Posted: 2/5/2010 7:57:41 AM EDT
|
I was thinking maybe we could get a sticky if there are enough of us and we could share opinions on currency trading. So how many are there? |
|
Quoted: Forex? I don't have the chops or the stones for that. I'd be interested to know who here does... spend enough time learning technical analysis of the currency market and it's really not all that risky. Just gotta develpoe strict rules for yourself and stick to em. I personally think stocks are far more risky. Plus you can trade with less leverage and mini or micro lots which really isn't a whole lot of money and work your way up to standard lots and high leverage for the big bucks. Im still trading mini lots which is only bringing in about 200-400 dollars a week. I only spend about an hour a night doing it though. I usually hop on when the olondon market opens at 1 am here and things start moving a bit more. After another six months to a year Ill probably move to trading stanard lots and making some real money. |
|
there are lots of books to read. Im sure if you print out some lists a lot of these will be at the public library as well if you don't want to spend a bunch of money on books. I just like to have them so I can reread them from time to time. http://www.forex-books.com/ I have read a lot of these . For a good result id recomend reading mostly about technical analysis. Fundamentals can be misleading and are more of an explanation of what happened rather than a prediction of what its GOING to happen. I use fxcm as my broker and use their software. When you get a demo account through fxcm they offer all kinds of learning info as well as some very cheap online courses as well. They do a very good job on their tutorials on how to use their trading platform and charts as well. |
|
a friend of mine trades. he gave us a brief overview and for us cheap bastiges, he pointed out Yahoo! Finance to use a free tool
euro/usd he peeks at it for a few minutes in the morning and has >70% success rate |
|
Quoted: Interesting. I've never tried it. What's it cost to jump in? Is the program you use real time? standard accounts are usually around 2000 dollars to start. You can get a micro account for a couple hundred bucks and trade smaller amounts for a couple hundred I believe. FXCM has micro accounts. All trading is in real time. Most of my trading is scalping. I get in and get out for a profit usually within 2-10 minutes per trade. |
|
nope I have had the benefit of having a very good friend in VA that is a professional trader that I chat with just about every night when trading. Just thought I spent enough time cruising this site I might see if anyone else was doing it here. I know there are some forums though. Just haven't spent much time in them. There are a great deal of sites where expert weigh in their predictions. Not something to bet on most of the time but it can give you insight into things to look for in the future. Some of the technical anylists from this site are pretty accurate as long as things fall the way they are expected. http://www.dailyfx.com/ Just make sure you understand that most predictions are based on specific things that you should be able to recognize while trading. If those things don't all afll into place and your not paying attention you could loose your money on the trade. Never forget how many "experts" said that giving shaky people shaky loans could never hurt the economy. |
|
Quoted:
Quoted:
Interesting. I've never tried it. What's it cost to jump in? Is the program you use real time? standard accounts are usually around 2000 dollars to start. You can get a micro account for a couple hundred bucks and trade smaller amounts for a couple hundred I believe. FXCM has micro accounts. All trading is in real time. Most of my trading is scalping. I get in and get out for a profit usually within 2-10 minutes per trade. this scalping i think would be the best, if you dont have much money and are just starting i use FXCM as well, good company i trade off and on, dont have the time or skills(yet) to be a "professional" practiced for about a year on fake accounts first and moved to my micro |
| I'm currently a student (until may, woot!), and have been studying forex markets (namely triangular arbitrage) since the semester started. It is really interesting stuff - and definitely something I'd like to try out in a few years when I have some playing around money. Thanks for the books link - I'll have to check out a few of those |
|
Quoted: Quoted: Another question. Have you found a good independent forum where people discuss their experiences? Babypips.com is pretty good To the OP: What kind of annualized return are you seeing? Well I went live after using demo accounts for a long time in the begining of january so I don't have a yearly total yet. I opened my account with 2000 dollars and as of thurday my acocunt sits at a little over 4000 dollars. So in a month and a half I have pretty much doubled my investment. I have a good teacher though. My buddy has been teaching me over the last few months on my demo accounts and I have a very firm grasp on it. I plan on throwing all my profits back into it so I can take bigger positions on my trades as long as I keep winning. If the market permits for my first year on a real account I will probably clear around 15 thousand dollars though which is pretty significant considering I only make thirty at my day job and generally trade an hour per night when the london market comes on and things start swinging. |
|
Quoted:
Quoted:
Quoted:
Another question. Have you found a good independent forum where people discuss their experiences? Babypips.com is pretty good To the OP: What kind of annualized return are you seeing? Well I went live after using demo accounts for a long time in the begining of january so I don't have a yearly total yet. I opened my account with 2000 dollars and as of thurday my acocunt sits at a little over 4000 dollars. So in a month and a half I have pretty much doubled my investment. I have a good teacher though. My buddy has been teaching me over the last few months on my demo accounts and I have a very firm grasp on it. I plan on throwing all my profits back into it so I can take bigger positions on my trades as long as I keep winning. If the market permits for my first year on a real account I will probably clear around 15 thousand dollars though which is pretty significant considering I only make thirty at my day job and generally trade an hour per night when the london market comes on and things start swinging. Did you find that only investing $2k initially was risky from a margin call perspective? I was planning on putting at least $5-$10k in an account just to protect me from that risk, but if I can reasonably start smaller I will. Also, how long did you trade on the practice account? I have other competing investments for my $10k, so I'm glad to hear about your high returns so far - congrats. 
