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Does Anyone Trade on The Forex?

Discussion in 'General Chat' started by ThoughtPunk, Dec 20, 2008.

  1. #1
    Hey everyone,

    I was just curious if any of you have traded currency on the Foreign Exchange (aka Forex), if so what are you thoughts. Have your had any success?

    I'm interested in trading on the Forex, I downloaded the trial to get familiar with the software and to get a feel for the fastness of the trades

    Your thoughts?
    SEMrush
     
    ThoughtPunk, Dec 20, 2008 IP
    SEMrush
  2. dagsta

    dagsta Guest

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    #2
    Hi

    I have had some fun from doing this and can be lucrative, but dangerous at times. With the current state of affairs in the markets at the minute its worth a go. My only advice would to be study the markets for a few days and play with those trials so you know what your doing before you decide to put any real funds down. I also advise to set a financial budget for this as it can be addictive.

    Good luck in your adventue.
     
    dagsta, Dec 20, 2008 IP
  3. alexa_s

    alexa_s Peon

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    #3
    Yes, I'm a forex trader. I'm also a student, I do intraday forex trading 1 or 2 days a week in term-time and about 3 or 4 days a week in the university holidays. I'm very patient and disciplined and trade only when there's something really suitable for my system. I'm happy to sit at the computer all day and not enter a trade at all if there's nothing suitable. Forex trading is not for people who get frustrated doing that.

    The "Babypips" forum is worth reading.

    I also strongly recommend Joe Ross's books: I would not have been able to make profits without them.

    Good luck, and take care!
     
    alexa_s, Dec 20, 2008 IP
  4. Phynder

    Phynder Well-Known Member

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    #4
    FOREX requires focus and many haphazard stock traders who are successful fail when trying the currencies. Two very different animals.
     
    Phynder, Dec 20, 2008 IP
  5. digitalduke

    digitalduke Notable Member

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    #5
    I usually get frustrated by such time but going to learn control my frustration. Thanks for recommending the book, I will read it.
     
    digitalduke, Dec 20, 2008 IP
  6. Avatar Viper

    Avatar Viper Well-Known Member

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    #6
    there are a lot of winning system out there but yet many ppl are losing $$$ because they are not discipline
     
    Avatar Viper, Dec 20, 2008 IP
  7. lycos

    lycos Well-Known Member

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    #7
    Forex is one of the toughest. I tried before using the practice account but end up losing and I'm lucky it was just virtual money. Think of this simple statement. "If you can't even win using practice account, don't go for real live account just yet"
     
    lycos, Dec 21, 2008 IP
  8. bangalore

    bangalore Peon

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    #8
    I'm planning to start to see how it goes, but there is always something more important to do.
     
    bangalore, Dec 21, 2008 IP
  9. maverick123

    maverick123 Peon

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    #9
    Very well said by members that Discipline is the Key, i have made some $$$$ by hammering Dollar......;)
     
    maverick123, Dec 21, 2008 IP
  10. Mega B

    Mega B Well-Known Member

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    #10
    I only trade 'cable' using the CMC trading platform and MetaQuotes charting package and the beauty is that with using CMC i dont have to pay any Taxes on it as there is a legal law in the UK that you can take advantage of.The art is not to get greedy and dont take a trade just for the sake of it only when the odds are looking in your favour and that mean sometimes sitting on your hands all day,as other have said disciplined is a must but one of the Holy Grails that i use is using the stoplosses.When i enter a Trade the stop is put in place straight away it makes no odds if you are going long or short but you also have to remember to take the stop off other wise that will trigger another trade that you are not aware of.
    If you use only a small percentage of your trading pot and use a few golden rules you can survive another day.
     
    Mega B, Dec 21, 2008 IP
  11. alexa_s

    alexa_s Peon

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    #11
    Well, yes, but this is a feature of CMC's trading platform which you could avoid, if you wish, by switching to Capital Spreads (and incidentally get far better customer service too, if you ever need it). Just a suggestion. I agree entirely with your other comments (I trade Euro/$ as well as Cable, myself).
     
    alexa_s, Dec 21, 2008 IP
  12. Mega B

    Mega B Well-Known Member

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    #12
    Alexa,cmc customer service is rubbish but i do like the trading platform/s as i also use the CFD facility but it is interesting about CS stops have you ever used IG Index ????
     
    Mega B, Dec 21, 2008 IP
  13. alexa_s

    alexa_s Peon

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    #13
    Well, different people need different things from their trading interface ... customer service is probably more important to girls! I've never used IG myself (my father does, though).

