Do you trade on forex?
- Thread starter bizcredit
- Start date
artagnan1978
Newbie
- May 3, 2008
- 44
- 3
Nope, I am not trading on Forex, but I am often thinking about it.
I am hearing so many people talking about Forex, how they are making money out of it.
One of these days, I am going to look into it, to see closely what it is all about, and maybe - just maybe, give it a try.
I am hearing so many people talking about Forex, how they are making money out of it.
One of these days, I am going to look into it, to see closely what it is all about, and maybe - just maybe, give it a try.
Yes I trade forex. Taking a break from it at the moment. I am a technical trader, and use trendlines, support and resistance and fib levels. Have tried most other indicators at one time or another but found these work best. I am up and down with profit and loss - not enough consistant money for the time put in. Timing is EVERYTHING. Even though it's a 24hr market, you should aim to be trading on the opening or close of the big market (london New York etc) otherwise you are just pissing in the wind. Also watch what currency pairs you trade - Euro/USD, USD/CHF and GBP/USD are all safe reliable currencies. Top 3 tips:
1) NEVER trade without a stop loss
2) Start with mini account and don't load up more than you are prepared to lose (cause if you forget 1) it can take your whole account)
3) Pay for a decent face to face course to teach you the basics - there is stuff that you won't know about that you can't afford to make a mistake in
1) NEVER trade without a stop loss
2) Start with mini account and don't load up more than you are prepared to lose (cause if you forget 1) it can take your whole account)
3) Pay for a decent face to face course to teach you the basics - there is stuff that you won't know about that you can't afford to make a mistake in
jammie
Power Member
- Feb 24, 2008
- 773
- 459
i hate to contradict lotus, but i don't think timing is important. Of course there are better places to enter & exit trades, but if you know you want 50 pips and the next resistance is 70 pips away, i just get myself in there.
Of course you could wait for a reversal and get it right at the start of the wave and ride it all the way to next resistance/fib level, but i hardly ever have the patience due to studying full time.
I use technicals too, but won't say what i use. All i will say is that fundamental's *WILL* mess your system up 100%. NO MATTER WHAT. so go to dailyfx and make sure your not trading around some big marco-economic indicators.
Once i waited for a pair to slow and reverse for 3 days, got ready for a huge profit, only for some news to come out and wipe my position out in about 3 minutes. Good job i had a stop loss or i'd of been out over 130 pips!
Stop losses are important when you start, but as you get more used to the market and can tell what it'll do, you get an idea of where the pair will slow down or if it goes against you, how far etc. So if you can watch them constantly you can get away without a stop loss. I for one, would always recommend you use one though.
But it is a kick in the teeth when you see a position get stopped out, then 3 ticks later reverse and go your way without you in the trade! Happened a few times to me.
Jamie
Of course you could wait for a reversal and get it right at the start of the wave and ride it all the way to next resistance/fib level, but i hardly ever have the patience due to studying full time.
I use technicals too, but won't say what i use. All i will say is that fundamental's *WILL* mess your system up 100%. NO MATTER WHAT. so go to dailyfx and make sure your not trading around some big marco-economic indicators.
Once i waited for a pair to slow and reverse for 3 days, got ready for a huge profit, only for some news to come out and wipe my position out in about 3 minutes. Good job i had a stop loss or i'd of been out over 130 pips!
Stop losses are important when you start, but as you get more used to the market and can tell what it'll do, you get an idea of where the pair will slow down or if it goes against you, how far etc. So if you can watch them constantly you can get away without a stop loss. I for one, would always recommend you use one though.
But it is a kick in the teeth when you see a position get stopped out, then 3 ticks later reverse and go your way without you in the trade! Happened a few times to me.
Jamie
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fxtrendtrader
Newbie
- Jan 21, 2008
- 27
- 11
I trade currencies for a living and have been doing so for some time. I hang out on BHW during the day because I am looking to expand my online earnings and since I only trade the London market which is the middle of the night here, I have to do something during the daytime.
dating101
Regular Member
- Aug 6, 2008
- 440
- 317
I am wanting to start. I have "collected" quite a few ebooks and such on the forex subject (almost 60 mb) there is too much info in this file I made now. My brain starts to hurt even when I simply think of opening it to start reading.
I would be happy to upload it to rapidshare and post the link in this thread if anyone would like.....
I would be happy to upload it to rapidshare and post the link in this thread if anyone would like.....
Prideoflion
Registered Member
- Jun 30, 2008
- 81
- 258
Please Do, I've Been Interested In This Subject For A While. PM Me With The Details
allyrob
Newbie
- May 11, 2008
- 15
- 14
I love trading forex because it helps to pay the bills, i also read up a lot on other systems and paper trade them first for a month or so, i dont use indicators or fundamentals because they never generally work out for me, i just use horizontal lines for my trigger at the 00 and 50 level of the price range and i trade exclusively the 5min time frame, dont have the nerves to wait on those hourly time frame and i always use a stoploss just incase my computer decide to stop work or light goes or the server goes down, i try to keep it simple and ride the waves as much as possible, in my trading strategy i dont use the word "trend" i use waves and hopefully i catch a big wave as the market developes.
xhanuman
Junior Member
- Sep 28, 2008
- 113
- 111
I agree. I've been trading for two years and have finally had the courage to stop. It's true that you can make heaps of cash in minutes / hours/ days. It is in fact just like a casino, if you don't have extremely good controls in place, you'll give it all back - faster than you can imagine. The measure of success in the forex is not how much you made on one trade or in one day, but in how much you ended up with at the end of ONE year.
I may return to forex one day, but it is a rich mans game - make no mistake. Sure you can trade with $250 or less, but one wrong move and you are in the gutter. Trade with 20k, sure, seems like a batch of cash and trade too large... that can vaporize in a day - no problem.
Good luck!
Demo (paper) trading is nothing like trading for real. Good to understand order entry, mechanics...etc. You'll get a big head quick... don't let it fool you.
StillSmiling
Regular Member
- Mar 8, 2008
- 233
- 77
Papertrade? Come on now, I'm all for old-school methods, but you're gonna hafta bump it up a notch!!
Lots of places offer free demo accounts which give you real-time access & quotes. Thats the easiest way to get a feel for this -- and you get a feel for your broker as well, so try more than one. Hit up Google.
StillSmiling
Regular Member
- Mar 8, 2008
- 233
- 77
I envy you folks who can pull consistent earnings from forex. I've been in this game several years, and I can't seem to place those "set it & forget it" trades. My longest trades are 1 week tops. And I'm not fond of ea trading. In any case, I have a policy of withdrawing half my earning once the trade is closed because otherwise I have a nasty habit of giving back a huge chunk of my wins -- not all at once, either...little by little... which is even more painful, I think.