GEN: Trading Forex.

[Mubashir Nabi <nabi@xxxxxxxxxxxxxx>]

RTers.

There have been some negative comments on trading Forex markets. Most of these
comments were true (IMHO) as Forex is not regulated like futures industry. But you
can't ignore it altogether.

I have traded Forex for the last five years mostly with Chinese brokers, and if you can
trade with them and make money - believe me, you can beat the pants off the Devil. I 
live in Pakistan and we have a low literacy rate. We don't have regulations that can
provide safeguard against frauds in futures and Forex. We have lost nearly twenty million
dollars in the last five year to these Chinese broker and STILL, our government is not
doing anything about it. The reason I am saying all this is: There is NO ONE to blame 
but us. If we don't take care of yourselves, no one else will. And the same goes for people who trade Forex and futures without taking the necessary precautions. Anywhere.

I remember long threads on RT discussing Forex trading a while ago. And there were a
lot of good points made. But it seems that people just read them and delete them.
When I joined this forum, I was quite confused. Our brokers used non-standard trading
rules and most of my futures knowledge was bookish. We don't have the facility of going
to a futures exchange or a Forex dealer and learn how the market works. Observe Real Trading in real time. I learned so much from RT. We have already discussed simple rules
for trading safely - always note the ticket / order number, note the basic details of the
order etc. etc. But are we using this knowledge?

And Forex needs special attention. My advice to anyone who in interested in trading
Forex is DO YOUR HOMEWORK. Read, read and then read some more. Ask questions,
even dumb questions - but BEFORE you loose money. Check your broker's past record
before you trust him with your, or your client's money. If possible, choose a broker with
better service even if he is a little bit expensive. Good thing don't come cheap. Tape your
orders. A simple recording phone can do the trick. That tape might be your only hope in
case a deal goes sour.

Forex is an exciting market. It might not be for everyone, but for those who fulfill the
requirements, it offers great opportunities. It just requires some extra effort. I have traded
Forex in a "hostile" environment and made some very good money. And if I can do it
here, I am sure that traders in US, UK and all other places where there is enough 
awareness of these markets, can do it better. I consider you people LUCKY.

Regards,

Mubashir Nabi.