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Making Money Flipping, Investing, You Name it. Let’s discuss other ways of making money!

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  #1  
Old 01-29-2017
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Default Forex

Who's down for some forex trading?

I opened up a practice trading account about a week ago.. so far I find that I"m very inpatient and that isn't good when trading.

I'm going to partner with a buddy of mine who is doing 2-4% returns daily and see how far we can go with Forex.

Hmm... I wonder how interesting it would be to post my results.
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  #2  
Old 01-29-2017
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Default Re: Forex

I Trade, forex indices and commodities, lets hope you avoid the pit falls that come to all trades.... good Luck
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  #3  
Old 01-29-2017
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Default Re: Forex

Always good to see results bigboss - here's hoping you have better success than my buddy that went hardcore into it...and lost a bundle :( Our friendship kind of went apart when he would be asking me for loan and I had to keep saying no because the security wasn't there and I don't want to loan money to friends.
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  #4  
Old 01-29-2017
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Default Re: Forex

Best thing I ever learned with any type of trading was to let losses go and not try to chase them. People can end up in a whole load of mess otherwise

Forex is a relatively slow moving market and unless your trading something like forex options its not too much of an issue as you are limited to how much you can loose

Having a stop-loss order is very important I have found just so if things go very wrong very fast your limited in how much you can loose. Things can go very wrong in the time it takes to make a cup of tea sometimes!
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  #5  
Old 01-29-2017
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Default Re: Forex

I've been looking into stocks in general over the last few months and have compiled a lot of articles to read through to get a good idea of what it's all about.

I've gotten mixed feedback having spoken to close friends and family who invest in stocks and shares - some are successful, others aren't. I think you'll get the same advice, some telling you to go for it, others telling you otherwise as they've heard horror stories.

But one thing I know for sure is, there are a lot of people who are very successful at it, and I think the reason is simple - they make smart decisions, as oppose to gambling blindly with their investment.
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  #6  
Old 01-30-2017
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Default Re: Forex

So far shorting the GBP against USD is a winning play.

Up nearly 5k in just a day.. wow!
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  #7  
Old 01-30-2017
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Default Re: Forex

Is that in practice money or real funds?

Practice trades don't always reflect the real markets trades. It does always take into account the real liquidity in the market. The larger the liquidity the smaller the discrepancy

Last edited by JamesNorth101; 01-30-2017 at 01:58 PM.
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  #8  
Old 01-30-2017
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Default Re: Forex

Quote:
Originally Posted by aspkin View Post
So far shorting the GBP against USD is a winning play.

Up nearly 5k in just a day.. wow!
looking at it now, was this an intraday move? - what £80 a point? it has not moved much, 60 pips? you must have put quite a bit of cash down on that one, but watch out not to hold it too long as you are on the wrong side of that trend, GBP has been rising last couple of weeks, gonna go further.....think it will go up to 130....may well fall later in the year....

agree with the others, let go of loses, and you only need to win slightly more than lose to make money....

2-4% ? hehe maybe just after brexit!!!! mmm, well needs gearing to get that percentage, most currencies do not move more than half percent a day.....but gearing works both ways........eg, not in your favour too!!
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Last edited by oompaloompa; 01-30-2017 at 03:49 PM.
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  #9  
Old 01-30-2017
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Default Re: Forex

Started on Plus500 with £20 free bonus, got bored and left for couple months and came back to £300+!

- Didn't cash out and lost it all.
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  #10  
Old 01-30-2017
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Default Re: Forex

Started in 2014, after a lot of ups and downs I finally returned all my losses and made a decent profit. It's a risky business so be careful. Any moment a black swan can wipe out your entire account. It happened to my friends with the 2014 Switzerland interest rates and in 2016 oct 7 "flash crash".
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  #11  
Old 01-30-2017
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Default Re: Forex

10 years ago I traded stocks and I didn't know any better about penny stocks so I lost a lot. I've grown and learned a lot since then. I rather invest money on businesses that makes guaranteed money than stocks or forex.
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  #12  
Old 01-31-2017
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Default Re: Forex

Quote:
Originally Posted by aspkin View Post
So far shorting the GBP against USD is a winning play.

