Anyone Trading Forex?

[Wentworth]

I'm wondering if there are any Forex traders who can help.

I've been looking into it but I'm interested to see what currency pairs people choose whilst living in Thailand; also theiir reasons why. Do you lean towards your own 'home' currency?

Even though the market is pretty much 24 hour I've been told by some to choose those linked with the JPY, thereby benefitting from the Tokyo trading sessions, which are the nearest to the daytime working hours in Thailand. There are other points such as the amount that is traded ie the big pairs.

I would be interested in others points of view.

[Maizefarmer]

Yes - I do ..... and I have this to say about it:

1) do not do it unless you understand what you are doing

2) don't go near it unless you want to loose the shirt off your back

3) self discipline self discipline self discpilne self discipline .............................

Light hearted comments aside it is not something you get into lightly, there are no "magic methods" - there are folk who have lucky runs, but in the long run it his hardwork, self discipline and a complete A-Z understanding of the subject that will keep you afloat, let alone make any money for you.

My advise - go no-where near self trading forex unless you are self disciplined and are prepeared to spend a good 4 -5 years "dry trading" and learning about the subject BEFORE you committ any hard earned funds - and to hel_l with every single "method" advertised online or through books - not one, not one is worth the paper its printed on.

... and to answer your questions:

- stick to the big 4 - USD YEN STERLING EURO - these are the only currenices which are monitored round the clock the wolrd over and have good reporting infrastructures in place to alert punters almost real time of market moving decisions.

- don't be tempted by large leverages offered to you - I spent 4 years trading on 10: 1, then moved to 25: 1 - then went to 50:1 for a few years and have being there ever since, except for a brief time at 100, which just made my hair stand on

end 24/7!

Oh - and by the way: you could not find a worse time than now to start - but you could not find a better time to start learning. Whats being happening in the forex market the last 8months is as close to a worst case scenario as one is likely to ever experiance.

best of luck

[Wentworth]

Many thanks.

I definitely will be using a practice account for the foreseeable future.

I've been looking at BabyPips to start learning. What sort of hours do you trade? You seem to have alot of experience and I was just wondering if you trade any in particular pairs or do you have a mixture of them all?

I was thinking of concentrating on one pair but am told that there are possibly others that could have influence. Saying again that I'm led to believe that linking in with certain trading hours ie Tokyo, I was thinking of Eur/Jpy. Or does it really matter when I trade, thereby perhaps choosing GBP?

Appreciate your advice

[ytivarg]

Also, make sure you are trading forex futures instead of the spot market. Spot is a scam unless you trade through an ECN and even then forex futures have tighter spreads, less slipage, more liquidity, etc. I highly reccomend Interactive Brokers. Go to elitetrader.com to read reviews about the various brokers out there.

[Naam]

Yes - I do ..... and I have this to say about it:

1) do not do it unless you understand what you are doing

2) don't go near it unless you want to loose the shirt off your back

3) self discipline self discipline self discpilne self discipline .............................

Light hearted comments aside it is not something you get into lightly, there are no "magic methods" - there are folk who have lucky runs, but in the long run it his hardwork, self discipline and a complete A-Z understanding of the subject that will keep you afloat, let alone make any money for you.

My advise - go no-where near self trading forex unless you are self disciplined and are prepeared to spend a good 4 -5 years "dry trading" and learning about the subject BEFORE you committ any hard earned funds - and to hel_l with every single "method" advertised online or through books - not one, not one is worth the paper its printed on.

... and to answer your questions:

- stick to the big 4 - USD YEN STERLING EURO - these are the only currenices which are monitored round the clock the wolrd over and have good reporting infrastructures in place to alert punters almost real time of market moving decisions.

- don't be tempted by large leverages offered to you - I spent 4 years trading on 10: 1, then moved to 25: 1 - then went to 50:1 for a few years and have being there ever since, except for a brief time at 100, which just made my hair stand on

end 24/7!

Oh - and by the way: you could not find a worse time than now to start - but you could not find a better time to start learning. Whats being happening in the forex market the last 8months is as close to a worst case scenario as one is likely to ever experiance.

best of luck

make a print-out of Maizefarmer posting, frame it, hang it on the wall and read it till you know each and every sentence by heart!

i am investing since three decades, out of that the last two decades very active. but i never really dared to trade FOREX on a short term basis to make money. any forex trading i did was either to use interest rate differentials or to hedge my exposures.

[ray08]

I was forex and gold trading years ago , traded well and plotted trend, followed world markets and made informed decisions ,made very good money ,problem was when trend shifted got caught out very big and lost all i made plus burnt a very big hole in my pocket due to margin calls ,and me trying to back up on my losses,

Only advice i can give is be very carefull ,some people can make money but sure as hel_l a lot can lose , just look at gold and the USD the last month , could you have predicted where it went and where it will be in a month? thats Forex trading

[Moonfruit]

Yes - I do ..... and I have this to say about it:

1) do not do it unless you understand what you are doing

2) don't go near it unless you want to loose the shirt off your back

3) self discipline self discipline self discpilne self discipline .............................

Light hearted comments aside it is not something you get into lightly, there are no "magic methods" - there are folk who have lucky runs, but in the long run it his hardwork, self discipline and a complete A-Z understanding of the subject that will keep you afloat, let alone make any money for you.

