I have been trading currencies for past 6 months now. I am trading gold now, you all would have seen the momentum of gold prices sky rocketed. I am trading with http://www.stifxonline.com - I have been very much happy with this forex broker. they have provided me leverage upto 1:500, but i use about 1:100, and with best execution so far. I am gradually increasing my profits. It is from $500 to $6,500, and constantly moving upwards. Its a good side business and good side profit
I dont agree with you on that for the broker i am trading with. I have been using them for long, and happy with the tight spreads they provide, and effecient customer help. I have seen there reviews also, very positive and fact, cause i am trading with them, and i know how there execution is. However, i am happy
Thank you smile633. Kind of yourself. Its really beneficial to trade forex, but risky as well, you dont have to be greedy, and your account will grow gradually Its like putting seeds, and you wait for months and years for it to become a tree, and grow APPLES and ORANGES So i put seed of $500 and after 6 months its now a small plant .
Hey I would be careful with leverage at that level. Many expert suggest you can lose it all if you are trading at such high leverage as 1:100.
Its not like that. Trading gold or forex is not a investment. Its trading which mean need to keep monitor the price action. Gold spread is too huge to scalp so its not a good idea.
Agreed marth.. but i use 1:100 myself.. or sometimes 1:50.. I used to be very greedy before.. But experts from STIFX told me some discpline ways which helped me grow gradually.. i lost in beginning 3 times, cause of my own mistakes and greediness.. But now after learning from mistakes, and what STIFX taught me... i would say, i have seen a gradual growth in my equity... i am pleased.. mentos - i dont scalp much often... i do day trading or swing.. I used to scalp sometimes, when i see good opportunites flow..
I day trade the FTSE 100 and the DOW sometimes. Like you, initially I lost a few trades despite being up substantially but got greedy but now apply a very strict stop loss system. If the trade goes wrong my losses are minimal (if it goes against me). I use charts to identify entry points. Make pretty good money on the side. Its not for soft hearts though because when I was learning the ropes, knowing that things can take nasty turns very quickly, it can be scary. This is why a rigid application of a stop loss is a must. I am not into currency and commodities. I favour stocks and indices.