|
|
Quoted:
<snip> I plan on throwing all my profits back into it so I can take bigger positions on my trades as long as I keep winning. If the market permits for my first year on a real account I will probably clear around 15 thousand dollars though which is pretty significant considering I only make thirty at my day job and generally trade an hour per night when the london market comes on and things start swinging. Is the London market the best place to make trades? |
|
Quoted: well I have to take small positions mostly scalping. When the london market opens usually there is about a half hour to an hour of very active price changing where I can get around 5-10 pips on 2-5 minute trades. I keep my stop loss entries very tight and only trade when I am 90 percent positive of the direction. Can't really margin out if you set your stop losses a couple pips back from your entry point. Sure it often closes my trade at a loss when I am wrong but I only lose a few dollars and when I am right I make a lot. On average I can lose about 3 trades to one winning trade and still make a profit. more often I win 3 out of four trades though. If I had more I was willing to risk at the time I would have opened a bigger account but all In all it really doesn't matter because once you are profiting you will be able to take bigger positions as your account grows. On average I make about 100 bucks per night and just geussing my risk of loss on the average night is probably around 30-40 dollars if all my trades go the wrong way. I am going to start doubling up on the size of my positions once I hit ten thousand in my account though which should put me in a range of making 200 per night and risking 60-80 dollars. When I hit 20k Ill bump it up again and so on and so forth. Keeping the same strategy of risk vs reward but makign a lot more fucking money. Quoted: Quoted: Quoted: Another question. Have you found a good independent forum where people discuss their experiences? Babypips.com is pretty good To the OP: What kind of annualized return are you seeing? Well I went live after using demo accounts for a long time in the begining of january so I don't have a yearly total yet. I opened my account with 2000 dollars and as of thurday my acocunt sits at a little over 4000 dollars. So in a month and a half I have pretty much doubled my investment. I have a good teacher though. My buddy has been teaching me over the last few months on my demo accounts and I have a very firm grasp on it. I plan on throwing all my profits back into it so I can take bigger positions on my trades as long as I keep winning. If the market permits for my first year on a real account I will probably clear around 15 thousand dollars though which is pretty significant considering I only make thirty at my day job and generally trade an hour per night when the london market comes on and things start swinging. Did you find that only investing $2k initially was risky from a margin call perspective? I was planning on putting at least $5-$10k in an account just to protect me from that risk, but if I can reasonably start smaller I will. Also, how long did you trade on the practice account? I have other competing investments for my $10k, so I'm glad to hear about your high returns so far - congrats. I did my demo accounts for three months prior to going live. I probably spent about three hours a day researching forex trading strategy and tehcnical analysis during that time as well. Lots of studying to develop a rock solid trading plan. I would recomend that even if you are good at reading charts and anylizing markets you get a demo account for at least a month so you can develop a trading strategy. That way you can test your strategy with fake funds. Without a strategy and rules you will lose lots of money very fast. When I started each of my demo accounts I purposely made bad trades and knocked my account balance down to 2000 dollars as well. That way I could make sure I was staying within an acceptable risk relative to what would be in my real account once I started. All in all I would say your trading plan and sticking to it has a lot more to do with profit in forex than being accurate on your predictions does. |