Can anybody who has experienced FX trading share their experiences as to how they learn the ins and outs of the trade and were they able to gain from it?

I think it's going to be a case of experience - keeping on the edge of trends and knowing how to spot and work with them.

For some reason, I'll be surprised if any experienced forex traders are going to be eager to share their secrets and tips in public.

Perhaps that is the reason why this thread doesn't have any reply except from the Admin Well, tips and secrets can help but it really depends on how determined the trader is to be able to learn and experience everything.

I think the point is trends - exchange rate trends, interest rate trends, world ecnomic trends - plot them together to develop a strategy with a vision over your targeted period.

Forex is such a high-risk area as well that I think it's worth underlining that today's forex tip is tomorrow's worthless money.

Or something like that.

Hmmm, forex is really a way of gambling. I have known a gambler and he uses trends in his trade and he usually wins because of this. I think he will also be good in FX Don't you think so?

Well, if he takes his time to learn the system and play it, I'm sure he's got a chance.

I guess as with so much in life, sometimes you have to allow yourself to get burned a little to learn a lot - though obviously the least you lose the better.

The way the currencies bob up and down, it’s no wonder it is risky business.

There is a new way of doing Forex-trading and before I describe my own experience with thesystem (FreedomRocks) I think it is necessary to at least explain shortly what it is all about:

Mark Vincellette has recently created a revolutionary new investment system that allows the complete amateur to invest in the Foreign Exchange market in a hands-off fashion. The risk management built into the system is really crucial, because most new users of traditional trading software, easily spending 5000 dollars just to get started with the software and necessary training, typically lose all the invested capital in 60 days. On top of that, they tend to get glued to the computer screen for hours a day (and partly during the night).
The new system uses a proprietary software where hedging of positions combined with limit orders allow the user to set it and forget it (until an alert is received). Typically, the management of any size portfolio takes less than 30 minutes per week. As with all such programs, previous profits are no guarantee for future results, but the potential of double digit returns per month (rather than per year) makes this highly attractive for many investors. When the principal may double in 6 months rather than 6 years, quite some attention is invoked.
At the moment, the knowledge of this system among the general public is close to non-existent, with about 3000 users in about 60 countries world wide. After a deliberately careful and slow start about a year ago, the growth is now picking up momentum. One reason for that is the incredibly low cost of a user license at 100 dollar per month. The fact is of course that nobody would continue paying the license without making more profit than that using the system. The proof is in the pudding in the sense that the retention rate is very high.
About 13% of the users decide to be just software users for their own trading. The rest also take advantage of the network marketing option. This is just common sense when you have a program that is making money and it is hard not to talk about it anyway. A user license can only be obtained through the independant representatives and they enjoy an unheard of 90% commission pay-out, so there are many reasons why the number of users is now taking off.
Fortunately, there are many ways to place money to make them work for the investor. The presented software is one of them and a highly interesting one at that. One important aspect of the program is the very low time-demand to manage it properly. This makes it quite possible to use this system without getting in trouble with a busy schedule.
My personal results are as follows:
Dummy account started 1 Nov 06 had grown by average 26% per close of trading on 12 Jan 07. My second dummy account with other parameters started 6 Dec 06 had grown on a monthly basis by 65% until 02 Jan 07.
I then started a live account last week 10 Jan. This account was up by 19.5% in 3 DAYS at close of trading last Friday. Of course, this is not going to be any sort of average going forward, but it is still fun when it happens. More important is that there are a lot of happy users of the system making more in a month than most investors make in a year

Questions and comments are welcome:
Knut F Garshol
knutfgarshol******.com

I already tried to respond yesterday, but I must have made something wrong since the post never showed up . Anyway, FX-trading is both complicated, time consuming and risky when done the traditional way. I have started using a new software that is giving me amazing returns without the major disadvantages mentioned above. First a quick explanation about the software:

Mark Vincellette has recently created a revolutionary new investment system that allows the complete amateur to invest in the Foreign Exchange market in a hands-off fashion. The risk management built into the system is really crucial, because most new users of traditional trading software, easily spending 5000 dollars just to get started with the software and necessary training, typically lose all the invested capital in 60 days. On top of that, they tend to get glued to the computer screen for hours a day (and partly during the night).
The new system uses a proprietary software where hedging of positions combined with limit orders allow the user to set it and forget it (until an alert is received). Typically, the management of any size portfolio takes less than 30 minutes per week. As with all such programs, previous profits are no guarantee for future results, but the potential of double digit returns per month (rather than per year) makes this highly attractive for many investors. When the principal may double in 6 months rather than 6 years, quite some attention is invoked.
At the moment, the knowledge of this system among the general public is close to non-existent, with about 3000 users in about 60 countries world wide. After a deliberately careful and slow start about a year ago, the growth is now picking up momentum. One reason for that is the incredibly low cost of a user license at 100 dollar per month. The fact is of course that nobody would continue paying the license without making more profit than that using the system. The proof is in the pudding in the sense that the retention rate is very high.
About 13% of the users decide to be just software users for their own trading. The rest also take advantage of the network marketing option. This is just common sense when you have a program that is making money and it is hard not to talk about it anyway. A user license can only be obtained through the independant representatives and they enjoy an unheard of 90% commission pay-out, so there are many reasons why the number of users is now taking off.
Fortunately, there are many ways to place money to make them work for the investor. The presented software is one of them and a highly interesting one at that. One important aspect of the program is the very low time-demand to manage it properly. This makes it quite possible to use this system without getting in trouble with a busy schedule.

I started a dummy account 1 Nov 06 which showed an average 26% ROI on a monthly basis per 12 Jan 07. A different and more aggressive account with other currencies and parameters (only 3 weeks active) gave 65% ROI on a monthly basis.
My live account was started 10 Jan 07 and today 15 Jan it is up a total of 32.5%. I do not expect this to be the average, but it is sure fun when it happens!
Questions and comments are welcome:
Knut F Garshol
knutfgarshol******.com

Terribly sorry about that, Knut - posting of email addresses and URLs cause the anti-spam filters to kick into action, which prevented your posts appearing on the public boards until they had been approved by a moderator.

Anyway, should be fine now, and welcome to the Finance Markets forums.

Knutfg,

No disrespect to you, but the program that you refer to is just a MLM scheme. Though I dont have anything personal against Freedomrocks, as a Forex trader, I would not touch it with a 10' barge pole. But thats just me. For the new people, it might give a wrong idea that somehow, Freedomrocks is what forex trading is all about.