What are your experiences with Forex trading?

warlords

12 years ago

Don't do it, mate.

Seriously, click here.

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1 reply

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Josh MacDonald 12 years ago

Originally Posted by warlords

Don't do it, mate.

Seriously, click here.

Press the button like 10 times.
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shire420

12 years ago

I have great experience in this field, round about one year experience.

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1 reply

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whateverpedia 12 years ago

Originally Posted by shire420

I have great experience in this field, round about one year experience.

So which is it? Great experience in the field, or round about one year experience?

One year in any field probably doesn't qualify as "great experience".
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Robert G Williams

12 years ago

Hi, my best is just take it carefully at first, demo accounts are not the real thing and they are different on the spreads.
I paid $7,500 for courses that I went on, only to relies that if you want to make a lot of money you need to buy some very expensive software to go with it, that track the movement of the market you are in.
There are people who are lucky and catch the markets just right, but as I have said ease into to start with.
Robert G Williams
Helping people to succeed

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"Discover The Easy and Simple Way To Make $100-$500 a Day"

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Alexa Smith

Banned 12 years ago

Originally Posted by acesites

> Any tips for new traders?

Yes.

Right here: http://www.warriorforum.com/off-topi...ml#post6565670

Originally Posted by acesites

> Did you make money or lose money?

I do three or four trades per week, and make a little, steadily. I can still have a losing month, of course (as anyone can who does only 3 - 4 trades per week) but rarely. But it was part of my upbringing: it's how my father's made his living for decades, and I'd read about 70 different books before I ever started (probably about 50 of them were grotesquely misguided junk, but that's typical for the industry).

Originally Posted by acesites

> How long did you practice before opening a live account?

Very little, to be honest: under 1,000 trades on a dummy/play account before I started with a small "real funds" account. And 1,000 trades is nothing at all, really: for most trading methods, it isn't even enough for the results to be statistically very significant. I recommend that you don't do the same.

Thanks
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acesites

12 years ago

Originally Posted by Alexa Smith

Very little, to be honest: under 1,000 trades on a dummy/play account before I started with a small "real funds" account. And 1,000 trades is nothing at all, really: for most trading methods, it isn't even enough for the results to be statistically very significant. I recommend that you don't do the same.

Yeah I havn't done 1000 trades yet, but I've been using the program for a while. I usually take medium term positions, like a few days or a few weeks. I think if I do a real account, I will be looking for a long termish position, if the AUD/USD goes over 1.10 I will consider investing in USD at a leverage of about x5 whenever the AUD starts looking bearish.

Btw, 70 different books! That's alot of books! I havn't read any, only read some stuff on BabyPips and listened to a few podcasts.

Did you find any differences between the demo accounts and the live ones?

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Aussie Domainer

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Alexa Smith

Banned 12 years ago

Originally Posted by acesites

I think if I do a real account, I will be looking for a long termish position, if the AUD/USD goes over 1.10 I will consider investing in USD at a leverage of about x5 whenever the AUD starts looking bearish.

You sound like you know what you're doing. I have actually traded the AUD, sometimes, but mostly I trade Cable and the Euro. And I rarely hold an open position overnight because I like to sleep.

Originally Posted by acesites

Btw, 70 different books! That's alot of books!

Well ... it's my father's profession, so I had about 60 of them available to start with. But acquired a taste for the Joe Ross books (among the most expensive ones, unfortunately).

Originally Posted by acesites

Did you find any differences between the demo accounts and the live ones?

None at all. (And that's quite important - you need to be somewhere where both the execution-speeds and the spreads are identical on demo and on live accounts. And you need to hear that from account-holders there who are not offering you their affiliate-link to get you to sign up!).

I'm in the UK so I always trade forex by spread-betting (for which all profits are tax-free, here, and in the right places it's very well regulated and with excellent customer service and tight spreads), so I can't advise you "where to deal", I'm afraid, but the forums at Trade2Win.com might help you. If I didn't have places like Capital Spreads available, to trade, I might go somewhere like Oanda.

Make sure, wherever you deal, that ...

