Your Questions About Forex

Donald asks…

How do i pay my forex taxes on turbo tax?

I made 1k in realized gains and $500 in carry over interest off all my forex trading in 2009. In a seperate issue, i also made $7000 in labor and how would i report it on turbo tax.
I also made 10k in gifts from folks. Is there a section in turbo tax for that as well?
Gifts that are cash i should say.

kenspong answers:

Schedule C and SE for independent contractor and schedule E for trades.

Carol asks…

What is the secret to successful forex trading?

A complete newbie to forex trading, I am having difficulties figuring out where to look for information, but also what exactly to look for. Commodities? Bank quarterly results?

kenspong answers:

Well you could take courses on US and World economics, read some financial economies books and/or know when and the fundamental news that affects price swings are reported. Stay clear during these volatile times because they can take out your stop in a heartbeat and a few beats later go back the other way. And remember that the news could already be mostly priced into the current price.

Http://www.forex.com/learn.html
Link will answer many questions and answers you should know. I have 3 accounts (never put all your money/eggs in one account/basket). You can start with $500 when you can afford to open account. Since you are just starting you will lose money if you don’t learn the basics, first. #1 best tip, don’t trade your real money until you try trading demo account. When you can trade a demo for about 2-3months daily and make money then if you feel ready slowly start trading real money. So making and/or losing money depends on how well you can trade. For some it very profitable, for many it is not. So trading with the right tools and knowledge can become a very good income(s) for short and long term goals. And trade with the current trend.

I use Lightning Strikes Trading System for trading in any time frame and it works on forex, stocks, bonds, etf’s, mutual funds, etc… They have 3 free training sessions a week and you don’t have to buy the software to join in the live chat and text. They focus their training/trading on the Forex markets major currencies. You can even watch some recorded past live sessions. Here are some past charts that I used.
Http://f1.grp.yahoofs.com/v1/MB16R0zjjaZ…
Http://f1.grp.yahoofs.com/v1/MB16RxjOUQt…
There are 7 indicators (2 short, 2 medium, and 3 long term) and if volume is reported another one is added (on balance volume). Plus whatever time-frame is used the 2 green horizontal lines are the support and resistance for that time frame. So when indicators are all touching the bottom price is at or very, very near support. At top is at or very, very near resistance. Which helps my entry/exits and risk/reward ratio.
Http://f1.grp.yahoofs.com/v1/MB16R9Wv-wt…
Http://f1.grp.yahoofs.com/v1/MB16R9wSKdV…
Http://f1.grp.yahoofs.com/v1/QCt6R2fYIj6…
Http://f1.grp.yahoofs.com/v1/QCt6R3R0VQe…
If you can not view charts above or want to see other charts, I can email them. Or you can view more charts in this yahoo group. Http://finance.groups.yahoo.com/group/lightninglive/

Start learning the basics of fundamentals and technical analysis so you will be more informed in your investments. You can find all the basic info you need to learn on websites for free.
This site should give you a good start.
Http://finance.yahoo.com/education

Try what you learn on demo sites. They can be a very fun but educational way to learn from mistakes. If you pick 75% right with play money then you might be ready to start slowly investing.
Http://simulator.investopedia.com/
http://simulator.zacks.com/
http://www.fxcm.com/open-free-100k.jsp
http://www.alpari-idc.com/en/metatrader4…
Or just google for more.

Here are my favorite sites.

Http://finance.groups.yahoo.com/group/lightninglive/
Join group to see and discuss LS charts.

Http://stockcharts.com/
Has basically all you need from fundamental to technical terms. Plus stock screens, charts, public chart lists, and much more useful info.

Https://www.fidelity.com/
Has good learning resources.

Http://moneycentral.msn.com/home.asp
In addition to yahoo finance.

Http://www.reuters.com/
For news and more.

Http://www.marketwatch.com/default.aspx
For news and more.

Http://www.valueprime.com/index.php
For rating stock risk/reward ratio and reports.

Http://www.barchart.com/
For investing in more than stocks.

Http://www.investopedia.com/
For more great learning tools.

Http://www.lightninglive.com/
For best software timing your entry/exits any time frame for day traders and long term investors.

Others worth exploring.
Http://www.equis.com/
http://www.stockta.com/
http://www.secform4.com/

Best Wishes,
Burt Whitley

David asks…

How long has Citibank been brokering forex to individual consumers?

I see that CitiFX requires only a $10k deposit. How long has Citi been brokering forex on the consumer level like this?

kenspong answers:

Hi
i heard about it but its not comfortable to trade forex markets thats wat one of my friend told .do u know fxyard.we gain huge profits with their automated trading service by their market experts.read mor
http://forexplatformslist.com

Laura asks…

How many of you think that forex is going to control the future of the world?

As it is the ROI is reaching more than 5% everyday. Considering the current economic upgradations in almost all nations across the world, do you think that forex investments are going to reap the best results?

kenspong answers:

I think that Forex will have some interesting ramifications on the geopolitical power shifts that may happen sooner rather than later.

There is no way that the USD will ever be the universal currency. I would not be surprised if the USD loses its position as the currency with which all oil transactions occur. I can see the EUR as becoming a more dominant currency and I can also see the oil rich countries in the Middle East establishing their own version of the EUR.

Now that the USD and CAD are near parity perhaps we will all be learning what a loonie is.

If you are looking for the best forex software, visit this site

http://the-best-forex-software-in-internet.blogspot.com/

This software is the best software that can help increase your trading profit and user friendly.

Best Wishes,

George asks…

How do I get started in FOREX? Any good sites to refer to? How much start up money needed?

I want to get into the FOREX trading. Please explain how to get started in the scene and give me some good sites to refer to. Also, how much money will I need to get started first?

Thank you.

kenspong answers:

I recommend reading everything you can at your local bookstore about stock trading and Forex trading. That will give you a good introduction. But you’ll still need to develop your own personal trading strategy, and that takes years of study and experience.

You can trade Forex with as little as $1,000, but that has to be $1,000 that you can afford to lose, because most people do lose money in the beginning.

Most all Forex brokers offer free demo accounts, and you should have 3-4 months of demo profits before you risk real money. Even then, be careful when switching to real money that you don’t risk too much.

Best of luck!

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    • Elenora Kuchenmeister
    • February 2, 2012

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