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vkurup
Guest
Any forumite into currency trading.. A decent way to make money, but a fabulous way to lose it too... Not for those with a nervous disposition..
fundy
Ryder Cup Winner
Have traded most things over the last 10 years, never really got on with currencies, always found it hard to know what hours to trade and when and felt too at the whim of those with faster news feeds or those manipulating the market
We need to buy and sell bits of currency at work. Not in a gambling sense but converting. I get calls from currency traders all the time and one thing I have learnt from them over the years is that they know diddly. Absolute diddly. Bet on horses, bet on greyhounds, bet on currencies. Anyone tells you they are an expert on this is someone not to give your money to. The world is too random to win all the time.
woody69
Journeyman Pro
You mean spread betting or arbitrage betting?
Fairly difficult as the more sophisticated players in the market have the tools to make gains in microseconds.
Fairly difficult as the more sophisticated players in the market have the tools to make gains in microseconds.
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vkurup
Guest
I cant do spread betting.. not sure I ever will.. I was thinking more arbitrage/margin players. I used to do some day trading in stocks long time ago and decided that I did not have the risk appetite nor the time (as I was working full time). Agree you need the tools too. At some point in the next 5 years, i want to FX trading a go. Chuck in 2K worth of capital at it and see what it can do...
fundy
Ryder Cup Winner
Assume you have some charting knowledge, if youre planning on giving it a go down the line then I would look to brush up and try and improve on these as much as possible. Even for someone like me whose first port of call as an accountant was for the fundamentals (and hence where my forum name came from on a trading site many years ago) I soon learnt that charting was well worth having in your box of tools, even if only to time your entries and exits better
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vkurup
Guest
I did some self taught charting many many moons ago when i was into stocks. But to be honest, i never took to it, as my trades were based on 'knowledge' rather than fundamentals. Knew someone who knew someone who knew...
I will need to assume zero knowledge of charting in FX and start all over again. Agree on the needs for a good tool. I am assuming that the platforms out there would have their pros and cons, so need to evaluate them. Equally, i think you need to get into a network and do things - you can only do so much by being a lone wolf... I suspect there will be forums out there on this. Where did you go then..
fundy
Ryder Cup Winner
Been several years since Ive done anything along these lines, used to use forums like moneyam and advfn for information but on the basis of taking everything with a pinch of salt. Got to know a few guys away from the boards and used to share research and information with them.
Most of my trading to start was medium to longer term based on finding undervalued companies based on their accounts and news but over time I learnt to use both conventional charting and point and figure to trade on much shorter time periods and also to help time the longer term trades.
Used to have some funds in self select ISAs but also had normal trading accounts CFD accounts and a spread account, each have their pluses and minuses and its a case of finding what works best for your approach.
Expect my knowledge is pretty much out of date now though, have moved from there to mainly trading on sports on the betting exchanges, far far shorter time periods but able to use a lot of the tools from financial trading whether it be charts (yes you can trade pre race horse racing like you would a currency) or fundamentals (form) or knowledge. Find the commodity far more enjoyable albeit several years down the line its definitely time for another change
Most of my trading to start was medium to longer term based on finding undervalued companies based on their accounts and news but over time I learnt to use both conventional charting and point and figure to trade on much shorter time periods and also to help time the longer term trades.
Used to have some funds in self select ISAs but also had normal trading accounts CFD accounts and a spread account, each have their pluses and minuses and its a case of finding what works best for your approach.
Expect my knowledge is pretty much out of date now though, have moved from there to mainly trading on sports on the betting exchanges, far far shorter time periods but able to use a lot of the tools from financial trading whether it be charts (yes you can trade pre race horse racing like you would a currency) or fundamentals (form) or knowledge. Find the commodity far more enjoyable albeit several years down the line its definitely time for another change
Hacker Khan
Yurt Dwelling, Yoghurt Knitter
Turn into 1K?
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vkurup
Guest
very likely... but what if it can become 5K???
Del_Boy
Head Pro
he who dares Rodney
gregers
Head Pro
played with a guy last summer who was always on his phone,texting etc.he did apologize about it and explained he was buying/selling penny shares?waiting on 1 hole because of a back log,which was a matter of minutes,he reckoned he had made nearly 200 quid.
he did go on to say that he has lost money,but his rule of thumb was that if he could add about 40% on his layout then he was happy to sell.
it was all french to me but fair play to those who understand and have bigger wallets then me.
he did go on to say that he has lost money,but his rule of thumb was that if he could add about 40% on his layout then he was happy to sell.
it was all french to me but fair play to those who understand and have bigger wallets then me.
Val
Ryder Cup Winner
Far too many variables on Forex trading I reckon. You can download an app and a program called plus500 which will you do forex and commodity trading for fun to see how you go.
HDID Kenny
Challenge Tour Pro
My brother has been a city currency trader for 25 years for various banks, makes them a stack of money when I ask him how he knows when to buy/sell he always says its instinct.
He turns 50 this month and is thinking about trading himself for 2 years then retiring. I suppose there's more pressure when it's your own money
He turns 50 this month and is thinking about trading himself for 2 years then retiring. I suppose there's more pressure when it's your own money
D
Deleted member 18121
Guest
The margins on currency movements are so small that unless you've got serious capital behind you there is little or no point. You'd be needing a currency to move 10% to make even a small profit if you're only playing with 1-2k, then you need to consider where/whom you're trading through. They will also have a spread which will make you making money even more difficult.
