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Forex Traders

CharlieBoy
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jackinbkk Silver Member

jackinbkk

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Are there any Forex traders around? I am an ex stock daytrader (in recovery) and would like to learn to trade the forex markets. Anyone interested in exchanging idea$? Let me hear from you. Thanks

What makes you think that trading the largest UNREGULATED market in the world is going to be easier than trading stocks on a regulated exchange?

The most liquid market in the world, the lack of broker fees and a small spread on trades, 24 hour trading 6 days a week, the most perfect free market in the world? Sell both ways with ease unlike short selling. Oh and 200:1 leverage. Trade $2 million with $10,000 margin. Do stop me... :o

When a CEO like Steve Jobs gets sick does the Dollar devalue overnight by 6.4%?

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PCA Silver Member

PCA

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Are there any Forex traders around? I am an ex stock daytrader (in recovery) and would like to learn to trade the forex markets. Anyone interested in exchanging idea$? Let me hear from you. Thanks

What makes you think that trading the largest UNREGULATED market in the world is going to be easier than trading stocks on a regulated exchange?

The most liquid market in the world, the lack of broker fees and a small spread on trades, 24 hour trading 6 days a week, the most perfect free market in the world? Sell both ways with ease unlike short selling. Oh and 200:1 leverage. Trade $2 million with $10,000 margin. Do stop me... :o

When a CEO like Steve Jobs gets sick does the Dollar devalue overnight by 6.4%?

none of the things you mentioned is an advantage to trading any other market. The things that can be seen in positive light are the better options to select size/leverage and that there is no need to make a rollover (when compared to trading currency futures).

Then there are more pairs available to be traded and then there is the end of the list.

- Liquidity is much lower than on the CME

- the spread you pay in any case turns out to be more expensive than a futures roundturn.

- short selling is as easy with futures

- that high leverage if used (by the unskilled) will bring your chin down to the floor faster than a hook from Mike Tyson

- no CEOs are going to spoil the forex market but maybe Mr. Bernanke, Mr. Obama or just a little disappointing economic release might shake your dreams into wet panties.

Enjoy

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jackinbkk Silver Member

jackinbkk

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Are there any Forex traders around? I am an ex stock daytrader (in recovery) and would like to learn to trade the forex markets. Anyone interested in exchanging idea$? Let me hear from you. Thanks

What makes you think that trading the largest UNREGULATED market in the world is going to be easier than trading stocks on a regulated exchange?

The most liquid market in the world, the lack of broker fees and a small spread on trades, 24 hour trading 6 days a week, the most perfect free market in the world? Sell both ways with ease unlike short selling. Oh and 200:1 leverage. Trade $2 million with $10,000 margin. Do stop me... :o

When a CEO like Steve Jobs gets sick does the Dollar devalue overnight by 6.4%?

The lack of broker fees is a bad thing. They are going to get their money from you one way or another, even if that means taking the other side of your trade. You talk about short selling with ease, well, futures would fall into this category. 24 hours trading, well, yes, but just because its open does not mean there is movement worth trading. Certain pairs are known for movement only at certain times. And for your info, 200:1 leverage is not a good thing, especially if one does not even know how to trade stocks profitably, which, the OP admitted to.

For those that do know how to trade leverage is a great advantage.

If you don't know what to do then trading is a stupid thing to be doing regardless of leverage. Blind gambling.

All major talks by Mr Bernanke, Obama and Geithner are scheduled well in advance. Besides all trades should be

well managed with stop losses and take limits. Only an irresponsible trader will blow their wad in one bad trade.

As for futures. The only cost I pay to trade is around $20 dollars per $100,000 traded. Thats a spread on the buy and sell price that all people pay and goes to the banks. I can trade 24 hours a day because AM I trade Yen, early PM I trade Euro and Pound and late PM I trade the dollar. Volume is there to trade 24 hours a day.

Forex is far more liquid than futures, the spread is much tighter and i pay no commision and clearence fees...

Which ever way you look at it forex is the seed of all other markets so why not trade the biggest market?

Edited by jackinbkk
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jesimps Gold Member

jesimps

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Thoroughly recommend forex trading. I've been participating now for about six months on a demo platform where I went from losing the shirt off my back when I started to having 80% successful trades at the end. I've now been on a live account for a week where I'm more or less breaking even, but because I'm using real money, I'm being far more cautious. As time goes on I hope to have an 80% success rate as on the demo. When I do lose it's usually down to carelessness or impulsiveness, you have to be on the ball when making your trades (finger trouble isn't allowed) and you have to use iron discipline. I'm on a micro account trading 10 cents a pip, the leverage is 400:1 but I only trade 1 or 2 lots at a time depending on how much confidence I have in the trade. I normally only trade G/Y using 4 hour charts with a stop loss and take profit of 50 pips. If my trade goes up 25 pips, I set my stop to the entry price , so if the trade reverses, I don't lose anything. It's important to have as few losing trades as possible, even if your wins are sometimes only a few pips. If it gets near the 50 pips I get in and cancel the limit and and close 1 of my lots (if I have 2 going), then I can just sit back and relax knowing anything further is a bonus and I have a winning trade regardless.

If the situation changes and I decide to chuck it all in I'll let you know, but at the moment I'm thoroughly enjoying myself.

Forgot to mention, the real-time chatrooms are useful too where you can get advice and otherwise from other traders.

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jesimps Gold Member

jesimps

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Sorry, forgot to add, on no account should you start live trading until you are absolutely convinced that you have found the correct method, which has given you a winning margin over a reasonable period of time. Live trading is no place to be testing out theories, you will blow your account quicktime. Demo trading is also fun, everything is the same as live trading except that you're using monopoly money. If you find that after a period of demoing that forex isn't for you, you can just chuck it in, no harm done. Good luck!

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PCA Silver Member

PCA

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Thoroughly recommend forex trading. I've been participating now for about six months on a demo platform where I went from losing the shirt off my back when I started to having 80% successful trades at the end. I've now been on a live account for a week where I'm more or less breaking even, but because I'm using real money, I'm being far more cautious. As time goes on I hope to have an 80% success rate as on the demo. When I do lose it's usually down to carelessness or impulsiveness, you have to be on the ball when making your trades (finger trouble isn't allowed) and you have to use iron discipline. I'm on a micro account trading 10 cents a pip, the leverage is 400:1 but I only trade 1 or 2 lots at a time depending on how much confidence I have in the trade. I normally only trade G/Y using 4 hour charts with a stop loss and take profit of 50 pips. If my trade goes up 25 pips, I set my stop to the entry price , so if the trade reverses, I don't lose anything. It's important to have as few losing trades as possible, even if your wins are sometimes only a few pips. If it gets near the 50 pips I get in and cancel the limit and and close 1 of my lots (if I have 2 going), then I can just sit back and relax knowing anything further is a bonus and I have a winning trade regardless.

If the situation changes and I decide to chuck it all in I'll let you know, but at the moment I'm thoroughly enjoying myself.

Forgot to mention, the real-time chatrooms are useful too where you can get advice and otherwise from other traders.

you are on the right way with the appropriate attitude :o

Beside discipline the second essential trait to successful trading is passion. The lack of one of those will unavoidably lead to failure the sooner or the later.

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surayu Gold Member

surayu

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Are there any Forex traders around? I am an ex stock daytrader (in recovery) and would like to learn to trade the forex markets. Anyone interested in exchanging idea$? Let me hear from you. Thanks

Hello CharlieBoy, always do as much researches as you can before you commit yourself to something, i found this particular website really helpfull : http://www.forexpeacearmy.com/

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