(i) client funds and company funds are completely segregated;

(ii) your deposit is insured/backed by government warranty (if possible);

(iii) the party holding your money isn't effectively your counterparty on each trade you open (it ought to go without saying, but you don't want the person who makes up and enforces all the rules, procedures and policies to hold your funds and to hold the other side of every individual trade you open!!).

Don't listen to anyone telling you that "the brokers are the only people who make a profit". It's untrue on two counts: first, they can go under, too; secondly, some private traders do make steady profits.

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acesites

12 years ago

Thanks for that info- interesting input about the brokers. I've heard so much stuff about how live accounts are different.. I think I should probably 'shop around' when it comes to the broker as I've used the same one since I started.

And I rarely hold an open position overnight because I like to sleep.

Haha that makes sense, so does that mean you "Scalpt", or just that you take short positions, like a couple of hours or so?

I'll be able to sleep as long as I'm confident in the trade.. when it starts going the wrong way I bet I'll find it tough to get some shut eye! I guess that's where the stops come in handy. In my demo trades I actually havn't been using stops, but from what I've heard I should probably start.

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Aussie Domainer

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Alexa Smith Banned 12 years ago

Originally Posted by acesites

Haha that makes sense, so does that mean you "Scalpt", or just that you take short positions, like a couple of hours or so?

Yes, a couple of hours or so, typically. I tend to trade during the period when both London and New York are open and Cable's at its most active, from about 1.00pm UK time.

I'm not really a scalper. Especially not with spread-betting: some spread-betting firms don't mind you scalping the market, but they don't like you scalping them, and it can take them a minute or so to react to your positions.

Originally Posted by acesites

In my demo trades I actually havn't been using stops, but from what I've heard I should probably start.

"Immediately if not sooner" ...
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user1010

12 years ago

This is a no go if you don't have much to invest!

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shohansoft

12 years ago

Its very risky business but lst 5 month i was make 6950$ from hotforex via affiliates commission

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markcr

Banned 12 years ago

Don't bother!

All these so called Forex traders (even managing O.P.M.) have no idea how to trade. They aren't traders but gamblers. Anyone claiming to make over 10% per month is going to lose some hefty %'s one day. Some claim to make 30%+ each month. What a joke! They have no idea about risk management or position sizing.

It's a joke amongst the pro's they will not teach retail forex. No auditing or results. The brokers are simply bucket shops trading against you.

Do not waste your time. Especially day trading. Ask your-self if that's the life you really want?

Thanks

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markcr

Banned 12 years ago

Sadly that's about the top and bottom of this business. All kinds of clowns claiming to develop 20%+ per month systems. But they actually do not trade them-selves (wise)

Its very risky business but lst 5 month i was make 6950$ from hotforex via affiliates commission

Thanks

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markcr

Banned 12 years ago

Geeps! And you paid that? Oh man!

I paid $7,500 for courses that I went on, only to relies that if you want to make a lot of money you need to buy some very expensive software to go with it, that track the movement of the market you are in.

Thanks

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markcr

Banned 12 years ago

No. Retail FX you must be the broker or vendor. Everyone else loses. It's not a business. May a well play penny slots.

and you must be well educated to earn profit

Thanks
1 reply

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Alexa Smith

Banned 12 years ago

Originally Posted by markcr

Retail FX you must be the broker or vendor. Everyone else loses. It's not a business.May as well play penny slots.

This is incorrect.

A small minority of independent traders make very consistent profits in retail FX (some of them every month, every year, for decades), and are effectively subsidized by the masses of others who depend on inaccurate information mostly gleaned from people posting ill-informed and prejudiced generalizations in forums.

Originally Posted by markcr

The brokers are simply bucket shops trading against you.

Not all of them. Many are not counterparties to their own clients' trades.

When you're advertising stock trading in your signature-file, if you want to make derogatory comments about forex-trading, you should either make sure that what you're saying isn't just a silly, sweeping generalization, or at least disable your sig-file in those posts. Otherwise people can see what you're doing.