Up nearly 5k in just a day.. wow!
Sounds similar to my Blackjack experience in Vegas, lol.
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  #13  
Old 02-01-2017
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Default Re: Forex

Quote:
Originally Posted by oompaloompa View Post
looking at it now, was this an intraday move? - what £80 a point? it has not moved much, 60 pips? you must have put quite a bit of cash down on that one, but watch out not to hold it too long as you are on the wrong side of that trend, GBP has been rising last couple of weeks, gonna go further.....think it will go up to 130....may well fall later in the year....

agree with the others, let go of loses, and you only need to win slightly more than lose to make money....

2-4% ? hehe maybe just after brexit!!!! mmm, well needs gearing to get that percentage, most currencies do not move more than half percent a day.....but gearing works both ways........eg, not in your favour too!!
Practice account while I wait on funds to clear. It came with a 100k.

Now I'm on my live account and so far so good.
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  #14  
Old 02-01-2017
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Default Re: Forex

shall I tell you what would be a great business, possibly even a forum section.....
copying an experienced traders trades, preferably in real time or at least soon after....with caviat that it can go right or wrong way, and you are just copying best opinion of trader....I reckon noobs who do not know what to think, would like an educated guess to copy....I know I would! I am scared of my own shadow when trading....
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  #15  
Old 02-01-2017
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Default Re: Forex

Sounds a bit like etoro.com
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  #16  
Old 02-02-2017
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Default Re: Forex

It would result in what some would call market manipulation which is frowned apon. As is a practice referred to as 'pump and dump'.
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  #17  
Old 02-02-2017
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Default Re: Forex

Quote:
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Sounds a bit like etoro.com
eek no, those services are too big, causes saturation and too many followers, needs to be smaller scale copying IMO...
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  #18  
Old 02-02-2017
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Default Re: Forex

Quote:
Originally Posted by oompaloompa View Post
shall I tell you what would be a great business, possibly even a forum section.....
copying an experienced traders trades, preferably in real time or at least soon after....with caviat that it can go right or wrong way, and you are just copying best opinion of trader....I reckon noobs who do not know what to think, would like an educated guess to copy....I know I would! I am scared of my own shadow when trading....
That would be interesting... live trading?

I have a friend that does 2% gains pretty much everyday.. if there was a way to make his trades live I would love to set that up.

You can't really stream that... hmm.
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  #19  
Old 02-09-2017
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Default Re: Forex

The one thing I'm terrible at is listening to other people's ideas of where the markets are headed. The other day with Forex I listened as other people suggested the market would go UP... nope.. apparently nobody knows where it's going and I shouldn't listen.

I learned I'm a technical trader.. not a news trader.

I'm back to even with my forex account.
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  #20  
Old 03-16-2017
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Default Re: Forex

Alright, Forex has been a failed experiment.

I find that it's time consuming, expensive to trade ($200 per trade) and it's direction is so random that it's difficult to trade.

I would not recommend unless you have no other projects you're working on and you have plenty of time to learn about trading strategies.

Vanguard Index Funds here I come!
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  #21  
Old 03-26-2017
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Default Re: Forex

Quote:
Originally Posted by aspkin View Post
Alright, Forex has been a failed experiment.

I find that it's time consuming, expensive to trade ($200 per trade) and it's direction is so random that it's difficult to trade.

I would not recommend unless you have no other projects you're working on and you have plenty of time to learn about trading strategies.

Vanguard Index Funds here I come!
which index funds are you currently invested in?
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  #22  
Old 04-03-2017
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Default Re: Forex

Quote:
Originally Posted by aspkin View Post
Alright, Forex has been a failed experiment.

I find that it's time consuming, expensive to trade ($200 per trade) and it's direction is so random that it's difficult to trade.

I would not recommend unless you have no other projects you're working on and you have plenty of time to learn about trading strategies.

Vanguard Index Funds here I come!

Whose charging you that to trade?

You are getting ripped
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