    CS is my favourite by a long way, and my own second choice would be ETX Capital (formerly "Tradindex").

    The one I would run a mile from, with everything I've heard, is Finspreads. :eek:
     
    alexa_s, Dec 21, 2008 IP
  14. ThoughtPunk

    ThoughtPunk Active Member

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    #14
    I had the same result, even though I had a short lived profit I am still down. Keep in mind that was my first expierence with forex. It's interesting yet addiction. It's basically gambling.

    Hey isn't that illegal in the US? LOL, joke.

    My dad is (was) a trader so grew up with exposure to trading and so forth.

    -----------------------------------------------------------------------

    @ all who responsed. thanks for advice and suggestions. Im going to keep messing around with the trial account for the full 30 days, along with research

    If I, actually I should say when I fund a live account it will definately be a micro account. I think it will be interesting to see the outcome of this.

    What is the most you all have profited and/or lost during a trading week?
     
    ThoughtPunk, Dec 21, 2008 IP
  15. alexa_s

    alexa_s Peon

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    #15
    Same here. He taught me to manage my own little account so that I wouldn't ask him to pay my credit-card bills all the time when I went away to university (it worked).

    I've made £800 in a week, once. (For me, that's huge). I've never actually had a losing week, though I've had many very boring weeks either breaking even or making some tiny amount after 30+ hours' frustrating work. But hey ... that's intraday forex for you! :eek:
     
    alexa_s, Dec 21, 2008 IP
  16. ThoughtPunk

    ThoughtPunk Active Member

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    #16
    I have a few questions if you don't mind. :D

    Is your only source of income from the Forex or do you have another source of income. I ask this becaue youare a student.

    When you said "when there's something really suitable for my system" what did you mean by system. Do you mean the system (PLAN) that you set up for your self? If so, how did you go about setting up this system and what triggers an action from you?

    Thanks for the info!

    Mike
     
    ThoughtPunk, Dec 21, 2008 IP
  17. alexa_s

    alexa_s Peon

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    #17
    At the moment I do actually have another source of income, that I wandered into more or less by chance, without knowing an enormous amount about it, and I got very, very lucky with it. But I trade forex 1 - 2 days per week during term-time and 3 - 4 days per week during the holidays.

    Are you asking what my entry-signals are for a trade? I don't mind explaining them at all but would like to preface my remarks with the observation that in my opinion the entry-signal (though it's what almost all amateur traders devote about 90% of their time, attention, energy, thought and study to) is actually the least important part of managing a trade. I enter a trade (Euro or Cable) after a clear-cut 1-2-3 pattern on (usually) a 30-minute chart has been followed by the price taking out the "2-point" of the 1-2-3. I find it's a very simple but pretty reliable system, given a lot of other details, of course. There's a free PDF about 1-2-3- formations which you can download here, if you wish (and I think some more, some of which I think may also be available free at Joe Ross's TradingEducators website). This - and "Ross Hooks" - is simple stuff that really works. But it requires endless discipline and patience and training and practice and statistical understanding and of course it's not really nearly as easy as I'm making it sound, but needs learning a new skill-set to be put into practice successfully. :eek:

    In my opinion, the biggest single thing that technical analysis traders can do to become regular winners is somehow to acquire the willingness to remove all indicators from their price-charts. But it's terribly difficult for some people to be willing to give up the deeply ingrained habits they've acquired and in which they so deeply want to believe.
     
    alexa_s, Dec 21, 2008 IP
  18. Phynder

    Phynder Well-Known Member

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    #18
    That is a fact - good for you for realizing this. It took me about 20 years to figure this out.
     
    Phynder, Dec 21, 2008 IP
  19. I'mPossible

    I'mPossible Banned

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    #19
    Yes , I too trade ,with toro trading online . But , I'm newbie there...
     
    I'mPossible, Dec 22, 2008 IP
  20. ThoughtPunk

    ThoughtPunk Active Member

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    #20
    Well, I've been fooling and trading with the practice account. The first day I suffered big time, but I was getting familiar with the system and so forth, not really knowing what I was doing.

    The following is for Sunday evening in the States

    Debit/Credit 12/21/2008 10:15:26 PM 49.17
    Debit/Credit 12/21/2008 11:00:05 PM 7.77
    Debit/Credit 12/22/2008 1:15:50 AM 119.06
    Debit/Credit 12/22/2008 1:48:10 AM 3,525.00
    Debit/Credit 12/22/2008 1:48:21 AM -163.38

    Interesting nonetheless. I am definitely going to open and FUND an account after the holidays.
     
    ThoughtPunk, Dec 22, 2008 IP