My advise - go no-where near self trading forex unless you are self disciplined and are prepeared to spend a good 4 -5 years "dry trading" and learning about the subject BEFORE you committ any hard earned funds - and to hel_l with every single "method" advertised online or through books - not one, not one is worth the paper its printed on.

... and to answer your questions:

- stick to the big 4 - USD YEN STERLING EURO - these are the only currenices which are monitored round the clock the wolrd over and have good reporting infrastructures in place to alert punters almost real time of market moving decisions.

- don't be tempted by large leverages offered to you - I spent 4 years trading on 10: 1, then moved to 25: 1 - then went to 50:1 for a few years and have being there ever since, except for a brief time at 100, which just made my hair stand on

end 24/7!

Oh - and by the way: you could not find a worse time than now to start - but you could not find a better time to start learning. Whats being happening in the forex market the last 8months is as close to a worst case scenario as one is likely to ever experiance.

best of luck

Wonderful post! Real advice.

Ive been trading for a couple years. I day trade, being that i don't like to leave any positions open overnight. I look for small gains and then close the position. I will close a position if i make 200 dollars on a trade on a full lot.

It is something that i cannot do full time though. I generally trade when i am feeling confident in a certain pair, whatever they may be but it generally involved the USD. When i am trading, i am at the computer full time. That way, i am ready to limit my losses. Stop loss orders and Take profit orders are my way to go if i do have to leave a position open overnight, but i cant sleep when doing that. Ill still be running down to the computer to check the status.

Basically, it is educated gambling. I wouldn't want to make a living from it, but in know there are those that do. My record this month is 26 trades with 2 of them being losses. Ive made a nice amount this month, but ive also spent too much time watching a graph on the computer screen going up and down. I lost a bunch on a USD/AUD trade which i didnt expect, but the USD/JPY pair has been very kind to me.

Im a novice trader. Have been doing it my way for about 2 years. I read the forex forums etc etc but i realise that its just too volatile for my liking to persue it as a real money earner. On the flip side, volatile markets are where a pussy trader like myself can make a few hundred bucks a day.

Dont take it lightly. Its addictive. As i said above, its educated gambling, and when leverage is involved can eat you up quickly. And then some.

Best of luck with it!

[DocJD]

Hi,

I'm a full time forex day trader from the States. One of the reasons I chose to live in Bangkok was because it allows me to trade the London and US sessions witout being a complete night owl. I still work from mid-day until after midnight, but it's better than working from 2am - 2pm in the US. Unfortunately, I don't know any other forex traders out here. Since trading is my passion, I am hoping I can find others who share that passion. Are there any other Forexers here in Thailand intersted in starting a small Bangkok fx trade group? Has it already been done? Please send me a message if you have interest or information. Thank you.

[Boca]

Hi all,

I am trading Forex, metals and CFD's and have been doing this for over a year now. I started on demo, as all good trders should do, but eventually went live with real $$ at the tail end of last year.

All wise words posted above, but having said that, new traders shouldn't be scared off by the pitfalls. Success can come with good discipline, knowledge and sound money management. Personally I set my lot sizes so that if my stop is hit, I dont lose more than 1% of my account balance on any single trade.

Although you shouldn't believe any quick fix, robot style systems that promise xx amount of $$ per week etc, there are a host of good books and websites available out there. Babypips is an excellent website for example.

I am not trading full time as I have a day job but it is a goal of mine to do this full time. Would be interested to talk to like minded folks in Bangkok, though I live in KL, Malaysia myself.

[keestha]

Wentworth,

I was a full time forex trader for a bit more than a year, it was about 15 years ago. Initially I won nicely. and I thought myself to be very clever, taking hundreds of dollars out of thin air. Later I lost.

You are seriously researching the subject, and I assume you know already that the vast majority of forex traders is losing money. The 10% or so who are winning, will they still be winning one year down the road?

My experience is that there are simply too many factors influencing currency movements, it is like predicting next month's wheather.

Why don't you look at alternatives, such as trading commodities, or buying stocks of promising upstart companies? Then you might have better chances of accurately predicting which way the market will move.

[warriors]

Buy Bangkok Bank when it hit 100 bhat and sell at 120bhat does it approx 2 times each year up and down.

You sleep better too

[fxtrader]

Hi,

I'm a full time forex day trader from the States. One of the reasons I chose to live in Bangkok was because it allows me to trade the London and US sessions witout being a complete night owl. I still work from mid-day until after midnight, but it's better than working from 2am - 2pm in the US. Unfortunately, I don't know any other forex traders out here. Since trading is my passion, I am hoping I can find others who share that passion. Are there any other Forexers here in Thailand intersted in starting a small Bangkok fx trade group? Has it already been done? Please send me a message if you have interest or information. Thank you.

hi there,

i too am a full time fxtrader..........but i m staying in chiangmai.....earlier i was in bangkok trading with the local companies there...but last 4 yrs i started trading thro' internet and with a lot of success....fortunately i got an opportunity to settle in chiangmai....i too am eager to know if there is any fx club out there.....if its there pls let me know as well........here in chiangmai we don't have a club but i know a few guys doing it....2 r trading full time and the other one traders fx and also sells things at ebay.......

more after ur rply