too worry, all in $250 and $300 accounts.

citizen erased · Joined: 06 Apr 2008

citizen erased · Joined: 06 Apr 2008

im bored

interest on a USD/AUD would kill you?

interest payments are this dudes kryptonite.

where are the traders...............................................