Originally Posted by markcr

Anyone claiming to make over 10% per month is going to lose some hefty %'s one day. Some claim to make 30%+ each month. What a joke! They have no idea about risk management or position sizing.

Here you make a very good point. It's just a shame that its strength is so severely mitigated by some of the other prejudiced and wildly inaccurate statements you've offered, above.

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Al amin

12 years ago

You need to be smart enough to make some serious money. Its a gamble. I think

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hardraysnight

12 years ago

my 5 units is now 8.55 after a little over a year, must be doing something right

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kasei

12 years ago

After a month or so I tried with live account... and the end result was.. bad

Thankfully I lost only a small amount of money, but sadly a lot of my time.

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acesites

12 years ago

I know alot of people think Forex is a bad idea but I don't see how it's any worse then any other form of investment. If you invest in gold, it either goes up or down. If you invest in stocks they either go up or down. If you invest in a nation's currency it either goes up or down.

If you don't trust the broker you can even just invest in raw currency if you find a good currency exchange in real life. I heard of some people here in Australia buying US currency when the Aussie dollar last went over $1.10.. It later went back down to under $1.00 meaning if they cashed out at that time, they were up 10%.

So it's possible, even without a broker. The brokers just offer you that leverage which gives you the chance to either make ALOT of money or lose ALOT of money pretty fast. If you keep the leverage at x5 (a pretty converative leverage) than you need the currency you invest in to go the wrong way by about 20% to lose all your money.

A currency losing 20% of it's value in a short period of time is highly unlikely, and if you place stops then you can avoid it even if it's going in that direction.
It's when people use x100 leverage that they get into trouble- it only takes a 1% movement in the currency to either double their money or lose 100% of it. THAT is no different to spinning a roulette wheel.
Anyway I'm keeping an eye on the AUD/USD and if it goes over 1.10 again I'll have no excuses not to start a live account.

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Aussie Domainer

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vidpes

12 years ago

I started Forex Trading back in the old days through a local broker. Lost a lot of money. I took the plunge again and started it again (through an online broker) a few years back and I lost a lot of money again. It is a good way to make money but just doesn't works out the right way for me.

Thanks
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Newbieee

11 years ago

Originally Posted by vidpes

I started Forex Trading back in the old days through a local broker. Lost a lot of money. I took the plunge again and started it again (through an online broker) a few years back and I lost a lot of money again. It is a good way to make money but just doesn't works out the right way for me.

Hi mate, sry for ur lost.

But thats common i guess. 90% of retail traders lose money.

But anyone who is starting off, i recommend this game plan.

Like what alexa said, find a demo that is exactly the same as the real account.

Then with forex, whatever strategy you use it doesnt matter.
U just got to play around with 2 factors.

A win/loss ratio and your SL/TP[Stop lost/Take profit]

For example if you had a TP/SL of 60/40.
Meaning each time you win you profit 60% and each time u lose u lose 40%,
then whatever system you use to trade, u need it to be at a constant win/loss ratio of 41:59 and you are good to go.
You are in profits.
But of cos u need some more profit margin for buffer and to make it worth your while.

So test test test on demo.
Once u get this constant, u're good to go.

Thanks
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dotdash 11 years ago

Work on your psychology and mindset as much as anything else.

Most people can't do it because they can't accept being wrong and you have to be able to accept small losses and move on. If your reward to risk ratio is good you don't have to be right that often.

I have a minimum 3:1 reward to risk ratio and about 40-50% of my trades are winners, a lot of my losers get stopped out a breakeven as well.

I risk 2% of my account on a trade so 10 trades might look like this:

win = +6%
Loss = -2%
Breakeven = 0%

-2 -2 +6 0 +6 -2 +6 0 +6 0

Net result +18% with a 4/10 win ratio

It took almost 4 years to get consistently profitable - about 1 year to learn how to read the market, the rest was all psychological.

Learn to accept being wrong and taking small losses, get a plan, get some rules and stick to them no matter what.
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socialentry

11 years ago

Look up bucket shop

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What are your experiences with Forex trading?

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